Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
United Western comes to mind... ugghh.
VC
Dow Jones news reported investors paying holding company $4.775 million.
I agree that .23-.25 is where this bounces back to. Earnings will still be released Friday or Monday. I was told Feb 15th.
FMAR bouncing harrrrrrd .066 X .085
Yep. $0.25/share. FMAR, was High as $2.97, then ...now 0.07. Wow!
.25 a share sounds nice to me, now excuse me I'm playing fruit ninja
Holding company is getting $4.77 million....isn't that about 25 cents per share for commons?
no threat of imminent share cancellation, looks like a sweet bounce play here.
Lowered my bid.
Where does it say that?
LARGE PURCHASES L2 wonderful (:
roaring lion where one end is my beginning
FMAR, Bankruptcy News:
First Mariner BancorpFMAR -77.79%, the holding company for Maryland community bank 1st Mariner, filed for Chapter 11 bankruptcy Monday in order to sell its bank subsidiary. Read the Daily Bankruptcy Review article via The Wall Street Journal.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
Plastipak Packaging Inc. of Michigan won court approval on Monday to take over the U.S. assets of Constar International Holdings LLC, a maker of plastic containers, for $102.45 million, DBR (sub. req.) reports.
Detroit’s set to push back the date it will file its debt-cutting plan, WSJ reports.
Oh, The company says: "common share holders will get paid off .75-$1.00".
100mln$ is only stalking horse bidder,not definitve one,may be other offers out,and better!!!
Not keeping track of every Chapter 11 but here is what happened to these OTCBB stocks.
ECTY Drops 92%
GHSE Drops 80%
SVNT Drops 95%
VELT Drops 73%
TOOT Drops 93%
XIDE Drops 72%
From 1 to 6 days before they bounce. FMAR currently at 20 cents is down only 70% so bottom probably will be 8 cents.
Oh, FMAR bankruptcy. That's Why it's Crashing.
Filed for Chapter 11 bankruptcy. No matter how you sugar coat it.
First Mariner investors: A look at their Baltimore roots.
The investment group that plans to buy First Mariner Bank and invest $100 million to recapitalize it includes a number of investors with Baltimore ties.
They include:
• Howard Feinglass, a Baltimore native and Gilman School graduate, who runs Priam Capital, a New York hedge fund:
• Boris Gutin, managing director of GCP Capital Partners. Gutin grew up in the Baltimore area and is a Johns Hopkins University graduate;
• Jennifer W. Reynolds, director of commercial real estate for Ward Properties. Reynolds is former vice chair and chief investment officer at Legg Mason Trust, and immediate past chair of the National Aquarium in Baltimore;
• James T. Dresher, CEO and principal of Skye Hospitality LLC, and chairman of the board of trustees at Johns Hopkins Bayview Medical Center; and
• Josh E. Fidler, co-chairman and chief operating officer of Chesapeake Realty Partners and president of Chesapeake Realty Management Inc.
Other investors include:
• Patriot Financial Partners, a Philadelphia-based private equity fund that focuses on investing in community banks; and
• TFO Financial Institutions Restructuring Fund LLC
http://www.bizjournals.com/baltimore/news/2014/02/10/first-mariner-investors-a-look-at.html
Its a change of ownership. I can't imagine the common shareholder and current FMAR employees who have earned FMAR shares through years of service being eliminated..?
http://www.bizjournals.com/baltimore/news/2014/02/10/mercantiles-furlong-baldwin-played.html
You mean about to start? This is going to boost pps for sure
Turn out the lights. The party is over!
First Mariner Bancorp Reaches Agreement with Investors to Provide Approximately $100 Million of Capital for its Subsidiary 1st Mariner Bank (2/10/14)
Investment of new capital into 1st Mariner Bank will enable it to meet all regulatory capital requirements, build its balance sheet and expand lending.
BALTIMORE, Feb. 10, 2014 /PRNewswire/ -- First Mariner Bancorp (OTCBB: FMAR) announced today that it will sell its wholly owned subsidiary, 1st Mariner Bank, to a new bank formed by investors. The sale will recapitalize the bank with approximately $100 million, enabling it to meet all state and federal capital standards, significantly improving the strength of its balance sheet, and advancing its business plan to become one of the region's leading financial institutions.
