The Federal Deposit Insurance Corp. has lifted a regulatory order against First Mariner Bank in Baltimore.
The $1.4 billion-asset unit of First Mariner Bancorp (FMAR) said Monday that the FDIC had terminated an April 2009 cease-and-desist order requiring the bank to comply with fair-lending practices.
The order had alleged that the bank charged black, Hispanic and female borrowers higher prices on certain loans compared to what it charged white or male borrowers. The FDIC had also accused the bank of filing misleading disclosures for its adjustable-rate mortgages in 2006 and 2007, while ordering the bank to develop policies to improve compliance with fair-lending rules.
"The termination of the order acknowledges our success in meeting the FDIC's requirements for internal operations and controls over our regulatory compliance activities. We're pleased that we were able to have this order removed," Mark Keidel, the company's president and interim chief executive, said in a press release.
The bank remains under a September 2009 cease-and-desist order that requires it to increase capital, improve is lending practices and raise its Tier 1 leverage ratio to 7.5% and reach a total risk-based capital ratio of 11%. At Dec. 31, the bank's Tier 1 ratio was 3.8% and its total risk-based capital ratio was 7.3%, according to the FDIC.
Last November, the company
