Are you kidding me with that reply. You should have an understading of the topic before you broadcast false information. Here is the accurate answer - Do not listen to Skang357.
Correct Info: FTBK was issued a Cease and Desist order over 1 YEART AGO ~ back in March of 2009. Then about 2 MONTH ago they were issues a Corrective Action Directive. The Corrective Action Directive is fair more serious than a Cease and Desist Order. You would be shocked to learn how many bank are operating with a simple Cease and Desist for the FDIC. The fact is that a Corrective Action Directive is the most serious thing that the FDIC can do to a bank prior to shutting the doors. ALL of the other banks that have been closed down in Washington State were also issued the Corrective Action Directive.
People normally I do not chimn in but when somebody with little understanding of the FDIC makes a statement with so much authority and that statement is materially false somebody needs to set the record straight. Regardless of people opinion of this institution, one should have accurate information. Thanks
and how little you know:
deadline to raise capital was 4/15. Expect closure tomorrow night since they spent last friday in Illinois!
Why would I need to ask that if her reply was basically along the lines of "we are not closing down tomorrow" and "not in the immediate future as far as I can see".
That seems to imply that they raised the money right? Not doing so would be the reason they would go into receivership. It's been already 2 weeks past the deadline.
City Bank was closed down on April 16th, a Friday.
It was not halted on MOnday. It just stopped trading on the listed exchange from MOnday because it was halted on Friday. That's the same thing as being closed down on a Friday and going to the pinksheets a week later or whatever.
You do realize that she doesn't know if the FDIC is shutting them down tomorrow, right?
The whole point of it is that the FDIC shows up on a Friday, waiting for the bank to close and/or last customers to leave. They then swoop in and attempt to create a seamless transfer of the bank's assets (providing they can even find a buyer for the mess that is FTBK).
It is extremely secretive, and prevents a run on the bank.
In the very few limited times I can think of when the companies knew they were going to be closed, they had pretty much given up all hope and resigned themselves to being closed, even admitting publicly they were going to be seized. I can't recall the name of the bank, but it was in Texas. GFG perhaps.
Just stay tuned for late tomorrow night. What was she supposed to say? "Yes, we're going to be seized tomorrow"??? She has no idea if you're a shareholder, investor, customer, someone with a loan, or what.
It would be a travesty if they don't close this bank tomorrow night or the next Friday. For every day they wait, it costs the taxpayer (of which I will assume you are one) more and more money as the loans deteriorate.
I would think she would know as the CFO whether she is in compliance with her new overseers and would tell the truth when she knows she is not.
Also her tone of voice didn't indicate to me that the sh.it was about to hit the fan.
Usually when a person is about to lose their job, they don't sound too cheery.
I'm just reporting what I observed here so take with a grain of salt.