The parent of 1st Mariner Bank — which has been under regulatory pressure to raise additional capital for the past two years — agreed to a much-needed cash infusion from a New York investment firm in April. Priam Capital's $36.4 million injection is contingent on First Mariner raising an additional $123.6 million from other investors.
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3301 Boston St, Baltimore, MD 21224, USA
First Mariner Chairman and CEO Edwin F. Hale Sr. declined to comment Monday through his assistant. Howard Feinglass, a Baltimore native who heads Priam Capital, did not return a message Monday.
Since September 2009, the bank has been under federal regulatory orders to improve capital levels. While First Mariner has raised at least $25 million since then through various methods — among other steps, Hale appealed to local teachers and retirees to buy stock in the company — it has not met the higher capital requirements.
Citing "recurring losses" and "a limited capital base," auditors warned in March that First Mariner might not be able to remain in business.