First Mariner Bank

First Mariner Bank is a financial institution providing a wide range of banking services, including personal and business loans, checking, and savings accounts to clients in various regions across the United States. Founded in 1995, First Mariner Bank is based in Baltimore, US, offering a variety of banking services. Recently, in August 2017, the bank was acquired by Howard Bancorp, Inc. for USD 163.

40 mn, marking a significant strategic shift. The firm has engaged in 2 notable deals since its inception, with the latest being this acquisition. First Mariner Bank delivers a broad suite of financial services tailored for personal and business clients across several states, including Pennsylvania, Ohio, Maryland, Virginia, North Carolina, South Carolina, and West Virginia. Their offerings include personal loans, business and personal checking and savings accounts, and investment products available via their eStore® Common App.

These products aim to meet diverse financial needs, from day-to-day banking to larger financing solutions for growth and investment opportunities. In the most recent financial year, First Mariner Bank generated revenue amounting to USD 39. 70 mn with an EBITDA of USD -16. 40 mn.

The bank's revenue model relies on customer deposits, loan interest, and transaction fees, creating a steady revenue stream from both individual and business clients. First Mariner Bank plans to expand its product offerings and enhance its market reach following the acquisition by Howard Bancorp, Inc. The bank aims to launch new products tailored for specific customer segments by the end of 2023. Additionally, the acquisition deal completed in March 2018 is expected to facilitate their entry into new markets across the Mid-Atlantic region, leveraging Howard Bancorp's existing infrastructure.

The support from the recent funding will be directed towards developing these new products and capabilities.