First Mariner transaction with CEO Hale completed

April 03, 2010

Baltimore-based First Mariner Bancorp - in need of extra capital to ensure survival - said Friday that it has converted trust-preferred debt securities with a face value of $20 million into $2 million of common stock, getting the debt off its books. CEO Edwin F. Hale Sr., who bought the securities and exchanged them for the stock, said in a statement that it "moves us forward in meeting our consolidated capital ratio requirements." The 1st Mariner Bank parent announced last month that it would take that step. It also said it is offering almost 14 million shares of common stock to the public through April 12 in hopes of raising about $16 million.

- Jamie Smith Hopkins

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