1st Mariner Bancorp Clarifies Acquisition of 24.9% of Cecil Bancorp
BALTIMORE, April 9, 2012 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR), 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.
In addition to historical information, this press release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from management's expectations. Factors that could contribute to those differences include, but are not limited to, the Company's ability to increase its capital levels and those of 1st Mariner Bank, volatility in the financial markets, changes in regulations applicable to the Company's business, its concentration in real estate lending, increased competition, changes in technology, particularly Internet banking, impact of interest rates, and the possibility of economic recession or slowdown (which could impact credit quality, adequacy of loan loss reserve and loan growth).Greater detail regarding these factors is provided in the forward looking statements and Risk Factors sections included in the reports filed by the Company with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release, or in our SEC filings, which are accessible on our web site and at the SEC's web site, www.sec.gov.
SOURCE 1st Mariner Bancorp