BALTIMORE—RKJS Bank secured court approval on Tuesday for its purchase of Baltimore's largest independent bank—First Mariner Bank.
U.S. Bankruptcy Court Judge David Rice reopened the bidding for First Mariner on Tuesday afternoon after Cockeysville, MD-based RKJS Bank sweetened its bid. Allentown, PA-based National Penn Bancshares withdrew its offer once the bidding was reopened. Judge Rice later approved First Mariner's sale to RKJS Bank, according to the Baltimore Business Journal.
RKJS Bank's new bid added a $3-million nonrefundable deposit and other concessions to its $17.7-million bid. The price will be increased by $1 million if the deal does not receive regulatory approval by April 30.
A First Mariner creditors committee, which had previously expressed support for National Penn, announced its support on Tuesday for RKJS bank's revised bid. See story in the Baltimore Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
