Integrity Bank's holding company, Integrity Bancshares Inc. filed for Chapter 7 economic failure in U.S. Bankruptcy Court in Atlanta on October 10, 2008. The holding company's major benefit, subsidiary Integrity Bank, was detained by federal regulators on August 29, 2008. temporarily, the holding corporation report less than 49 creditors and estimated property of less than $50,000, whereas its expected debts were between $10 million and $50 million. In outcome, the holding corporation reported earnings of $17,354, down from a 2006 peak of $861,322 far in 2008. The filing also determine the property company's lasting assets, bank branches worth $22 million, are in receivership and manage by the Federal Deposit Insurance Corporation. Under a Chapter 7 bankruptcy liquidation, the corporation is organizing an systematic sale of its remaining property, and arranging for disbursement to as many safe debtors as possible. Additionally, the order is the only publicly released condemn by the FDIC and be full of firm strategy for how the bank will be run in the upcoming. However, if those criteria are not achieved, the FDIC can seize a noncompliant institution. Therefore, the plaintiffs sue Integrity Bank's holding corporation and previous executives over its malfunction may be switching venue. The holding corporation and personality defendants filed October 7, 2008 in Fulton County Superior Court to get rid of the case to U.S. District Court for the Northern District of Georgia and stop the state court case, citing the federal law's superiority in stockholder urging. The case center on the fall down of Integrity Bank, once the fastest-growing bank in Georgia past. Plaintiffs and previous shareholder Orman Allen and Harvard Hopkins allege the holding corporation and named executives, as well as founding CEO Steven Skow, Chief Financial Officer Suzanne Long and previous senior lenders Douglas Ballard and Robert Skeen, misled investor about the health of the bank during 2006 and 2007.
Integrity Bank operate five branches in metro Atlanta, first and foremost in the city's affluent north suburbs The covenant leave out Integrity Bank's branches. yet, Integrity Bank branches will momentarily open as Regions Financial branches and the FDIC made-up all consumer deposits at the bank will be offered for consumer use over the weekend throughout checks, debit cards and ATM withdrawal. Regions Financial is also trade $34.4 million in cash and other assets from the unsuccessful bank. The FDIC approximation the cost to clear up awful property it assume from Integrity Bank will be $250 million to $350 million. Integrity Bank CEO Pat Frawley was not instantly available for statement. Regions Financial North Georgia area executive Bill Linginfelter said his bank was eager to add consumers and staff, in spite of winning over a unsuccessful bank. In a current earlier interview with Atlanta Business Chronicle, Frawley by hired to turn the bank around in fall 2007 and describe the bank as a plane gradually rolling to earth, and himself as the pilot at the control.
AmTrust Bank once called Ohio Savings Bank has more than 35 branches in the Buckeye State, deliberate in and roughly Cleveland and Akron. Ohio Savings shift into Florida as AmTrust in 1989 and into Arizona in 2000 to enhanced reveal its geographic reach. The corporation changed the name for all of its operation from Ohio Savings to AmTrust Bank in 2007. The corporation offer traditional services such as examination and savings accounts, credit cards, and CDs. It concentrate on real area lending, mostly one to four family residential mortgages, building loans, and land improvement loans. in addition, AmTrust Financial Corporation is a multi-state prudence holding corporation of just about $15 billion in total assets provided that banking services in Ohio, Florida and Arizona. AmTrust Financial company is the parent corporation of AmTrust Bank, which was found in Cleveland, Ohio in 1889 and is one of the biggest self-determining thrifts in the United States. In year 2008, AmTrust Bank affirmed they have selected KeyMark Inc to carry out their latest technology implementation as a fully incorporated document confine and categorization system. AmTrust has regularly been recognized by Mortgage Technology Magazine for their use of technology in the mortgage lending industry.
On May 2008, AmTrust Bank cuts 5 percent of its work force, 135 staff, to cope with lower loan amount but the bank opens three more branches in the Phoenix district, for a total of 12 on Jun 2008. It is because the corporation strategy additional expansion. unluckily, the bank is not receiving salaried on 7 percent of its loans, two to three times the industry standard. On the other hands, the bank hits their real difficulty when its centralized controller, the Office of Thrift management, cites it for unsafe practices and instructions it to coast up its finances fast on November 2008. During December 2008, it becomes apparent that AmTrust was incapable to lift money from any the U.S. Treasury's bank rescue plan or private investor. Turn to January 2009, AmTrust decide advertising five Columbus branches to a West Virginia bank for $21 million and the deal run offs AmTrust with 30 branches in Cleveland and Akron, plus about 33 offices in Florida and Arizona. After a month, the bank releases in its year-end financial report that it did not achieve regulator requirements for levels of capital, therefore causes layoffs continue.
