Daily News: June 20, 2014

Venable Represents First Mariner in Acquisition

Venable announced that it represented the acquiring bank in its acquisition of 1st Mariner Bank from its holding company, First Mariner Bancorp, in a transaction resulting in a nearly $100 million recapitalization of 1st Mariner Bank.

The transaction, which closed on June 17, 2014, was a §363 bankruptcy sale (structured as a merger) by First Mariner Bancorp of 1st Mariner Bank to the acquiring bank, which was approved by the Bankruptcy Court on April 21, 2014, and recently received required regulatory approvals.

The acquiring bank was formed by a group of investors, including private equity firms and prominent members of the Baltimore business community.

Venable advised the acquiring bank in all aspects of the transaction. Its multi-practice team included lawyers from its corporate, regulatory, bankruptcy, tax and benefits groups.

Bryson L. Cook oversaw the matter; Michael Schiffer led negotiations with First Mariner Bancorp and coordinated the project; Eric Smith led negotiations with investors; John Beaty handled bank regulatory issues; Richard Wasserman handled bankruptcy matters; and other attorneys provided practice-specific advice; drafted deal, regulatory and bankruptcy documentation, represented the acquiring bank in court hearings; performed due diligence; and otherwise assisted the team.