First Mariner Bancorp (fka FMARQ)

[56Chevy]

This is all news from 2011 but remains note-worthy for shareholders today.

1st Mariner Bancorp (OTC.OB: FMAR) parent company of 1st Mariner Bank (the "Bank"), announced today that it has entered into a definitive agreement with Priam Capital Fund I, LP ("Priam") pursuant to which Priam would invest approximately $36.4 million in the Company. Priam's investment is part of an expected aggregate $160 million capital raise by the Company that will include other investors. The investment and related transactions, which were unanimously approved by the Company's Board of Directors, are subject to the remaining $123.6 million of capital being raised, regulatory approvals and other conditions. The Company also plans to conduct a $15 million rights offering after the closing of the capital raise that will allow shareholders of the Company prior to closing of the transaction to purchase shares of common stock at the same purchase price per share paid by Priam and the other investors.

Priam Capital, headed by Baltimore native Howard Feinglass, will pump $36.4 million into the cash-strapped bank in return for an ownership stake of nearly 25 percent, First Mariner announced in a release. The deal is contingent on an additional $123.6 million of capital raised from other sources.

When it is complete, First Mariner said, it will offer $15 million in common stock to current shareholders at 50 cents per share, the same price to be paid by Priam.

The goal for a small retail investor is to get in at the same price (or as close to the same price that large PE investors paid). Why? They'll work hard to protect their investment and do whatever is necessary to see their investment through to success. I.e. Follow the money.

http://articles.baltimoresun.com/2011-04-19/business/bs-bz-first-mariner-priam-20110419_1_edwin-f-hale-first-mariner-bancorp-1st-mariner-tower