First Mariner Bancorp of Baltimore has boosted its common equity by $10.9 million.

The $1.38 billion-asset company announced Tuesday that it had raised $3.9 million through a rights offering to existing shareholders, and raised the remaining $7 million in a public stock offering.

In the public offering, the stock was sold at $1.15 per share, an 8% discount to the stock's closing price Monday.

The struggling company raised the capital on a best-efforts basis, meaning it tried to sell as much as it could but had to sell at least $10 million.

As of Dec. 31 the company's First Mariner Bank had a leverage ratio of 6.2% and a total risk-based capital ratio of 9.1%.

The bank has until June 30 to boost those ratios to 7.5% and 11%, according to a September 2009 order from the Federal Deposit Insurance Corp. and the Maryland Commissioner of Financial Regulation.

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