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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.
April 15 -
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 -
First Mariner Bancorp (FMAR) in Baltimore is planning a $100 million recapitalization of its bank led by a group of investors.
February 10
A group of investors has emerged victorious in a bidding war for First Mariner Bank in Baltimore.
RKJS Bank, an interim company formed by a group of local Baltimore investors, won First Mariner's bankruptcy auction Tuesday after National Penn Bancshares (NPBC) in Allentown, Pa., withdrew its offer. A First Mariner spokesman confirmed the outcome.
RKJS came close to losing out on First Mariner. The investors agreed in February to
First Mariner's holding company, First Mariner Bancorp (FMAR),
RKJS
RKJS' winning bid was for $17.7 million with a $3 million nonrefundable deposit, according to multiple