Items Tagged with 'Bank of Atlanta'

ARTICLES

  • FDIC to Take BankUnited? The Least of its Problems

    Florida's largest mortgage lender, with more than $13.1bn in assets, is unable to raise the minimum capital requirements set aside by the Office of Thrift Supervision. As a result, the Federal Deposit Insurance Corp. (FDIC) may take BankUnited [stock BKUNA][/stock] operations into receivership, though rumors swirl of a possible takeover. Last week, the bank reported $1.3bn in cash and cash equivalents, but this amount falls short of the OTS standard. BankUnited needed to raise at least $706m in order to meet the minimum requirement.
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  • Georgia's Omni National Fails; 21st Bank Failure This Year

    This pace of bank failures early this year makes one thing clear: there are going to be plenty more failures to come as this year rolls onward. Omni National Bank of Atlanta was seized by federal regulators late Friday, the 21st U.S. bank to fail this year, amid rising foreclosures and an unemployment rate that appears headed into double digits.
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  • Schumer: Feds Need to Investigate Countrywide's FHLB Advances

    U.S. Senator Charles Schumer (D-NY) on Monday called for federal regulators to probe billions of dollars of loans made by the Federal Home Loan Bank of Atlanta to Countrywide Financial. By the end of September, Countrywide had borrowed $51.4 billion from the FHLB system, 37 percent of the Atlanta bank's outstanding advances, leading Schumer to charge the Calabasas, Calif.-based lender with using the government-backed lending programs "like its personal ATM."
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