Wilmington Trust Company

First Mariner's Hale retires

First Mariner's Hale retires

Edwin F. Hale Sr., the Baltimore trucking magnate and developer, said Friday that he has retired as chief executive and chairman of First Mariner Bancorp — the banking company he built, only to scramble in the housing market collapse and recession to save it from failure.

In the end, he hopes his earlier-than-expected exit will help. Hale, who stepped down on Thursday, said he thinks it will be easier for the Baltimore company to raise capital without him at the helm. The 1st Mariner Bank parent struck a deal in April to get a desperately needed $36.4 million cash infusion from a New York firm if it can first drum up $123.6 million more from investors.

"We're at a...