1st Mariner pays Hale $550,000 in salary, bonus

Patricia Schmoke to join board next month

April 06, 1999|By Bill Atkinson | Bill Atkinson,SUN STAFF

Edwin F. Hale Sr., chairman and chief executive of First Mariner Bancorp, received $550,000 in salary and bonus last year, up 83 percent from 1997.

Hale, who is also a shipping executive and chairman of the Baltimore Blast indoor soccer franchise, received $250,000 in salary and $300,000 in bonus, according to the company's proxy statement filed with the Securities and Exchange Commission yesterday.

Joseph A. Cicero, president of First Mariner Bancorp, received a pay package of $200,000, up 33 percent from 1997, and George H. Mantakos, president of First Mariner Bank, received a pay package of $170,000, up 31 percent.

The proxy also stated that Dr. Patricia Schmoke, a pediatrician and wife of Baltimore Mayor Kurt L. Schmoke, will be named to First Mariner's board next month at the company's annual meeting.

"I have been friends with her for a long time; she is an extraordinary person," Hale said.

Hale said he approached Schmoke about joining the board after her husband announced in December that he would not seek a fourth term as mayor.

"She is going to serve as a regular board member, not the mayor's wife," Hale said.

In addition to Schmoke, Howard Friedman, chairman of Arca Capital and publisher and chief executive of Water Press, will join the company's board.

Hale's salary and bonus increased because, under his direction, the bank has expanded rapidly and consumer awareness is growing, the proxy said. Assets shot up to $497.5 million last year, nearly double what they were in 1997. First Mariner's proxy said it was the country's second-fastest-growing bank last year.

First Mariner has a $10 million "key man" life insurance policy on Hale.

"I am very grateful," Hale said about the increase in his pay. "My board thought it through, and that is what they think I should get."

Pub Date: 4/06/99

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