First Mariner Bancorp Raises $10.9 Million

April 14, 2010 (FinancialWire) — First Mariner Bancorp (NASDAQ: FMAR) said it has completed the sale of $10.9 million, or 9,503,736 shares. The capital was raised through the sale of common stock to participants in a rights offering and to purchasers in its public offering of common stock.  

The company said it was required to raise at least $10.0 million in aggregate proceeds before completing the rights offering and the public offering.

First Mariner sold 3,410,082 shares of common stock, totaling around $3.9 million in connection with the rights offering, and 6,093,654 shares of common stock, totaling around $7.0 million in connection with the public offering.  The public offering was sold by the company's officers and directors on a best efforts basis and focused primarily on local investors.  The purchase price for all shares purchased was $1.15 per share.

Maryland-based First Mariner Bancorp is the parent company of 1st Mariner Bank, which operates 23 community oriented branches throughout central Maryland, as well as portions of the eastern shore.

The bank also has one branch in Pennsylvania. The company’s 1st Mariner Mortgage division engages in mortgage-banking activities, providing mortgage loans and associated products to customers and selling most of those mortgage loans into the secondary market.

First Mariner Mortgage currently operates offices in Maryland, Virginia, Delaware and North Carolina.

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