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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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| Bank Failure Follows Indictment, Disappearance of Director
Recent mortgage-related closings
July 8, 2012
By MortgageDaily.com staff
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State banking regulators in Georgia seized a $174 million financial institution following the criminal indictment of one of its directors who hasn't been seen for nearly a month. Acquaintances were warned by the director of his plans for suicide.
The Georgia Department of Banking and Finance seized and closed down Montgomery Bank & Trust on Friday. An order was obtained from the Superior Court of Montgomery County appointing the Federal Deposit Insurance Corp. as receiver.
"The department took possession of Montgomery Bank & Trust pursuant to the Official Code of Georgia, Section 7-1-150(a), which authorizes the department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the department to take possession of its business and property," the state said. |
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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.
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Bank news
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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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Financial Regulation News | Regulatory Actions | Mortgage Regulations Table
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
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