The investors, led by Priam Capital, Patriot Financial Partners, GCP Capital Partners and TFO Financial Institutions Restructuring Fund LLC, as well as several prominent members of the Baltimore business community, formed an interim bank that has signed an agreement with the holding company to acquire 1st Mariner Bank for a cash payment to the holding company, subject to a competitive bidding process for higher and better offers.
If the interim bank is the successful bidder, the agreement calls for it to acquire the bank from First Mariner Bancorp and then recapitalize the bank to a level which will satisfy all capital requirements imposed by the bank's federal and state regulators and will position the bank for future growth and prosperity. The 1st Mariner Bank name will be retained.
To facilitate the transaction, the holding company intends to file a voluntary petition in the U.S. Bankruptcy Court for the District of Maryland under Chapter 11 of the U.S. Bankruptcy Code and to sell the bank in a 363 sale in the bankruptcy.
This filing affects only the bank holding company. The bank will not file bankruptcy, will operate separately from the holding company and will conduct business as usual throughout the reorganization process. Deposits continue to be insured to the fullest extent possible by the Federal Deposit Insurance Corporation (FDIC). There will be no impact on depositors, creditors or vendors of 1st Mariner Bank.
Consistent with usual practice, the court will supervise a competitive bidding process for the sale of the bank. Any competing bidder will be required to recapitalize the bank at an equivalent level and demonstrate the ability to promptly receive required regulatory approvals.
"The $100 million capital infusion will create a bank poised for growth," said Mark Keidel, interim-president of 1st Mariner Bank. "Upon approval by the court and regulatory authorities, the bank will become strong and secure. We will meet all federal and state regulatory requirements for capitalization."
"There will be absolutely no interruption in services to customers, deposits will continue to be accepted, our branches and ATMs will continue to operate as usual and the bank will continue to deliver on its commitments to loan applicants and vendors throughout the reorganization," Keidel said.
The bank maintains strong levels of liquidity, comprised of cash, cash equivalents and securities, totaling $286 million at Jan. 31, 2014, to meet its obligations.
Keidel continued, "Our new partners have extensive banking experience in the Baltimore market. Many of the investors are local and recognize the growth opportunities for a community bank headquartered in Baltimore."
The board of directors of the holding company, First Mariner Bancorp, has unanimously approved the transaction with the interim bank. In the meantime, the holding company intends to ask the court to expedite its approval of the proposed sale and recapitalization of the bank.
"This is a tremendous opportunity to build 1st Mariner Bank and serve the entire Maryland market," said Jack E. Steil, who led the transaction for the investors and is slated to become chairman and chief executive officer of the bank. "We recognize that 1st Mariner Bank possesses a significant presence in this community, a presence that affords us the opportunity to build a powerful community focused bank."
"Baltimore and the entire region present strong opportunities for growth," added Robert D. Kunisch Jr., a proposed investor slated to be named president and chief operating officer of 1st Mariner Bank. "One does not have to look too far to see great things happening in our city and throughout the state. We look forward to building a hometown bank in the place where we grew up."
Steil was most recently president of Wilmington Trust Mid-Atlantic Region, and Kunisch was president of Wilmington Trust FSB, Maryland. Both spent the majority of their careers at Mercantile Bank focusing predominantly on the Maryland market.
"This $100 million investment presents a tremendous opportunity to take 1st Mariner Bank to the next level," said Howard Feinglass, principal of Priam Capital, a New York-based investment firm and a proposed investor in the bank. "I look forward to supporting other local investors in the recapitalization of First Mariner. It has always been our goal to support Baltimore's largest local bank in serving local Business."
Mr. Feinglass, who is a native of Baltimore, noted that a substantial portion of the overall investment is coming from business leaders who reside in Baltimore.
"We see an enormous opportunity in 1st Mariner Bank to support Maryland's growing business community currently underserved by many of the larger out-of-state banks," said Boris Gutin, managing director of GCP Capital Partners, a New York-based private equity firm and a proposed investor in the bank. "The combination of new capital and a strong management team with deep roots in the Maryland market positions 1st Mariner Bank to substantially expand its lending and customer relationships."
Mr. Gutin grew up in Baltimore and is a graduate of Johns Hopkins University.
Michael R. Watson, a First Mariner Bancorp director and interim chairman, said reorganizing was the "best way to preserve the bank." He noted that the parties have had on-going discussions regarding the recapitalization plan with state and federal banking regulators, who need to approve the transaction.
