1st Mariner Bancorp Plans to Raise $160 Million in New Capital (FMAR)

1st Mariner Bancorp FMAR, parent company of 1st Mariner Bank, announced today that it has entered into a definitive agreement with Priam Capital Fund I, LP 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.