Anyone Bit by ANB Financial

[Terrel L. Shields]

With the collapse of Ark Natl Bank, I was wondering if anyone was hung with some unpaid invoices. A student in Sat. class said that ANB had been slow paying for some time, and they didn't know if the ones in the pipeline would be paid by Pulaski or not.

Anyone heard?

 

[Greg davenport]

link to the story in Arkansas Business
http://tinyurl.com/5ppvd5

 

[Ron D. in NWA]

With the collapse of Ark Natl Bank, I was wondering if anyone was hung with some unpaid invoices. A student in Sat. class said that ANB had been slow paying for some time, and they didn't know if the ones in the pipeline would be paid by Pulaski or not.

Anyone heard?

Terrel,

I did have one that I had not received payment on when the FDIC came in. I did get a letter from the FDIC this last week with forms to show my claim.

 

[Smokey Bear]

Keep in mind that funds held in trust (those shown on the HUD1) are NOT subject to bankruptcy, and you can get a relief from stay to get to those funds. Unless FDIC laws or something prevent that...

 

[Rice Brewer]

Didn't get burned but almost did. Got paid for 3 ~ten days before the Fed's came knocking on their door.

 

[EDWARD BERRY]

Sad. Sad-article In Fridays Nwa Morning News.
One Poor Fellow Has Over $100,000 Deposited(apparently A Security Requirement) Will Get About 65%.
Owes Over $100,000--will Have To Renew Note And Repay 100%.
Why Did Not Loan/account Officer Tell Him?
Thats Like Watching A Train Bearing Down On Him And Not Saying A Thing
Of Course The News Predicted This Six -nine Months Ago.
He Could Have Revised Account Up To 5:00 Pm That Friday. 5:01 Disaster.
Legal Stealing, Anb Reportedly (arkcodata) Has 191 Property "pepos"
When Informed About Situation By FDIC, They Told The Account Holder It Was Not So Bad, He Has Just Called Another Uninsured Depositor That Had $1,000,000.
Anb Had $39,000,000 Uninsured---at 65% --thats A $13,000,000 Rip Off.
But Just Let Some Poor Mex921weqe Not Remove A Yard Sign On Monday And He-she Has To Pay A $100 Fine.
Caustic Ed.

 

[Terrel L. Shields]

Why Did Not Loan/account Officer Tell Him?

He should have just read the papers. I would have bailed last fall.

As my late brother used to say, put money in the strongest bank or the weakest bank but never put more than the insurance limit.

 

[Terrel L. Shields]

I understand that 2/3rd of the staff was laid off. Only tellers remained. All management mid or upper went out the door...not just loan officers. I know a couple of folks and they were not lending money. No job.

It was risky biz for ANB. The papers don't paint a very flattering story. Seems the bank was growing deposits by buying them from Wall St. and paying a premium... That made their margins thin enough but 30% of their loans are considered uncollectable.

 

[Rice Brewer]

Look out. Word is that a second domino is coming before 07/04/2008.

Look towards the Silver Star.