Recent Regulatory Agreement- Comments from our COO

by Kevin Lynch 22. September 2009

Late yesterday, the Bank announced that it had entered into an agreement, issued by both the FDIC and the Maryland Division of Financial Regulation, called a Cease and Desist Order. The primary points of the order require the Bank to increase its capital levels, reduce our level of non-performing assets, and enhance our liquidity. The formal agreement between the bank and the regulators can be found here.

Mark Keidel, the Chief Operating Officer of the Bank, has provided clarification on some points of the agreement that may not have been clear in the reporting by the media. We want to share those with you.

  • 1st Mariner management has been working closely and in cooperation with regulators from the FDIC who oversee the bank. We've been actively working with the FDIC to determine the goals and objectives in the Order. We've agreed to targets that we are comfortable we can achieve in those timeframes.
  • We have already instituted a number of FDIC recommendations, even prior to the agency issuing the order. For example, the order requires that we charge-off all loans classified as “loss” in the March 2009 regulatory exam within 10 days of this order. We actually did that prior to signing the Order.
  • There is no impact to our current operations and all deposit insurance remains in place.

Like many of our peer banks, both large and small, we have dealt with economic conditions unlike any experienced in recent memory. We are working hard to rebuild the bank and make it a stronger, even more vibrant member of the Baltimore business community. We welcome your questions and comments.

Destroy a Credit Card Securely

by Admin 10. September 2009

Identity theft can still happen, which is why it is very important to know how to properly protect yourself. To date, there are many compaines that provide safety and security from identity theft, but the safest option still starts with you properly securing your financial information. A common means for thieves to steal your identity is through improper disposal of credit cards and their statements.

In the video below, Cynthia Drake demonstarates Bargaineering blogger Jim Wang's method for how to destroy a credit card properly which entails 15 precise cuts with a pair of kitchen scissors.

 

 

Community Spotlight - Jobs, Housing & Recovery (JHR)

by Pat Wellbrock 8. September 2009

1st Mariner Bank is committed to understanding the community it serves. We are proud to play a vital role by supporting and partnering with worthy organizations that improve the lives of families directly benefiting from their service. Check back with us often as we shine our spotlight on one of those organizations.

1st Mariner Bank is proud to support Jobs, Housing & Recovery (JHR)

Everyday JHR provides an emergency lifeline for up to 275 homeless men and women in Baltimore. JHR offers 80 homeless individuals a chance to escape from drug abuse and rebuild their lives. JHR is substance abuse recovery, housing, jobs, education, and training.

JHR provides programs designed to take people from the streets of Baltimore to a self-sufficient life with a job, stable housing and free from substance abuse. They serve the poor and indigent in Baltimore without charge. JHR has its own social enterprise program that provides job-training experiences for its clients and income to support its programs.

The majority of JHR staff members are recovering from substance abuse. They provide their clients with living examples that recovery, self-sufficiency, and re-entry into society are realistic and attainable goals.

Just one example of how JHR is recovery put to work, is Jerome. Jerome had a long history of drug abuse and less than a 9th grade education. Seeking help, he entered the JHR program at Carrington house in July of 07. Today, with over ten months of being drug free, he stands proudly with his High School GED, he earned in May.

JHR is recovery put to work!

Visit http://www.jhrbaltimore.org/index.htmto learn more about JHR



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