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The Bank Filed for Bankruptcy and Failed, Costing the FDIC under Adams’ Watch as Chairman

The Bank Filed for Bankruptcy and Failed, Costing the FDIC under Adams’ Watch as Chairman

  • July 2010: First nationwide Bank for the South Failed, FDIC had been called the Receiver. “On Friday, July 16, 2010, First nationwide Bank regarding the Southern, Spartanburg, SC had been closed by the workplace associated with the Comptroller for the Currency, together with Federal Deposit Insurance Corporation (FDIC) ended up being known as Receiver. No advance notice is directed at people whenever a financial institution is closed.”
    • Headline: “FDIC Seizes Control Over Spartanburg Bank.”
    • FDIC Lost $74.9 Million As A Direct Result The Bank’s Failure.
  • First National Bancshares Of South Carolina Filed For Bankruptcy Under Adams, Who finalized The Paperwork Informing The SEC. “On December 31, 2010, Very Very First National Bancshares, Inc., a sc company (the “Company”), filed a petition that is voluntary relief pursuant to Chapter 7 of Title 11 for the united states of america Code in america Bankruptcy Court District of sc, Bankruptcy Case No. 10-09281. The bankruptcy trustee is John K. Fort, PO Box 813, Drayton, sc 29333. The trustee ended up being appointed on 3, 2011 and you will be accountable for the wind-up associated with the Company’s company. january” The type had been signed by C. Dan Adams, “Chairman.”

First nationwide Bank associated with the South Acknowledged Offering Subprime Loans to Individuals who Did meet their Own n’t Underwriting Guidelines.

  • “Business had been booming for First nationwide Bank of this South in 2007, simply eight years into its founding with ambition to cultivate in one Spartanburg workplace right into a force that is statewide banking. That aspiration crashed final Friday as soon as the FDIC place the bank into receivership, closed its doorways and offered it to a personal equity firm designed to scoop up failed banking institutions. First National reopened as company as usual Monday beneath the brand new owners. The high hopes had been dashed by going too quickly in illusionary growth years as well as a recession that is unforgiving exposed consequences of aggressive lending to designers in a genuine property market that inflated into a bubble over years and deflated in months…More than 90 per cent of most First National’s loans had been collateralized by property, therefore the company acknowledged it made some loans that surpassed its underwriting instructions. First National’s expansion into seaside South Carolina proved specially high priced.”

Forty-two % of the $120 million in toxic real-estate loans by the end of 2009 had been for the reason that market that is hard-hit.

  • May 2010: First National Bancshares Posted Net lack of $5.4 Million to Popular Investors. “First National Bancshares, Inc. (Nasdaq:FNSC) announced its results for the quarter ended March 31, 2010 today. First National reported a decrease in distressed loans, a rise in data data recovery of assets, and continuing improvements such quarter-to-quarter that is important as core interest margins and reduced expenses. For the first quarter 2010, First National Bancshares, the keeping company for Spartanburg-based is my payday loans legit First nationwide Bank associated with Southern, posted a web loss in $5.4 million to common shareholders — a lot more than two-thirds of that has been a $3.7 million, non-cash supply for loan losings that represents corrections to your worth of the Company’s assets. Most noninterest expense categories — in specific, salaries and advantages by having a reduction that is 20-percent declined. FDIC insurance fees, however, increased nearly 600 % for the first quarter of 2010 to $757,000 in comparison with the initial quarter of 2009, and also this development was at addition to increases in other regulatory costs. Credit quality ended up being absolutely mirrored within the significant decrease that is year-to-year of $31 million, or 80 %, in 30-89-day delinquencies to $7.6 million at the time of March 31, 2010.” Press Launch, Very Very Very First Nationwide Bancshares, 5/10/10
  • Fiscal 12 months 2010: First National Bancshares Posted a loss that is net of43.7 Million to typical Shareholders. “First National Bancshares, Inc. (Nasdaq:FNSC) today announced its outcomes for the season finished December 31, 2009, with all the filing of their type 10-K that unveiled a reduced yearly loss, proceeded resolution of assets, and enhanced styles for quarter-to-quarter indicators. For financial 12 months 2010, First National Bancshares, the keeping company for Spartanburg-based First nationwide Bank regarding the Southern, posted a web loss in $43.7 million to typical investors, a decrease from 2008. The majority of that, $39.7 million, had been a non-cash supply for loan losings that represents modifications into the worth associated with the Company’s assets — in specific, those connected to Southern Carolina’s distressed market. Despite pretty much all noninterest costs decreasing, First National’s results reflected a 500-percent boost in FDIC premiums along with other regulatory charges, totaling a lot more than $3.5 million…‘First National took the brunt associated with the recession in ’09 and has now answered with a brand new, flexible strategy, focused on restoring strength to your stability sheet and eyesight to your leadership,’ C. Dan Adams, Chairman of First National Bancshares, stated. ‘In 2010, First National is centering on delivering value to your stakeholders — customers, communities and investors — and then we are starting to demonstrate some good indicators.’”

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