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First Mariner Bancorp

1st Mariner Bank buyers close on sale

1st Mariner Bank buyers close on sale

Investors who tried for years to get a stake in 1st Mariner Bank have closed on their purchase of the Baltimore institution.

New CEO Jack E. Steil and president Robert D. Kunisch Jr. said Wednesday that the deal was finalized Tuesday night. The purchasing group they're part of, organized under the name "RKJS Bank," paid $18.7 million and agreed to put about $92 million in cash into the bank to recapitalize it.

Steil said the new management team spent the first day talking to workers.

"We're just meeting with employees on a very informal basis, going from department to department, thanking them for their loyalty and work that they put in through the whole...