First Mariner Bancorp's newly retired chief executive told regulators that he sold just over 1 million shares of company stock this week — for a grand total of $21,084.
Edwin F. Hale Sr., who founded the Baltimore parent of 1st Mariner Bank, said in a securities filing made public today that he reduced his holdings to about 2 million shares. He remains the largest shareholder of the company, which is struggling to survive after years of losses.
Hale reported that he sold his shares in two batches on Wednesday, each "in a private sale to an individual" for 2 cents per share. First Mariner stock, once worth $20 a pop before bad mortgages battered the company, closed at 2.5 cents a share that day and 1.6 cents a share Friday.
Hale retired last week, saying he thought his departure would make it easier for First Mariner to raise the capital it needs to get back on firmer footing.
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