What in God’s name is up with that?  $4 more per month?  Are they really serious?

1st Mariner Bancorp, the parent company of 1st Mariner Bank, has been informed that they face delisting by NASDAQ unless and until it can raise its market capitalization and share price back above the exchange's minimum requirements.  According to the Baltimore Business Journal, 1st Mariner was informed by NASDAQ that they have until March 10, 2010 to bring its market capitalization above $5 million or risk removal from NASDAQ's Global Market.  This comes on the heels of consent decree by the FDIC and other regulators to increase their capital levels.

1st Mariner's stock has been in a virtual downfall since last fall, as the bank was pummeled by the horrendous business decisions of Ed Hale and his board to jump whole heartedly into the subprime market.  That bet failed badly, especially due to massive fraud in the Northern Virginia offices.  The bank also announced that it completed the sale of its Mariner Finance unit, which came in well below the hoped-for value at a paltry $10.7 million.  Ironically, Mariner Finance was the only profitable part of the company, due mainly to the aggressive collection techinques that insured payment on unsecured debt.  That Ed Hale was only able to secure $10.7 million in the fire sale is basically a statement by the buyers (MF Holdco LLC) that they see those outstanding loans as generating only pennies on the dollar.

The decline continues for Ed Hale, whose branches have been facing declining deposit values.  The bank recently announced it would close its Charles Street branch, which (again, ironically) had more deposits than many other worse-performing branches (such as the Shrewsbury, PA branch).

The Baltimore Sun is reporting that a French Bank – Paris-based Natixis SA – has scheduled an auction for Ed Hale’s Canton Crossing tower and the surrounding land on October 21 after Hale’s Canton Crossing, LLC defaulted on an $84 million loan.  According to the article, Hale is reportedly considering the sale of the building that opened three years ago.  My how the mighty have fallen.