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Under Adams’ Watch as Chairman, the Bank Filed for Bankruptcy and Failed, Costing the FDIC

Under Adams’ Watch as Chairman, the Bank Filed for Bankruptcy and Failed, Costing the FDIC

  • July 2010: First National Bank regarding the South Failed, FDIC ended up being called the Receiver. “On Friday, July 16, 2010, First nationwide Bank associated with the Southern, Spartanburg, SC had been closed because of the workplace regarding the Comptroller associated with the Currency, and also the Federal Deposit Insurance Corporation (FDIC) ended up being known as Receiver. No advance notice is directed at the general public whenever a lender is closed.”
    • Headline: “FDIC Seizes Control of Spartanburg Bank.”
    • FDIC Lost $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 Very First National Bancshares, Inc., a sc organization (the “Company”), filed a petition that is voluntary relief pursuant to Chapter 7 of Title 11 for the united states of america Code in america 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 January 3, 2011 and you will be accountable for the wind-up of this Company’s company.” The form ended up being finalized by C. Dan Adams, “Chairman.”

First nationwide Bank for the South Acknowledged Offering Subprime Loans to Individuals who Did meet their Own n’t Underwriting tips.