"We have worked for more than five years to raise capital, while seeking to protect the value of the enterprise," he said. "With time, it's become clear, however, that the sale transaction is the best option to preserve 1st Mariner Bank, to maintain its independence and to protect its employment base."
The strategy of selling a subsidiary bank has increasingly been employed as a way for banks and their holding companies to restructure their financial affairs and raise capital. The strategy allows a bank holding company to reorganize and sell assets, in this case its banking subsidiary. Generally, a "stalking horse bidder" is identified before the holding company files for reorganization. The sale is completed once the holding company has filed for reorganization, conducted an auction and received court approval.
About First Mariner Bancorp
First Mariner Bancorp is a bank holding company. Its wholly owned banking subsidiary, 1st Mariner Bank, operates 16 full service bank branches in Baltimore, Anne Arundel, Harford, Howard and Carroll counties in Maryland, and the City of Baltimore. 1st Mariner Mortgage, a division of 1st Mariner Bank, operates retail offices in Central Maryland, the Eastern Shore of Maryland, and portions of Northern Virginia. 1st Mariner Mortgage also operates direct marketing mortgage operations in Baltimore. First Mariner Bancorp's common stock is quoted on the OTC Bulletin Board under the symbol "FMAR". First Mariner Bancorp's Website address is www.1stMarinerBancorp.com, which includes comprehensive level investor information.
http://www.prnewswire.com/news-releases/first-mariner-bancorp-reaches-agreement-with-investors-to-provide-approximately-100-million-of-capital-for-its-subsidiary-1st-mariner-bank-244704011.html
Gaping up big time this morning. Quiet period officially ended..now we wait for earnings feb 15th
Up 12%, hope this is a preview.
This stock simply repeats itself around earnings. All the lag time between quarters is what forces it down. Pre earnings explosion back over 1$ very soon IMO.
There's a lot of potential for refinance business bc rates have been low!
I held my .75 down to .40, haven't sold. Looks like some serious support has built up over the past couple weeks.
FMAR is making yet another comeback!!
Bounced at .50 and now sitting at .75.
19.7 million shares outstanding makes this move fast when earnings are posted in the next 2-4 weeks.
What's with the spike? $fmar going to zero, paying the interest,or getting bought out?
Its rare but the bank holding company may be forced to file BK.
Still a good opportunity here. Moves on air.
Sounds primarliy mortgage related. The refi boom is slowing. The banks are handing out essentially free money right now, margins are terrible. And community banks are hurting because they're not generating enough fee-based income like the big banks. Charge-offs were down which is a good sign. They're going to have to get creative on how to make loans.
1st Mariner Bancorp Reports Third Quarter 2013 Results (11/08/13)
BALTIMORE, Nov. 8, 2013 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR), parent company of 1st Mariner Bank, reported a net loss of $7.4 million for the third quarter of 2013 compared to net income of $7.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, the net loss was $11.2 million compared to net income of $15.4 million for the nine months ended September 30, 2012.
Mark A. Keidel, 1st Mariner's Chief Executive Officer, said, "Our results for the third quarter were materially impacted by the rapid and steep increase in long term treasury rates. Like most in the residential mortgage industry, we experienced declines in production and a significant compression of the margins on sold loans."
Mr. Keidel added, "We have executed on cost cutting initiatives and will make necessary adjustments to remain competitive and improve profitability in the changing mortgage landscape."
Mr. Keidel continued, "Credit quality metrics showed continued improvement from the previous year's levels, however our regulatory capital ratios remain below the levels required by regulatory orders. We continue to explore all opportunities to increase capital to levels required in our regulatory agreements."
Net interest income for the third quarter of 2013 was $6.7 million compared to $8.1 million in the third quarter of 2012. The net interest margin decreased to 2.97% in the third quarter of 2013 compared to 3.01% in the third quarter of 2012. This was due to lower balances of loans and loans held for sale. Average loan balances were $571.6 million and $656.5 million for the quarters ended September 30, 2013 and 2012, respectively. Average loans held for sale were $178.1 million and $320.9 million for the quarters ended September 30, 2013 and 2012, respectively. Interest expense on deposits was $2.4 million for the three months ended September 30, 2013 compared to $2.9 million for the three months ended September 30, 2012. The decrease was due to the low interest rate environment coupled with a decrease in deposits. The average rate paid on deposits decreased to 0.98% for the three months ended September 30, 2013, down from 1.17% for the three months ended September 30, 2012. The average interest rate on borrowings increased to 3.08% for the quarter ended September 30, 2013, up from 2.21% for the quarter ended September 30, 2012. The maturity and repayment of lower rate borrowings in 2013 caused the increase in the average rate of interest on borrowings.
