Howard Bancorp Acquires 1st Mariner Bank

BALTIMORE (WJZ) -- A major deal going down Tuesday involving banks across the region, as Howard Bancorp, Inc has announced that it has acquired 1st Mariner Bank.

As part of the $163 million acquisition, 1st Mariner will merge with Howard Bank, with the combined organization operating under the Howard Bank name, and operating out of 1st Mainer's Baltimore location.

Howard Bank will have 21 locations in the Baltimore area following the transaction, making it the largest community bank in the area.

The business will have "pro forma assets of $2.1 billion, portfolio loans of $1.5 billion and deposits of $1.6 billion based on financial data as of June 30, 2017," according to a release from Howard Bank.

"We have long respected the executive team at 1st Mariner and have been very impressed by their turnaround and recasting of the bank since their restructuring in 2014. Both Howard and 1st Mariner share a focus on privately held businesses in the Greater Baltimore market," said Howard Chairman and Chief Executive Officer, Mary Ann Scully, in a release. "We think this transaction is transformational not only for our shareholders but also for our teams, our customers, and the Greater Baltimore community. We are excited to have the 1st Mariner customers, board members and staff join us, and we look forward to being welcomed by them. This is a win-win for the Baltimore business community who will now be served by the best business bank in the region."

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