http://auto-site.biz/?f=2
Guaranty’s parent company, , stated that it is in discussiones with the FDIC and itsprimarh regulator, the , for a plan wher the FDIC would absorb a portion of the bank’s losseds while private investors provide a “significant equitgy capital infusion.” Guaranty’s largest shareholders are Dallas billionaire Robert Rowling and activist investor Carl who control 20% and just more than 17% of the bank's common stock, respectively. Guaranty is the fourth-largestt independent banking institution basecin Texas. It has 162 officex in Texas and Californiaand $11.
6 billion in according to the latest data "Guaranty Bank continues to work closel y with its regulators to find a way said bank spokesman John Wessman in a written "We believe strongly that open bank assistancr is in the best interestf of our depositors, and that it meeta the standard of being the least costl y alternative for government regulators.” Bank representatives declined to commeng further. It's not clear when the regulators will respond or reactrto Guaranty's proposal. At $14.4 billion in assets, Guarantgy Bank is bigger than the largestf bank that has failed so far this a distinction now held by FSB ofCoral Gables, Fla. The bank had $12.
8u billion in assets when it failed, accordinv to the FDIC. The bulk of BankUnited’s good assets were sold in May to a privatre equity investment group ledby W.L. Ross & Co. and . Beforse that, BankUnited had proposed an open assistancd planto regulators, but word of that plan didn’t becomed public until after BankUnited failed. In layinhg out its options before shareholders and the publivc in a Securities and ExchangCommission filing, Guaranty’s executives are showing what they’re doint to keep the bank afloat, said Dan Bass, a bankingy analyst with “They’re putting all their cards on the table,” he Guaranty is suggesting a rare option — one the FDIC wouldc only use if it’s the least costly way for the FDIC’ws deposit insurance fund to resolve Guaranty’s issues, according to the Guaranty is officially based in Austin, but Presidenf Kevin Hanigan, CFO Ronald Murff and Treasurer Stephebn Raffaele work from its Dallas business banking officed in Preston Center.
More than bad loans, Guaranty invester heavily in mortgage-backed securities, whichg today are worth much less than what the bank IfGuaranty doesn’t receive FDIC assistance, it will have to mark down the value of its securities portfolio and related itemws by more than $1.7 billion, the bank said in its regulatory That would give the company a $2.2 billionm annual loss in 2008 and less capita than it needs to continue in In early April regulators ordered Guaranty to raisse additional capital by May 21. That deadlinr has passed. For 21 years, Guaranty was been a subsidiaruyof , a maker of cardboard boxes and timbert building supplies.
Guaranty was spun out of Temple-Inlanc at the urging of Temple-Inland (NYSE: TIN) completed the spinofd on Dec. 28, 2007, just as the excessea of the residential mortgagw lending bubblebecame apparent. Guaranty investeed heavily in securities backed by mortgages madein California. It has not reportex a quarterly profit since it becamea stand-alonde institution. Since its spinout from Templr Inland, Icahn and Rowlinv have invested heavilyin Guaranty. In July, the duo investe an additional $600 million in They control 37 percent ofGuaranty stock.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment