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WASHINGTON, DC, February 10, 2014 — Covington & Burling represented GCP Capital Partners in connection with the acquisition and recapitalization of 1st Mariner Bank by a newly formed interim bank that will be capitalized by investors including GCP Capital Partners.
Formed and led by its management team, the interim bank signed an agreement with First Mariner Bancorp, the parent holding company of 1st Mariner Bank, to acquire the bank for a cash payment of approximately $4.8 million.
The acquisition is subject to a competitive bidding process. If the newly formed bank is the successful bidder, it will acquire the bank and recapitalize it with the remainder of the capital raise from GCP Capital and other investors of approximately $100 million.
The Covington team included Michael Reed, John Dugan, Keith Noreika, Stuart Stock, Rusty Conner, Ben Hoch and Martin Beeler.