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FMAR the next DEAR
FMAR read the news as ceo was buying the stock and fmar has a small float of5 mil shares.First Mariner Bancorp said Friday that CEO and Chairman Edwin F. Hale Sr. has acquired 1.6 million shares in the company as part of a transaction approved by shareholders March 19.
Hale swapped $20 million in First Mariner debt for $2 million in stock, which equals 1.6 million shares at $1.23 a share, the average closing price during the previous 20 trading days, the company said. Hale also received warrants to purchase another 325,203 shares as part of a stock sale company officials have said would reduce debt and boost capital levels at the company’s First Mariner Bank subsidiary.
Other First Mariner directors and executives will exchange an additional $6 million in First Mariner debt for $600,000 in company stock under the plan approved by shareholders last month.
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