1st Mariner unit to share profits with private firm

November 24, 2009

1st Mariner Bank's division that originates reverse mortgages and conventional mortgages has entered into a profit-sharing agreement with a private company, according to documents filed last week with the U.S. Securities and Exchange Commission. Next Generation Financial Services originates reverse mortgages for sale to Fannie Mae and other private investors. 1st Mariner said the profit-sharing agreement may result in the acquisition of Next Generation if certain requirements are satisfied within the next 18 months, but noted that there is no assurance that the transaction will occur. The bank said it does not anticipate any material benefit from the sale.

- Hanah Cho

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