For the nine months ended September 30, 2013, net interest income was $20.2 million compared to $22.9 million for the nine months ended September 30, 2012. The net interest margin was 2.84% for the nine months ended September 30, 2013 versus 3.08% for the same period in 2012. The decrease is due to a decline in loan balances and continued downward pressure on interest rates. Total average loans were $589.3 million and $671.7 million for the nine months ended September 30, 2013 and 2012, respectively. The average yield on those loans was 5.25% and 5.35% for the nine months ended September 30, 2013 and 2012, respectively. As for deposits, the average interest rate paid was 1.05% and 1.27% for the nine months ended September 30, 2013 and 2012, respectively. The average rate paid on borrowings was 3.06% and 2.22% for the nine months ended September 30, 2013 and 2012, respectively. The increase in the rate was due to lower rate advances maturing and being repaid in 2013, leaving a balance of higher coupon borrowings.
The provision for loan losses was zero for the three months ended September 30, 2013 and 2012. Net charge-offs were $676 thousand for the three months ended September 30, 2013 million and $1.4 million for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Continued improvements in portfolio credit quality and a stabilizing real estate market in our operating region contributed to the lower levels of credit costs.
For the nine months ended September 30, 2013, the provision for loan losses was $1.3 million compared to $572 thousand for the nine months ended September 30, 2012. Net charge offs for the nine months ended September 30, 2013 were $3.5 million, a 55% increase from the $2.3 million incurred during the nine months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. Combined credit- related costs amounted to $5.6 million for the nine months ended September 30, 2013 compared to $4.1 million for the nine months ended September 30, 2012. The increase was due to the strategy to aggressively reduce non-performing assets that was executed in the first half of 2013. As a result, non-performing assets were $39.7 million as of September 30, 2013, a 30% improvement over the $56.6 million of non-performing assets as of September 30, 2012.
Non-interest income was $2.4 million for the three months ended September 30, 2013, which is a significant decrease over the $16.3 million that was reported in the third quarter of 2012. The decrease was due to low mortgage banking revenue as a result of the rapid increase in mortgage interest rates. This caused a significant decline of refinancing activity as well as narrowing margins on loans sold. Gross mortgage banking revenue was $548 thousand for the three months ended September 30, 2013 compared to $15.4 million for the three months ended September 30, 2012. For the three months ended September 30, 2013, gross mortgage loan production volume was $375.7 million compared to $742.2 million for the three months ended September 30, 2012.
For the nine months ended September 30, 2013, non-interest income was $24.3 million, which is a 38% decrease over the $39.5 million recorded in the nine months ended September 30, 2012. The decrease was due to lower mortgage banking revenue as a result of the increase in mortgage rates in 2013. Additionally, the margins on loans sold narrowed in 2013. For the nine months ended September 30, 2013, the gross revenue from mortgage banking activities was $15.7 million, a significant decrease from the $35.5 million that was recorded in the nine months ended September 30, 2012.
Non-interest expenses were $16.7 million for the three months ended September 30, 2013 compared to $16.4 million for the three months ended September 30, 2012. Professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels decreased to $656 thousand for the three months ended September 30, 2013 versus $973 thousand for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, decreased to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Amounts paid for FDIC insurance premiums remain high with $1.0 million incurred in both three month periods ended September 30, 2013 and 2012. Data processing costs were $1.1 million for the three months ended September 30, 2013, compared to $403 thousand for the three months ended September 30, 2012. The increase was due to the expiration of the existing contract with the Company's service provider in 2012 and the conversion to a new core processing system in the fourth quarter of 2012.
