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To close on a $36.4 million injection from Priam Capital Fund I LP, 1st Mariner Bancorp must raise another $123.6 million — and part ways with Edwin Hale Sr., the company's founder, chairman and chief executive.
April 21 -
1st Mariner Bancorp in Baltimore announced another quarterly loss and the resignation of its bank president, Daniel McKew. Mark Keidel, who is the president of 1st Mariner Bancorp and the chief operating officer of both the company and the bank, succeeded McKew.
October 31
Edwin F. Hale Sr. has stepped down as chief executive and chairman of 1st Mariner Bancorp in Baltimore after a rocky end to his tenure with the company he founded in 1995.
Michael R. Watson, a director since 1998, will become interim chairman and Mark Keidel, currently president and chief operating officer, will assume principal executive responsibility on an interim basis subject to regulatory approval, the $1.2 billion-asset company said Friday.
Hale, 65, had held these positions for both the parent company and the banking unit, 1st Mariner Bank.
Hale's retirement,
The company's bottom line has suffered from declining revenues and troubled loans over the last few years. In October the company reported a third-quarter loss of $8 million because net interest income fell 9% and noninterest income declined 27% from a year earlier.
Watson is the president of two pilots' associations and a past chairman of the Baltimore branch of the Federal Reserve Bank of Richmond.
Keidel
