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 from scratch and has struggled in the last several years to save from failure.
Jay Hancock: Jack Steil and Robert Kunisch, former executives from Mercantile Bankshares, have been consulting on a turnaround plan for 1st Mariner Bank.
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 Bancorp's stock has been delisted from Nasdaq Capital Market and shares will begin trading on the Over The Counter Bulletin Board starting Thursday, the Baltimore company said Wednesday.
Baltimore's First Mariner Bancorp faces the first deadline to raise at least $70.3 million or more than $120 million by September to keep alive a capital deal that would ensure the company's survival.
First Mariner Bancorp's deal with a New York investment firm that would give the Baltimore institution a much-needed cash infusion sets two key deadlines for the company to raise additional capital, according to regulatory filings released Monday.
Auditors have raised doubts about First Mariner Bancorp's ability to remain in business, according to financial statements that the largest Baltimore-based bank founded by prominent businessman Edwin F. Hale Sr. filed with regulators late Thursday.
First Mariner Bancorp Chairman Edwin F. Hale Sr. said the company is continuing to try to raise capital and to work with regulators who have had the largest Baltimore-based bank under heightened scrutiny for nearly two years.