Skip to comments.Greater Atlantic Bank on verge of failure [Northern Va. bank] [FDIC Friday]
Posted on 05/29/2009 2:20:50 PM PDT by rabscuttle385
Regulators slapped Greater Atlantic Bank with a prompt corrective action directive, warning the troubled bank that it will be seized if it does not quickly find capital or a merger partner, according to a Wednesday securities filing.
The Reston-based bank, a subsidiary of Greater Atlantic Financial Corp. (Pink Sheets: GAFC), has been in hot water with its regulator, the Office of Thrift Supervision, since April 2008, when it was hit with a cease and desist enforcement order.
The bank was undercapitalized in the fourth quarter of 2008 and the bank said it was critically undercapitalized as of March 31.
The OTS told Greater Atlantic that its capital restoration plan was unacceptable, the bank said.
The prompt corrective action directive, issued May 22, initially ordered the bank to either achieve acceptable capital levels or be recapitalized by merger, acquisition or sale by June 1, but that has since been extended to July 31. The directive initially also gave the bank until May 27 to enter into a binding merger agreement or acquisition agreement, but that deadline was extended to June 15, according to the order and modification.
(Excerpt) Read more at bizjournals.com ...
These guys sneak stuff out on Friday afternoon, just like the Demorat party.
When your local bank goes bust next year: Blame all those crooked banksters that used to post vile, slanderous attacks against me on FR.
Undercapitalized...so their books look like crap, but if they’re making payroll, let ‘em be.
Banks are going under - it must be Friday...
I’m not backing down. I still say the housing bubble was local. The housing problems have been concentrated in a handful of states. Values have slipped a little where I live, but not enough to cause any grief.
Almost all of the housing problems are still concentrated in a few locations. West coast, Las Vegas,Phoenix, limited areas of Utah and Colorado, metro Atlanta, Florida, DC suburbs.
“Im not backing down. I still say the housing bubble was local.”
It’s been the biggest loss of real estate valuation in history, affecting most developed economies. Consider the 1st Rule of Holes: when you’re in one, stop digging.
Anyone smart enough to pay less than 75/sqft and under $25K for the land should still be in really good shape.
“Manic Monday”. That was not a Madonna song, it was the girl group “The Bangles” from 1986, with lyrics written by Prince in 1984...
Oh, Yea. I forgot. Thanks for the reminder. The Bangles. Didn’t they do “Love Shack?”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.