The New York investment firm that wants to invest in struggling First Mariner Bancorp said Thursday it was still committed to the deal that would provide much-needed capital for the bank.
Howard Feinglass, a Baltimore native who heads Priam Capital, said his firm was "negotiating an extension to our agreement to invest in First Mariner."
"We are still fully committed to the deal," Feinglass said in a brief phone conversation.
First Mariner faced a deadline Thursday to raise nearly $124 million or risk losing a cash infusion from Priam.
In April, Priam Capital agreed to provide $36.4 million if First Mariner could raise an additional $123.6 million from other sources.
The agreement with Priam Capital allowed Priam to walk away if First Mariner does not raise the money and maintain listing on the Nasdaq.
First Mariner stock began trading on the over-the-counter bulletin board Thursday after it was delisted from the Nasdaq stock market Wednesday.
Shares fell 14 cents to close Thursday at 28 cents.Copyright © 2015, The Baltimore Sun