![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
1st Mariner Bancorp (FMAR) Reports Loss and Write Down Of Assets
QualityStocks (October 30th, 2009) Writes:
1st Mariner Bancorp reported a net loss of $12.956 million, or $2.01 per share, in the third quarter of 2009. The bank attributed most of the loss to problems with Mariner Finance, a consumer finance subsidiary that is slated for sale.
The net loss included an impairment charge of $10.584 million to recognize a write down in value of the bank’s investment in Mariner Finance. 1st Mariner Bancorp has reached an agreement to sell Mariner Finance, bringing the carrying value of Mariner Finance to approximate the amount that it is being sold for. The sale is expected to close in the fourth quarter of 2009.
Edwin F. Hale, Sr., the CEO said, “While the sale of Mariner Finance negatively impacted our third quarter results, the proceeds to be generated from the sale are expected to provide a key step to increasing regulatory capital ratios of First Mariner Bank.”
1st Mariner Bancorp
...
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.