Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Parent Company of 1st Mariner Bank Files for Bankruptcy
Author: Joel R. Glucksman
Date: February 20, 2014
Key Contacts
Back
Following the mortgage crisis in 2007, many of the nation’s banks entered difficult times. One of these financial institutions – First Mariner Bank – has struggled to pull itself out of the crisis, which has now led its parent company to file for protection under Chapter 11 of the U.S. bankruptcy law in the hope that the filing would facilitate the sale of the bank.
First Mariner Bancorp filed in Baltimore’s federal court on February 10, 2014, and it agreed to sell 1st Mariner Bank, which is the largest in the region, to a group of investors who will recapitalize it with around $100 million, according to the Baltimore Sun. The hope is that the move will help the company end the struggle to pull itself out of the mortgage crisis.
Deposits, loan commitments and vendor contracts at 1st Mariner Bank will not be impacted, as officials have said the bank is not included in the bankruptcy filing. However, shareholders and creditors of the parent company will feel the impact of the bankruptcy, as it is the parent First Mariner Bancorp that is going through the Chapter 11 reorganization.
Company officials said that this type of arrangement was the best option available for the bank, and that the sale should be completed in April if approved by the court.
“For four years, the bank has been under a regulatory order that it’s been trying to satisfy, and we’ve reached the finish line,” Mark Keidel, interim president of 1st Mariner Bank, told the news source. “This agreement … puts the bank on much firmer financial ground — and quite frankly gives us the ability to be back on offense.”
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Scarinci Hollenbeck Expands NYC Real Estate and Litigation Practices ADDING four litigators
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Author: Scarinci Hollenbeck, LLC
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.