The Archives
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01.15.10Omni VP pleads guilty to cooking bank’s booksFORMER EXECUTIVE OF FAILED BANK PLEADS GUILTY Former Bank Official Ignored Disclosure Reporting Requirements That Would Have Alerted Others to Massive Mortgage Fraud at Omni National Bank NEWNAN, GA – JEFFREY L. LEVINE, 68, of Atlanta, Georgia, pleaded guilty today in federal district court to causing materially false entries that overvalued bank assets to be made in the books, reports and statements of Omni National Bank. According to Acting United States Attorney Yates, the charges, and other information presented in court, LEVINE was Executive Vice President, the second largest bank shareholder, and head of the Community Redevelopment Lending Department at Omni National Bank ...
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12.15.08Another Atlanta-based bank failsFrom the FDIC: Haven Trust Bank, Duluth, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust's deposits, including those that exceeded the insurance limit. The four branches of Haven Trust will reopen on Monday as branches of BB&T. All the depositors of Haven Trust will automatically become depositors of BB&T. Deposits will continue to be insured by the FDIC, so there is ...
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11.22.08Loganville-based Community Bank failsFrom the FDIC: The Community Bank, Loganville, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Essex, to assume all of the deposits of The Community Bank. The Community Bank's four branches will open on Monday, November 24, 2008 as Bank of Essex. Depositors of the failed bank will automatically become depositors of Bank of Essex. Deposits will continue to be insured by the FDIC, so there is no need for customers to ...
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10.25.08Alpha Bank and Trust shut by FDICAlpharetta-based Alpha Bank and Trust was closed by the Georgia Department of Banking and Finance on Friday, and the FDIC was named as receiver of the failed bank. Minnesota-based Stearns Bank is assuming all insured deposits under a purchase and assumption agreement. It is the 16th bank failure of the year, and is directly tied to Alpha's construction and land development loan portfolio. Padlocks, originally uploaded by Rune T.
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09.26.08Capital Bank to acquire branches from Atlanta-based OmniFrom Yahoo: Capital Bank Corporation (Nasdaq: CBKN - News), headquartered in Raleigh, NC and the parent company of Capital Bank, today announced that it has entered into a definitive purchase agreement to acquire the four Fayetteville area offices of Omni National Bank in a cash transaction. Omni National Bank is the banking subsidiary of Omni Financial Services, Inc., a bank holding company headquartered in Atlanta, GA. As a result of this transaction, Capital Bank will assume deposits currently totaling approximately $105 million and will purchase approximately $50 million in selected loan balances. In addition, Capital Bank will acquire the real estate assets ...
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09.18.08Security Bank president resignsFrom the Macon Telegraph: The president and CEO of Macon-based Security Bank has resigned, the bank announced Wednesday. No reason was given for Averett "Rett" Walker's resignation, and a message left at Walker's home was not returned. Walker, 55, who was the bank's president for 12 years, also resigned his position as director of Security Bank Corp. and its affiliate, Security Bank of Bibb County. Tony Collins, Security executive vice president and regional executive of Atlanta, has assumed the position of president/CEO on an interim basis, Senior Vice President Lorraine Miller said. While the bank has faced challenges this year in the residential real estate ...
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07.02.08Days of reckoning for Georgia banksFrom the Wall Street Journal: Wall Street is bracing for regional and small banks to fess up to large losses from their mounting volume of soured construction loans made primarily to home builders. According to the Federal Deposit Insurance Corp., $45.4 billion of the $631.8 billion in construction loans outstanding at the end of the first quarter were delinquent. When banks announce second-quarter results in coming weeks, they are expected to report sharp increases in loans that builders can’t repay. Banks are also facing intensifying pressure from federal and state regulators to deal with the problem loans on their books. That will put ...