First Mariner Bancorp, a holding company that owns 1st Mariner Bank says it has filed for bankruptcy and plans to sell 1st Mariner to a group of investors.
First Mariner Bancorp filed for bankruptcy Monday afternoon in Baltimore, according to online court records.
The Daily Record reports that First Mariner Bancorp has less than $5.5 million in assets and more than $60.5 million in debts.
First Mariner Bancorp said in a statement that it will recapitalize 1st Mariner Bank will $100 million. The holding company says the bank will not file for bankruptcy and will operate separately from the holding company.
The bank says there will be no interruption in services to customers.
1st Mariner Bank operates 16 bank branches in central Maryland.