The parent of 1st Mariner Bank, which is under federal orders to raise capital, said Wednesday that it received approval to transfer its stock listing to the Nasdaq Capital Market, a smaller exchange primarily for companies raising capital.
First Mariner Bancorp had faced potential delisting and was given until Feb. 22 to meet the minimum bid price of $1 share to remain listed on the Nasdaq Global Market.
While listed on the Nasdaq Capital Market, the Baltimore bank holding company will have a 180-day extension, or until Aug. 22, to meet the $1 minimum bid price requirement, according to a regulatory filing.
The company said it intends to meet the bid price requirement by conducting a reverse stock split, if necessary.
The bank, Baltimore's largest independent financial institution, has been under federal orders to increase its capital levels since fall 2009.
Shares rose 3 cents to close Wednesday at 43 cents.