Furthermore, President Peter Goldberg becomes chief executive officer on March 2009. In the meantime, bank analyst BauerFinancial Inc. lowers AmTrust bank's generally force ranking from one star to zero stars, based on the bank's financial report December 31, 2008. Since the AmTrust bank face the economic crisis, the bank decide to cut 8% of its work strength in the first part and 34% work force in the past 12 months during layoffs and resignations. So, on April 2009, the number of employment is down to 1,761. 2 months later, the new report shows AmTrust's finances are getting worse and worse, and capital levels are nowhere near those demanded by regulators. Moreover, latest financial report on September 2009 show finances have go down every sector since last fall. In the end, Federal regulators get hold of AmTrust, and it is sell to New York Community Bank on December 4, 2009.
After the FDIC stopped AmTrust Bank, its assets were transferred to New York Community Bank of Westbury, NY. Earlier in the week, AmTrust Financial Corporation., the Bank's parent corporation, filed for bankruptcy. Besides, NYCB has announced that they plan to refurbish the Ohio Savings bank name for the previous AmTrust Bank's Ohio operation.
Imperial Capital Bank
Imperial Capital, LLC is a full-service asset banking firm with office in Los Angles, New York City, San Francisco, Minneapolis, Boston and Houston. Investment bank Imperial Capital Group provide throughout its subsidiary, financial services first and foremost to middle-market business and institutional investors. Moreover, Imperial Capital has three principal businesses built-in Investment Banking, Institutional Sales & Trading and Institutional study. These services consist of institutional vending and trading, investment banking and reformation and institutional study on more than a dozen industries. Imperial Capital is own by CEO Jason Reese and corporation president Randall Wooster, who founded Imperial Capital in 1997. Imperial Capital delayed taking itself public in February 2010, just months after file its IPO. Thus, Imperial Capital acquired the enduring business of USBX Advisory Services LLC In December 2007. During December 2009, Imperial Capital acquire all of the investment banking property of the Mercanti Group, an suggested firm focus in joining and gaining and capital markets consultative.
Imperial Capital Bancorp, Incoporation. is headquartered in La Jolla. An over-the-counter (OTC) trading in Imperial Capital Bancorp, Inc. take place under the trading marks "IMPC" on December 2008. Imperial Capital Bancorp, Inc. conducts its business throughout Imperial Capital Bank ("ICB"), a California state chartered commercial bank, and the Imperial Capital Real Estate asset Trust. Furthermore, Imperial Capital Bank is a 35 year old FDIC assure financial organization which provide up clients during nine retail branch place. ICB's provide activities are carry out throughout its Real Estate borrow Division, which create commercial and multifamily real estate loans vary from $250,000 to $7 million in size. In additions, ICB's entertainment finance division, known as ICB activity Finance, is an globally known supplier of banking, consultative and collection services to the entertainment production.
Thus, bank controller took over stressed Imperial Capital Bank of La Jolly and making it the third local bank to be unsuccessful for the period of the economic slump. About $4 billion bank was directly trade to City National Bank of Los Angeles. Imperial Capital's nine branches countrywide will restart as City National branches and depositors will become City National consumers. The California Department of Financial Institutions and the Federal Deposit Insurance Corporation. orchestrated the contract. In all, controller have shut down 140 banks year 2009, with seven yesterday when banks in California, Alabama, Florida, Georgia, Michigan and Illinois were stopped. But in the housing boom, it get notice of depositor, posting big income making loans to housing and commercial developers.
Vineyard Bank
Vineyard Bank is a commercial bank that provides a lot of banking service to consumers. The major service of the Vineyard Bank is private and business banking services. The bank's services consist of savings and checking accounts, record of deposits, individual giving up work accounts, cash management, and online banking. Moreover, Vineyard Bank also provides financial goods like credit cards, home equity lines of credit, revolving lines of credit, vehicle loans, and building loans. Vineyard Bank was founded in 1981 and is based in Rancho Cucamonga, California. It has supplementary offices in .The bank run as a supplementary of Vineyard National Bancorp.
The continuing battle for control of Vineyard National Bancorp took another unpredicted turn when the bank's board of directors unwraps endorsed a member of the enemy's camp. Vineyard Bank is the 56th U.S. banks to fail this year as the stressed economy and declining home cost take their toll on financial organization and stopped by Bank controller on July 17, 2009. The Federal Deposit Insurance Corporation assumed by Vineyard Bank had $1.9 billion in assets and $1.6 billion in deposits, whereas Temecula Valley Bank had $1.5 billion in assets and $1.3 billion in deposits. The Vineyard Bank breakdown is probable to charge the FDIC deposit insurance finance an expected $579 million and the Temecula Valley Bank will charge the agency an expected $391 million. California Bank and Trust of San Diego, will expect all of the deposits of Vineyard Bank's 16 offices, without those from dealer.
Vineyard National Bancorp say that the corporation accept a NASDAQ workers Determination letter alert the corporation that its disappointment to pay its yearly inventory fee compose a breakdown to assure the filing constraint for nonstop inventory in NASDAQ Marketplace Rule 5210(d) on April 16, 2009. for that reason, trading in the Company's general stock will be delayed at the opening of business on April 27/2009 and a structure 25-NSE will be filed with the Securities and switch over Commission which will take away the Coporation's common stock from listing and register on The NASDAQ Stock Market. The note from NASDAQ counsel us that the Company's ordinary stock will not be right away qualified to deal on the OTC Bulletin Board or in the "Pink Sheets." Moreover, the corporation also received messages from NYSE Amex LLC counsel the corporation that because the corporation did not file an application concerning the delisting note received on April 9, 2009, deal in the Coporation's 7.5% Series D Noncumulative favorite Stock will be hovering at the open of business on April 22/2009. The messages from NYSE Amex counsel us that the Company's favorite Stock will routinely evade to the Pink Sheets and be selected a new ticker.
The corporation is a $2.0 billion financial holding corporation headquartered in Corona, and the parent corporation of Vineyard Bank. The Company's frequent stock is trade on the NASDAQ worldwide Select Market under the symbol "VNBC."
First Bank of Beverly Hills
Beverly Hills Bancorp Incoporation. is a financial share corporation and perform its banking and loan operations throughout its main contributory, First Bank of Beverly Hills. The Bank heart on niche products, including the origination and acquisition of commercial and multi-family real estate loans. The Bank's primary funding resource contain of record of deposit, lending from the Federal Home Loan Bank of San Francisco and rebuy contract with most important investment banks. The Bank is a California state-chartered commercial bank and is synchronized by both the Federal Deposit Insurance company and the California Department of Financial Institutions.
First Bank of Beverly Hills, Calabasas, CA was stopped by the California division of Financial Institutions. The FDIC was named Receiver on April 24, 2009. key and interest on insured accounts are completely insured by the FDIC, up to the insurance limit of $250,000. First Bank of Beverly Hills had total assets of $1.5 billion and total deposits of $1 billion December 31, 2008. An presumptuous institution cannot to be found, therefore, all accounts have been stopped and the FDIC will mail checks to insured depositors. For insured deposits from dealer, the FDIC will pay the dealer unwaveringly once dealer offer the FDIC with the essential documents. Brokered deposit consumers must contact their dealer directly about the status of their accounts. The FDIC guess the cost of the letdown to its Deposit Insurance Fund to be around $394 million.
Beverly Hills Bancorp Incoporation and Orchard First Source Asset administration, LLC ("OFS") jointly say the signing of a classic agreement to join OFS's wholly owned subsidiary lender. OFS Funding, LLC into First Bank of Beverly Hills ("FBBH" or "Bank"). The union would effect in substantial additional capital in the Bank and root it to be "well-capitalized" under suitable rules. The joining represents the first step in a broader recapitalization and growth plan for the Bank. Following the joining FBBH will refurbish from a general bank into a more customary bank, as well as a new drawl on rising core deposits. The joining agreement offer that OFS will get shares correspond to at least 80% of the wonderful shares of BHBC. pursue the last, the Boards of BHBC and FBBH will consist of five new administrator elected by OFS who will be together by two directors selected by BHBC.
The process which is likely to shut in the second or third quarter of 2009 is matter to a range of circumstances, as well as regulatory approvals, conclusion of shared due diligence and the agreement of BHBC stockholders. The operation is planned to assure the regulatory necessities outlined in the Order to end and give up jointly issued to the Bank by the Federal Deposit Insurance company and the California Department of Financial institute on February 13/2009.
