Feds take over SCB Bank in Shelbyville
In November that SCB was at risk of being taken over because of a high proportion of problem loans, especially in its real estate and commercial-and-industrial portfolios. One of the customers who defaulted was Tim Durham, the Indianapolis financier now facing felony charges of orchestrating a Ponzi scheme.SCB Bank's failure is expected to cost the government $33.9 million.
First Merchants said it is buying $117 million in SCB loans and assuming $136 million of its deposits. The deal with the FDIC excludes all development loans, land lands and all non-performing loans. The remaining assets were purchased for a $29 million discount and the deposits were assumed at no premium.
Under the deal, First Merchants also is buying SCB's main office building in Shelbyville for $1.4 million. “As an Indiana-based community bank, we have a great deal of experience operating banks in county seat markets throughout the state," First Merchants CEO Michael Rechin said in a statement. "Shelby County’s demographic profile is consistent with many of our current Indiana markets and we understand how to service those markets very well."
Including SCB and a small Illinois bank also closed Friday by regulators, the total number of U.S. bank failures this year rose to nine, a slower pace than in 2011, when there were 92 bank closures. The Illinois bank was Charter National Bank and Trust, based in Hoffman Estates, with $93.9 million in assets and $89.5 million in deposits When the first issues came up about this project, they concerned the exterior apperance compared to the renderings the City had approved.
Integra Risk And Insurance Services - News
SCB is the third bank to fail in Indiana since the banking crisis developed three years ago, following Columbus-based Irwin Union and Evansville-based Integra. IBJ reported in November that SCB was at risk of being taken over because of a high
(5) The Bank purchased three branches from Integra Bank on June 4, 2010 and acquired loans with a fair value of $43.9 million. Under ASC 805-20-30, the acquired loans are accounted for at fair value. While there is a credit risk component to the fair
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Cayman v Bermuda: Cox responds to Bush taunts - Cayman Islands ...
(CNS Business): Following taunting remarks by Premier McKeeva Bush last week that the Cayman Islands would win Bermuda’s insurance market, Bermuda’s Premier Paula Cox has punched back, saying, “Only the naive would be foolish enough to count Bermuda out,” and it was unlikely that Cayman’s initiative would represent a serious threat to Bermuda’s existing reinsurance market in the short term. She maintained that Bermuda was known as the risk capital of the world and was working to extend its lead while Cayman was trying to close the gap. The island also took measures to include Bermudians in its economic success, she said. Read more on CNS Business
Do you know of any Caymanian politicians who have significantly increased their personal wealth while “serving the people”? How do they manage to do that, anyway? It’s a fair question. How is it that we see people with very little personal wealth take office and then, after a few terms, seem to be far richer than their salary can account for? We can’t assume that they took bribes because everyone is innocent until proven guilty.
If the efforts by the single members to change the local voting system to one man, one vote are successful, this could be a major turning point in the country’s history. If Ezzard Miller and Arden McLean manage to get 25% of the electorate to sign their petition, the government will be forced to initiate the referendum, no matter how much the premier may be against single member constituencies. Not only will this represent the power the people have in this constitutional provision but it is likely to change local politics forever.