Courtesy Citybizlist – Ed Hale is happy and rich, and oh, by the way, he was never forced out of 1st Mariner Bank by a group of New York investors.
Those are the messages the 66-year-old trucking magnate-turned-banker told The Baltimore Sun in an interview published Oct. 24.
“I have a lot of pride in what I did,” Hale said. “There was no way I was going to have some New York private equity firm force me out.”
Hale said he resigned as chairman and CEO of the bank he founded and built into the largest independent bank in Baltimore “as part of a tax-planning strategy after recognizing a big gain on the sale of property.”
To eliminate the tax bill, he reportedly needed to sell one million shares of First Mariner stock at a loss to offset the real estate gains. However, a First Mariner policy required Hale to step down if he wanted to sell the shares, the report said adding First Mariner declined to comment.
“It was my own choice. If I knew I could sell the stock and stay there, I would still be there today,” Hale told the Sun.
Read more at Citybizlist
Latest posts by Citybizlist Staff (see all)
- Citybizlist and Center Club Join Forces to Launch ‘City Genius’ - April 5, 2016
- Bipartisanship Sneaks Into State Senate - March 11, 2016
- Marylanders Like Hogan, Feel State Headed in Right Direction Goucher Poll Shows - February 23, 2016