First Mariner shareholders elect 5 board members

Director slate includes Chairman and CEO Hale

May 03, 2011|By Hanah Cho, The Baltimore Sun

Shareholders of First Mariner Bancorp, which reached a tentative deal last month for a large capital infusion, approved Tuesday the re-election of five board members, including Chairman and Chief Executive Officer Edwin F. Hale Sr.

The Baltimore institution's annual meeting concluded quickly with shareholders ratifying Stegman & Company as the company's independent auditor.

Other directors elected to three-year terms were Barry B. Bondroff, Patricia Schmoke, John Brown III and Anirban Basu. Each of the nominees received a majority vote, the company said.

Hale did not talk about the company's tentative deal with New York investment firm Priam Capital, which agreed to provide the company $36.4 million. The transaction is contingent on First Mariner's raising an additional $123.6 million from other investors.

The company has been under federal orders to raise its capital levels since September 2009.

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