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Farmers & Merchants Bank of Long Beach Message Board

  • ramoswyandotte ramoswyandotte Oct 25, 2010 5:56 PM Flag

    Crystal Cathedral Bankruptcy

    I'm sure that I'm not the only one who noticed that the church acknowledged a $36 million mortgage to FMBL in its Chapter 11 filing. It's a relatively large exposure for a bank this size, but it's hard to gauge whether there's a big risk of loss. It appears that the unsecured creditors are the most vulnerable, although the church indicated that it is committed to eventually satisfying all claims. Do you own due diligence, Ray

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    • Well, I imagine that BMBL will get its money back someday, but this is not a positive development. What if they had to foreclose? Who would be in the market for the Crystal Cathedral? What are Jim and Tammy Faye Bakker doing now? Where is Jimmy Swaggert?

 
FMBL
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