For the nine months ended September 30, 2013, non-interest expenses were $54.6 million, which is a 16.9% increase over the $46.7 million recorded in the nine months ended September 30, 2012. The increase was due to increases in salaries & benefits, professional fees, advertising & marketing, and costs related to foreclosed properties. Salaries and benefits totaled $19.8 million for the nine months ended September 30, 2013 versus $17.4 million for the nine months ended September 30, 2012. This increase was primarily due to higher staffing and compensation costs in mortgage banking. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. The increase was attributable to the aggressive disposal of non-performing assets in the first half of 2013. FDIC insurance premiums remain high with $3.4 million incurred in the nine months ended September 30, 2013 and $3.1 million incurred in the nine months ended September 30, 2012. Corporate insurance expense was $2.4 million for the nine months ended September 30, 2013 compared to $1.6 million for the nine months ended September 30, 2012. The increase was due to higher renewal premiums that became effective in August 2012.
Comparing balance sheet data as of September 30, 2013 and 2012, total assets decreased 16% to $1.08 billion, from the prior year's $1.29 billion. The decrease is due to a $242.9 million decrease in loans held for sale and a $80.3 million decrease in portfolio loans. The decrease in loans held for sale is the result of the increase in mortgage rates that slowed refinancing activity. The decrease in portfolio loans is the result of payoffs and slow commercial loan production.
•Average earning assets were $887.7 million for the third quarter of 2013, which was a $168.4 million decrease over the third quarter 2012 balance of $1.06 billion. The decrease was due to lower average loans held for sale.
•Total loans outstanding were $560.3 million as of September 30, 2013, down 13% from the $643.5 million reported as of September 30, 2012. This was due to loan maturities, loan sales, and reduced portfolio loan production.
•Total loans held for sale were $128.6 million as of September 30, 2013, down 65% over the $371.6 million held for sale as of September 30, 2012. The decrease was due to lower mortgage division production as a result of higher mortgage rates.
•The allowance for loan losses as of September 30, 2013 was $9.2 million, a decrease of 24% over the prior year's $12.1 million. The allowance for loan losses as a percentage of total loans was 1.64% as of September 30, 2013, compared to 1.88% as of September 30, 2012. The decrease was due to improving asset quality.
•Total deposits decreased 13% from $1.11 billion as of September 30, 2012 to $981.3 million as of September 30, 2013. Money market and NOW accounts increased $20.9 million, from $151.4 million as of September 30, 2012 to $172.3 million as of September 30, 2013. Savings accounts increased $6.7 million from $55.9 million as of September 30, 2012 to $62.6 million as of September 30, 2013. Certificates of deposit were $648.4 million as of September 30, 2013, representing a decrease of $150.2 million, or 23%, from the $798.6 million as of September 30, 2012.
•As of September 30, 2013, 1st Mariner Bank's capital ratios were as follows: Total Risk Based Capital 7.2%; Tier 1 Risk Based Capital 5.9%; and Leverage 3.6%.
1st Mariner Bancorp is a bank holding company with total assets of $1.1 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, operates 19 full service bank branches in Baltimore, Anne Arundel, Harford, Howard, Talbot, and Carroll counties in Maryland, and the City of Baltimore. 1st Mariner Mortgage, a division of 1st Mariner Bank, operates retail offices in Central Maryland, the Eastern Shore of Maryland, and portions of Northern Virginia. 1st Mariner also operates direct marketing mortgage operations in Baltimore. 1st Mariner Bancorp's common stock is quoted on the OTC Bulletin Board under the symbol "FMAR". 1st Mariner's Website address is www.1stMarinerBancorp.com, which includes comprehensive level investor information.
http://www.prnewswire.com/news-releases/1st-mariner-bancorp-reports-third-quarter-2013-results-231139201.html
Back to a BUCK
I'm locked and loaded at .83 with a bunch. This stock moves easily.
I hope I'm in a pretty good position here @.79ish although, small
Stashing it
Up 20% today with plenty of room, nice!
Someone came in early today and bought 30k shares. This seems like it can get to $1.20 easily.
Yup :) 0.93
15 min 10day chart looks like.75 could be bottom for now. Hope a steady base forms. Gla
Followers
|
7
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
277
|
Created
|
04/15/09
|
Type
|
Free
|
Moderators |
First Mariner Bancorp is the holding company for First Mariner Bank
Estimated Market Cap
$7,540,000 as of March 21, 2012
Outstanding Shares
18.86MM as of March 21, 2012
Contact Information | ||||
|
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |