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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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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08.30.08Atlanta-based Integrity Bank failsFrom the Atlanta Business Chronicle: Integrity Bank's skyrocket run as the fastest-growing bank in Georgia history, fueled by housing construction, has ended in failure. Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) late Friday acquired the deposits for the Alpharetta, Ga.-based community bank in the 10th bank U.S. bank failure this year, according to a late Friday press release from the Federal Deposit Insurance Corp. Integrity Bank operates five branches in metro Atlanta, primarily in the city's affluent north suburbs. Regions Financial acquired all of Integrity’s $962 million in total deposits, including uninsured deposits, paying $9.7 million for them. The deal does not include Integrity ...
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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 ...