Court approves First Mariner sale to RKJS Bank after bidding reopened

By Caroline Salls

Pittsburgh, April 15 - First Mariner Bancorp subsidiary 1st Mariner Bank will be sold to RKJS Bank after bidding was reopened, according to a memo filed Tuesday with the U.S. Bankruptcy Court for the District of Maryland.

The filing did not give the amount of RKJS' approved offer.

As previously reported, First Mariner Bancorp selected National Penn Bancshares, Inc. as the successful bidder on Friday with a bid in the amount of $19.13 million.

Stalking horse bidder RKJS Bank objected to the sale to National Penn, claiming that it was the high bidder during the company's April 10 auction with a final, submitted bid exceeding National Penn's by $1 million. RKJS said First Mariner took National Penn's as the best bid with no explanation.

RKJS is a new bank formed by investors of First Mariner.

First Mariner, the Baltimore-based holding company for 1st Mariner Bank, filed bankruptcy on Feb. 10. The Chapter 11 case number is 14-11952.

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