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In Maryland, Howard Bancorp buying 1st Mariner Bank

In Maryland, Ellicott City-based Howard Bancorp Inc. will acquire 1st Mariner Bank of Baltimore.

1st Mariner shareholders will be entitled to receive 1.6624 shares of Howard common stock for each common and preferred share of 1st Mariner. Based on Howard's closing price of $16.85 on Aug. 14, the transaction is valued at $28.01 per share, or $163.4 million in the aggregate including the value to 1st Mariner's option and warrant holders.

More details to follow.