Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Banks

First Mariner Bancorp Chapter 11 Petition Filed

First Mariner Bancorp filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Maryland, case number 14-11952. The Company, which operates as a bank holding company for First Mariner Bank (the Bank), is represented by Lawrence J. Yumkas of Yumkas, Vidmar & Sweeney. The Bank did not file for Chapter 11 protection. On its corporate Website, the Company states, “Today, 1st Mariner Bank put itself on track to become one of the strongest and most successful banks in Maryland by announcing an agreement to raise up to $100 million in capital….The capital infusion will create a well-capitalized bank poised for growth.” The Bank’s proposed investors, led by Priam Capital, Patriot Financial Partners, GCP Capital Partners and TFO Financial Institutions Restructuring Fund, as well as several members of the Baltimore, MD business community, formed an interim bank that has already signed an agreement to acquire the Bank, subject to a competitive bidding process for higher and better offers. First Mariner Bancorp’s most recent Annual Report filed with the SEC indicated total assets of $1.4 billion; however, its Chapter 11 petition lists just $5.5 million in assets.

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