First Mariner Bancorp, a holding company that owns 1st Mariner Bank says it has filed for bankruptcy and plans to sell 1st Mariner to a group of investors.
First Mariner Bancorp filed for bankruptcy Monday afternoon in Baltimore, according to online court records.
The Daily Record reports that First Mariner Bancorp has less than $5.5 million in assets and more than $60.5 million in debts.
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5 comments:
First Mariner was famous for offering mortgages without requiring a credit check, a down payment or any documentation from the prospective borrower.
Aahaaaa. It starts. Hide your money, everybody. Taking bets on the next bank to file. It will be a multiple-corporation company where all the assets of one corporation are diverted to the others before the bankruptcy, so the taxpayers will take the fall.
There are articles out that talk about small banks closing up due to increased regulations.
Not JUST banks. Every small business in the country is facing enough "regulations" to close their doors. This is just another way Ob' is destroying the economy so he can become dictator. Hitler did it best.
Luckily my bank is 12.4 kg bricks.
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