BALTIMORE (AP) — Edwin Hale, the founder, chairman and chief executive of Baltimore’s 1st Mariner Bancorp, has retired.
The company announced Hale’s retirement on Friday. In April, 1st Mariner announced Hale would step down as part of a deal with New York-based Priam Capital Fund to infuse $36.4 million into the cash-strapped bank. Federal and state regulators placed 1st Mariner under supervision in 2009, requiring it to raise capital and deal with problem loans.
Hale, who turned 65 last month, launched 1st Mariner in 1995 after winning a shareholders battle in 1991 to take over the
Baltimore Bancorp. He later became a fixture in Baltimore, promoting the bank’s ties to the community in television and radio commercials.
(Copyright 2011 by The Associated Press. All Rights Reserved.)