First Mariner Bancorp said Thursday that it has extended an agreement with New York investment firm, giving the Baltimore bank more time to raise much-needed capital to survive.
First Mariner faced a Sept. 1 deadline to raise nearly $124 million.
The extension now gives the bank until Nov. 30 to raise the money, or Priam Capital has the right to walk away from the deal.
First Mariner Chairman and CEO Edwin F. Hale Sr. said in a statement that the bank continues to work with Priam and its advisors to "complete our recapitalization efforts."
Howard Feinglass, a Baltimore native who heads Priam Capital, said the firm remains "fully committed to the transaction."
Priam Capital agreed in April to provide $36.4 million if First Mariner could raise an additional $123.6 million from other investors.