Bankruptcy within banking used to be uncharted water, but the drastic measure is starting to look like the only way for some institutions to reach dry land.

First Mariner Bancorp (FMAR) in Baltimore said Monday that it plans to file for Chapter 11 bankruptcy and sell its 1st Mariner Bank in a court-supervised auction. A group of investors, including a firm that tried to recapitalize the company in 2011, will make first bid: $4.7 million for the bank with a pledge to invest another $100 million to recapitalize it once they own it.

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