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First Mariner's holding company, First Mariner Bancorp (FMAR), filed for Chapter 11 bankruptcy in February as part of a $100 million recapitalization plan.
April 14 -
Bankruptcy used to be uncharted water in banking, but the drastic measure is starting to look like the only way for some institutions to reach dry land.
February 10 -
A bankruptcy judge's decision to lower breakup fees in the auction of Metropolitan National gives Simmons First and others a chance at unseating stalking horse Ford Financial. The results could encourage more interest in bidding for bank units of bankrupt holding companies.
September 6
One of the two banks competing to buy First Mariner Bank in a bankruptcy auction has withdrawn its offer.
National Penn Bancshares (NPBC) in Allentown, Pa., dropped out of the auction Tuesday afternoon after U.S. Bankruptcy Court Judge David Rice agreed to reopen bidding for First Mariner. National Penn's withdrawal clears the way for RKJS Bank to buy the Baltimore bank.
"We remain disciplined in our approach to mergers and acquisitions, while focused on continuing to build long term shareholder value," Scott Fainor, National Penn's president and chief executive, said in a press release Tuesday. "We are well-positioned to participate in the consolidation of the industry and will continue to evaluate opportunities consistent with our strategic objectives."
RKJS, an interim entity formed by a group of investors,
First Mariner Bancorp (FMAR) selected National Penn's $19.1 million offer as the winning bid last week. RKJS
First Mariner Bancorp accepted the Pennsylvania lender's offer despite its lower value because of regulatory concerns, according to the
A First Mariner representative declined to comment, adding that the company would likely issue official statement Tuesday afternoon.