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The new owners of First Mariner Bank believe the Baltimore bank could return to profitability in the first quarter.
November 12 -
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 -
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
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,
