1st Mariner Bancorp Clarifies Acquisition of 24.9% of Cecil Bancorp
18.05.12
, Parent company of 1st Mariner Bank, is clarifying the circumstances of 1st Mariner Bank's acquisition of 1,848,115 shares, or 24.9%, of Cecil Bancorp's common stock. The shares were obtained through the collection process of a defaulted loan. 1st Mariner Bank is not pursuing an acquisition of Cecil Bancorp. 1st Mariner Bank has no intention of exercising its ownership position to influence Cecil Bancorp's board of directors or management in the performance of their responsibilities.
About 1st Mariner
1st Mariner Bancorp is a bank holding Company with total assets of $1.18 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, operates 21 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 and the Eastern Shore of Maryland. 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.OB". 1st Mariner's Website address is
www.1stMarinerBancorp.com , which includes comprehensive level investor information.
Source: MarketWatch (press release)