Synergy Financial acquires 1st Mariner Financial Services
Synergy Financial Group, a Towson financial services firm, has acquired 1st Mariner Bank’s investment services business. Under the deal, Synergy Financial will take over management of 1st Mariner Financial Services Inc.’s 1,200 clients immediately. Financial terms were not disclosed. Larry Leitch, a co-founder and Partner at Synergy Financial Group, said in a statement the 1st Mariner Financial Services acquisition will be “a great fit for the existing advisors on our team.”
Shedding its investment services business allows 1st Mariner, under new leadership since it was bought in a court-supervised auction in 2014, to focus on strengthening other divisions. Rob Kunisch, president and COO at 1st Mariner Bank, was part of a group that bought the institution for $18.7 million after the bank filed for bankruptcy. Founded in 1995 by trucking executive Edwin F. Hale Sr., 1st Mariner struggled for years to recover after the housing bubble collapsed, but could not right itself.
The bank’s new leadership has focused on growth through small business loans, mortgages and retail customers. First Mariner now has about $1 billion in assets. The bank has 300 employees and 14 branches in Baltimore City, and Baltimore, Anne Arundel, Harford and Howard counties. which has also worked on the former Hochschild Kohn warehouse in Mount Vernon.
The Time Group plans to redevelop the building into 85 to 100 market-rate rental units, with some space for studios, Wiker said. The firm is working in partnership with the Fox family, which owns the property, as well as Alexander Design Studio and Whiting-Turner. The roughly $20 million project is eligible for a city tax credit for apartment buildings, as well as historic tax credits, Wiker said. The building could open as soon as 2018, he said.
Simpson Strong-Tie did not respond to a request for comment Tuesday. The company has been in the building since purchasing Fox Industries in 2011. It is a subsidiary of California-based Simpson Manufacturing, which makes wood and concrete construction products at facilities around the world.