First Mariner Bank in Baltimore has been released from a six-year-old enforcement action, after the bank filed for bankruptcy last year and was acquired by a group of Baltimore investors.
The $830 million-asset bank on June 18 was freed from a September 2009 cease-and-desist order, which had been jointly issued by the Federal Deposit Insurance Corp. and the Maryland Commissioner of Financial Regulation. The order required First Mariner to improve capital ratios, improve management and take other steps to improve its financial condition.
The company, which operates 16 branches of 1st Mariner Bank in the Baltimore and Annapolis areas, improved its Tier 1 common equity ratio to 10.72%, as of March 31, and its total risk-based capital ratio to 17.77%.
First Mariner had filed for bankruptcy in February 2014 as part of a $100 million recapitalization plan. Investor group RKJSBank, the bank's new owner, paid $17.7 million to acquire it in an auction and injected it with $110 million in capital.