First Mariner Enters Ch. 11 To Sell Bank Unit For $100M

Law360, New York (February 10, 2014, 6:56 PM EST) -- Baltimore-based First Mariner Bancorp, the holding company for 1st Mariner Bank, entered bankruptcy Monday for the purpose of selling off its bank subsidiary to a group of private equity funds for $100 million.

The groups making up the stalking horse bid are Priam Capital, Patriot Financial Partners, GCP Capital Partners and TFO Financial Institutions Restructuring Fund LLC, as well as certain “prominent members” of the Baltimore business community, the company said.

Their offer will be subject to an auction that could produce a higher or better...
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