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Ed Hale, who retired as chairman and CEO of First Mariner in Baltimore more than a year ago, has invested in a local technology consulting firm called Think Systems.
June 6 -
The cost of shedding troubled loans weighed on First Mariner Bancorp (FMAR) in the first quarter, with the $1.3 billion-asset parent of First Mariner Bank in Baltimore losing $2.3 million in the three months that ended March 31.
May 15
The private equity firm Milestone Partners has sold Mariner Finance, a former division of Baltimore's First Mariner Bancorp (FMAR).
The Radnor, Pa.-based Milestone said it received more than five times the $10.5 million it paid for Mariner Finance in 2009, though it did not disclose the price or the identity of the buyer.
Mariner Finance makes consumer loans through 57 branches in seven states. First Mariner
"We are pleased to deliver a significant realization for our investors," said Milestone principal Adam Curtin. "Mariner experienced several years of rapid expansion under our ownership and we expect the Company will continue that trajectory."
The investment banks Stephens, Inc., and Janney Montgomery Scott provided financial advice to Milestone on the sale; Pepper Hamilton served as legal counsel.
