1st Mariner Bancorp has deferred scheduled quarterly interest payments related to $73.72 million in unsecured debt, the bank announced this week.
The debt is associated with 1st Mariner’s seven trust subsidiaries.
The company said it can defer interest payments for up to 20 consecutive quarters as long as it does not default on the debt, and said it is not in default on any of the debt. Interest was due as early as Jan. 7 on two of the trusts, and on others through March 30. Estimated annual interest on the debt is approximately $2.8 million, 1st Mariner said.
