Ordered by regulators to improve capital ratios at its bank unit, First Mariner Bancorp of Baltimore is unloading a consumer finance arm for about half of what it thinks the business is worth.

The $1.5 billion-asset company said Tuesday that it had agreed to sell Mariner Finance LLC for $10.5 million to MF Holdco LLC, a venture controlled by Milestone Partners, a private-equity firm in St. Davids, Pa.

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