First Mariner to offer stock for $1.15 per share

February 17, 2010

First Mariner Bancorp on Tuesday disclosed the price of a stock offering it will make to existing shareholders in a bid to raise up to $20 million - the latest step in the bank holding company's efforts to satisfy federal regulators. Under the offering by the owner of Baltimore's largest independent bank, subscription rights will entitle existing shareholders to purchase up to 17.4 million shares at $1.15 per share, according to a regulatory filing. The company's stock closed Tuesday at $1.43 per share. The company, which has been hit hard by the real estate crisis, has been closely monitored by the Federal Reserve Bank and the Federal Deposit Insurance Corp. and has to raise its capital levels.

- Gus G. Sentementes

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