First Mariner Raises $10.9M

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.

For reprint and licensing requests for this article, click here.
Community banking Maryland
MORE FROM AMERICAN BANKER