First Mariner Bancorp Chairman and CEO Edwin F. Hale Sr. got a pay cut last year at a time when the Baltimore-based bank continued to struggle financially while operating under heightened regulatory supervision. According to a document filed Wednesday with the Securities and Exchange Commission, Hale's pay package fell nearly $50,000 to $544,847. Other top executives also took pay cuts, including George H. Mantakos, president of 1st Mariner Bank, who saw his compensation drop more than $30,000 to $264,330. The company did not give bonuses or stock awards last year. The company also set a special meeting for Feb. 12 when shareholders will be asked to approve the issuance of more shares and other measures needed for the company to conduct a stock offering to raise up to $20 million from existing shareholders.
- Eileen Ambrose
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