BANK FAILURE: Mutual of Omaha Bank to Acquire Deposits of Failed First National Bank--including Community Association Banc: "OMAHA, Neb., Jul 25, 2008 (BUSINESS WIRE) ----Mutual of Omaha Bank has agreed to acquire from the FDIC the deposits of the failed Reno, Nev.,-based First National Bank of Nevada and its affiliate, First Heritage Bank of Newport Beach, Calif., the company announced...Federal regulators on Friday declared First National Bank of Nevada and its affiliates insolvent and the FDIC was named receiver...The acquisition also includes two First National operations: the Wealth Management Division and Community Association Banc, which serves neighborhood and condominium homeowners associations.
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Thanks to an alert correspondent who sent this along. Community Association Banc's website has already been changed to reflect the takeover. AHRC noted that the bank was making loans to condo and homeowner associations, was active with CAI, and was a supporter of aggressive foreclosure practices and laws in order to collect on those loans from debtors. Well, now it seems that it has gone into the "debtor" class itself.
3 comments:
From the article:
"The acquisition also includes two First National operations: the Wealth Management Division and Community Association Banc, which serves neighborhood and condominium homeowners associations."
Yes, the Community Association Banc not only made loans to associations but had many HOA and condo accounts from across the country - all the operating money as well as many reserve accounts. Think about it...
Don't worry, we're from the CAI and we are here to protect your property values!
Don't worry,a new bank has been formed. Sen Carona, the owner of the largest legion of HOA management companies in the United States, the man who can't help but write legislation to screw homeowners in order to enrich his management company empire - started a bank last year called First Associations Bank.
Undoubtedly he was aware of problems at the very vendor he switched his client HOAs to. He may have even had a significant influence on the demise of CAB. He has been quietly moving HOA accounts from Community Association Banc to First Associations Bank. If Board members would examine the signature cards they originally signed, they might find that the fine print gave Carona a total power of attorney over the account - complete freedom to negotiate "debt" and to divert monies received for the account to other accounts without crediting the sender. He even directed that he could divert these funds to his aliases.
Interestingly, First Associations Bank only has HOAs as customers. Does this sound like a typical bank?
not long ago I set the google alerts to 'development agreements/HOA's'' for new info for our hoa n MS appeal case. Thats how I found your blog. geez it's sad when these 'new neighbors' move in and wanna change 30yrs of peace! scallywaggers. Just remember ya'll always check those liens there IS a statuate of limitations!AHRC had been our starter site. We will be so to speak using ya'll now too. gone to watch the levee break. thanks for being there for us, Evan taste the sun
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