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RKJS Bank, an interim company formed by a group of local Baltimore investors, won First Mariner's bankruptcy auction Tuesday after National Penn Bancshares (NPBC) in Allentown, Pa., withdrew its offer.
April 17 -
National Penn Bancshares (NPBC) in Allentown, Pa., dropped out of the auction Tuesday afternoon after U.S. Bankruptcy Court Judge David Rice agreed to reopen bidding for First Mariner.
April 15 -
First Mariner's holding company, First Mariner Bancorp (FMAR), filed for Chapter 11 bankruptcy in February as part of a $100 million recapitalization plan.
April 14
The new owners of First Mariner Bank believe the Baltimore bank could return to profitability in the first quarter.
RKJS Bank in Cockeysville, Md.,
RKJS recapitalized the $876 million-asset bank with $110 million, according to the
First Mariner's executives also told the publication that the bank has added about 400 checking accounts in the last two months, touting the gains as a sign of momentum.
The bank lost $2.4 million during the first nine months of this year, including nearly $2 million in the third quarter, according to regulatory documents.
