First Mariner stock to be listed on smaller Nasdaq market

Stock trading below $1 minimum

February 23, 2011|By Hanah Cho, The Baltimore Sun

The parent of 1st Mariner Bank, which is under federal orders to raise capital, said Wednesday that it received approval to transfer its stock listing to the Nasdaq Capital Market, a smaller exchange primarily for companies raising capital.

First Mariner Bancorp had faced potential delisting and was given until Feb. 22 to meet the minimum bid price of $1 share to remain listed on the Nasdaq Global Market.

While listed on the Nasdaq Capital Market, the Baltimore bank holding company will have a 180-day extension, or until Aug. 22, to meet the $1 minimum bid price requirement, according to a regulatory filing.

The company said it intends to meet the bid price requirement by conducting a reverse stock split, if necessary.

The bank, Baltimore's largest independent financial institution, has been under federal orders to increase its capital levels since fall 2009.

Shares rose 3 cents to close Wednesday at 43 cents.

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