First Mariner Bancorp can seek an alternative deal or partner to raise capital it needs to survive under an amended agreement with Priam Capital, according to regulatory documents filed Tuesday.
The clause that prevented First Mariner from soliciting other cash-infusion deals was dropped when the Baltimore bank and Priam revised their agreement.
The revised deal gives First Mariner until Nov. 30 to raise nearly $124 million in order to receive $36.4 million from Priam. The New York-based Priam could walk away from the deal if First Mariner does not meet the new fundraising deadline.
First Mariner did not meet the initial Sept. 1 deadline.