...now by US Bank. On November 22 Federal regulators seized and PFF Bank & Trust (Trust?). They tried to seize the bank the day before but they arrived after banking hours. It turns out that PFF made loans. Per the LA Times:
"PFF, short for Pomona First Federal, specialized in loans to Inland Empire developers and home builders, running up $289.5 million in losses in the January-September period."
There goes the bank I got my first savings account at when I was about 12. US Banks first action should be to widen the doorways at the Euclid and Foothill location. As far as I know, Olive Oil does not have an account there.
PFF's stock is down 99.8% from it's highs.
0 comments:
Post a Comment