1st Mariner Bank needs to raise at least $20.9 million

Baltimore bank under federal orders to boost capital levels

November 15, 2010|By Hanah Cho, The Baltimore Sun

First Mariner Bank needs to raise its capital level by at least $20.9 million to comply with federal regulators, according to regulatory documents filed Monday.

Baltimore's largest independent financial institution has been under federal orders to raise its capital levels for over a year. While the bank's parent First Mariner Bancorp raised $25 million since October 2009, the bank fell short of meeting a key capital target by a June 30 deadline imposed by regulators – and still does not meet that goal as of Sept. 30.

In August, First Mariner said it would need to increase the bank's capital by at least $19.3 million based on its assets on June 30.

First Mariner, which has been in regular contact with federal and state regulators, had submitted a revised capital plan, which included a request to extend a deadline to meet the capital requirements to Sept. 30, according to regulatory filings. First Mariner said in the filings that it has not received a formal response to the plan or the extension request.

First Mariner lost $4.6 million in the third quarter, less than the $12.9 million in the previous year.

The company also faces potential delisting from the Nasdaq stock trading market for not maintaining a minimum bid of $1 a share for 30 consecutive days. Shares lost a penny to close Monday at 62 cents.


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