September 22, 2009 – 1:44 pm

The FDIC issued a wait and hold everything order to First Mariner Bank of Baltimore, Maryland.

In a Form 8-K last night, First Mariner Bank, the wholly-owned bank subsidiary of First Mariner Bancorp (Nasdaq: FMAR) reports that it has agreed with the FDIC and The Maryland Division of Financial Regulation to the entry of an Order to Cease and Desist, dated and effective September 18, 2009, which directs the Bank to increase its capitalization, improve earnings, reduce non-performing loans, strengthen management policies and practices, and reduce reliance on non-core funding.

You can see the official order for First Mariner Bank  by clicking here.