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First Mariner Bancorp stock to continue trading despite reporting error

First Mariner Bancorp corrected a week-old filing with the Securities and Exchange Commission to say that its stock would continue trading and likely be listed on the over-the-counter "Pink Sheets."

The parent company of 1st Mariner Bank said its June 3 SEC filing was inaccurate in a new filing on Monday.

Last week, First Mariner reported to the SEC that its stock would stop trading after the Financial Industry Regulatory Authority warned the company that a failure to file a quarterly report by June 23 would result in the stock being delisted from the OTC Bulletin Board.

First Mariner said it now expects the stock would transition to OTC Pink. Known as the "Pink Sheets," the listing is for companies that don't report results or report inconsistently.

First Mariner filed for a Chapter 11 bankruptcy reorganization in February, kicking off an auction for the bank, which is not in bankruptcy. Investment group RKJS Bank, led by New York investor Howard Feinglass, is finalizing its purchase of the bank from First Mariner for $18.7 million.

Shares of First Mariner closed Tuesday at seven cents. The seldom-traded shares are down from a 52-week high of $2.97.

Copyright © 2015, The Baltimore Sun
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