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Under Adams’ Watch as Chairman, the Bank Filed for Bankruptcy and Failed, Costing the FDIC
- 2010: First National Bank of the South Failed, FDIC Was Named the Receiver july. “On Friday, July 16, 2010, First nationwide Bank of this South, Spartanburg, SC ended up being closed because of the workplace regarding the Comptroller of this Currency, in addition to Federal Deposit Insurance Corporation (FDIC) ended up being known as Receiver. No advance notice is fond of the general public whenever a standard bank is closed.”
- Headline: “FDIC Seizes Control Over Spartanburg Bank.”
- FDIC Destroyed $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 First National Bancshares, Inc., a sc business (the “Company”), filed a voluntary petition for relief pursuant to Chapter 7 of Title 11 for the usa Code in the us 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 will also be accountable for the wind-up associated with Company’s business. january” The form ended up being finalized by C. Dan Adams, “Chairman.”
First nationwide Bank associated with the Southern Acknowledged Offering Subprime Loans to Individuals Who Didn’t satisfy their particular Underwriting tips.
- “Business had been booming for First nationwide Bank associated with Southern in 2007, simply eight years into its founding with ambition to develop from a single Spartanburg workplace into a force that is statewide banking. That ambition crashed final Friday as soon as the FDIC place the bank into receivership, shut its doorways and offered it up to a personal equity firm designed to scoop up failed banking institutions. First National reopened as company as always Monday underneath the brand new owners. The high hopes had been dashed by going too fast in illusionary boom years plus an unforgiving recession that exposed consequences of aggressive financing to designers in a genuine property market that inflated into a bubble over years and deflated in
months…More than 90 per cent of all of the First National’s loans were collateralized by real-estate, in addition to business acknowledged it made some loans that surpassed a unique underwriting directions. First National’s expansion into seaside sc proved specially expensive.”
Forty-two per cent 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 web lack of $5.4 Million to Popular Shareholders. “First National Bancshares, Inc. (Nasdaq:FNSC) today announced its outcomes for the quarter finished March 31, 2010. First National reported a reduction in difficult loans, a rise in data data recovery of assets, and continuing improvements such quarter-to-quarter that is important as core interest margins and decreased expenses. For the first quarter 2010, First National Bancshares, the keeping company for Spartanburg-based First nationwide Bank of this Southern, posted a web loss in $5.4 million to common shareholders — a lot more than two-thirds of that was a $3.7 million, non-cash provision for loan losses that represents corrections to your value of the Company’s assets. Most noninterest expense groups — in specific, salaries and advantages with a reduction that is 20-percent declined. FDIC insurance costs, nevertheless, increased very nearly 600 % when it comes to quarter that is first of to $757,000 in comparison with the initial quarter of 2009, and also this development was at addition to increases in other regulatory fees. Credit quality had been favorably mirrored within the significant year-to-year loss of more or less $31 million, or 80 %, in 30-89-day delinquencies to $7.6 million at the time of March 31, 2010.” Press Launch, Very Very First Nationwide Bancshares, 5/10/10
- Financial 12 months 2010: First National Bancshares Posted a web lack of $43.7 Million to popular Shareholders. “First National Bancshares, Inc. (Nasdaq:FNSC) today announced its outcomes for the entire year finished December 31, 2009, because of the filing of their kind 10-K that revealed a lower loss that is annual proceeded quality of assets, and enhanced styles for quarter-to-quarter indicators. The holding company for Spartanburg-based First National Bank of the South, posted a net loss of $43.7 million to common shareholders, a decrease from 2008 for fiscal year 2010, First National Bancshares. Almost all of that, $39.7 million, ended up being a non-cash supply for loan losings that represents modifications to your worth for the Company’s assets — in specific, those linked to Southern Carolina’s distressed housing market. Despite practically all noninterest costs decreasing, First National’s outcomes reflected a 500-percent upsurge in FDIC premiums as well as other regulatory costs, totaling significantly more than $3.5 million…вЂFirst National took the brunt for the recession in 2009 and it has answered having a brand new, versatile strategy, focused on restoring strength to your stability sheet and eyesight to the leadership,’ C. Dan Adams, Chairman of First National Bancshares, stated. вЂIn 2010, First National is concentrating on delivering value to the stakeholders — customers, communities and investors — and then we are starting to demonstrate some good indicators.’”
