Topics

First Mariner Bancorp

Time running out for First Mariner Bancorp to postpone interest payments to investors

Time running out for First Mariner Bancorp to postpone interest payments to investors

First Mariner Bancorp faces a year-end deadline to pay millions in interest or risk default. The company's weak finances and the regulatory constraints on its bank, 1st Mariner Bank, leave the Baltimore-based holding company with few options, said banking experts who have reviewed the Baltimore company's regulatory fillings. "The question comes up: Now what do they do?" said banking consultant Bert Ely. "They are in between a rock and a hard place." First Mariner, in a statement, said the pending interest payment is an issue affecting only the parent company — not 1st Mariner Bank, which will continue to operate as usual with deposits insured by...

Loading