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By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | March 11, 2010
Ideal Federal Savings Bank has until March 31 to find a buyer, a deadline set by the Office of Thrift Supervision after the federal agency determined the small Baltimore institution was undercapitalized. The bank — which opened in 1920 to combat rampant discrimination in lending — is one of the oldest continuously operated black-owned businesses in the country, according to Creative Investment Research, an analyst of minority and women-owned banks. But Ideal had just $6.3 million in assets at the end of last year, and borrowers were behind by 90 days or more on about 11 percent of its loans.
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BUSINESS
By Hanah Cho, The Baltimore Sun | June 29, 2010
Federal banking regulators have charged an executive of Hunt Valley-based Eastern Savings Bank with improperly altering documents for $3.25 million in loans approved by a Pennsylvania financial institution. In documents released Tuesday, the Office of Thrift Supervision accuses Jonathan I. Feldman, Eastern Savings' senior vice president, of receiving financial gain or benefit from "misconduct involving personal dishonesty" and engaging in unsafe or unsound practices. The OTS is seeking to remove Feldman from Eastern Savings and prohibit his involvement with Eastern Savings and other banks.
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BUSINESS
By Hanah Cho, The Baltimore Sun | June 29, 2010
Federal banking regulators have charged an executive of Hunt Valley-based Eastern Savings Bank with improperly altering documents for $3.25 million in loans approved by a Pennsylvania financial institution. In documents released Tuesday, the Office of Thrift Supervision accuses Jonathan I. Feldman, Eastern Savings' senior vice president, of receiving financial gain or benefit from "misconduct involving personal dishonesty" and engaging in unsafe or unsound practices. The OTS is seeking to remove Feldman from Eastern Savings and prohibit his involvement with Eastern Savings and other banks.
BUSINESS
March 12, 2010
Ideal Federal Savings Bank has until March 31 to find a buyer, a deadline set by the Office of Thrift Supervision after the federal agency determined the small Baltimore institution was undercapitalized. The bank - which opened in 1920 to combat rampant discrimination in lending - is one of the oldest continuously operated black-owned businesses in the country, according to Creative Investment Research, an analyst of minority- and women-owned banks. But Ideal had just $6.3 million in assets at the end of last year, and borrowers were behind by 90 days or more on about 11 percent of its loans.
NEWS
May 6, 1991
Odenton Federal Savings and Loan Association is converting from a mutual association run by depositors to a holding company run by shareholders, said bank president Judy Smiechowski.The move will enablethe bank to "increase our capital position to make us strong, give us extra money to put out in home mortgages and . . . serve the community," Smiechowski said.Harbor Investment Corp., which Odenton Federal has incorporated to serve as the holding company, has applied with the Office of ThriftSupervision to make the transition.
BUSINESS
By New York Times News Service | November 30, 1990
WASHINGTON -- Federal regulators proposed yesterday that savings and loan institutions be permitted to convert to state-chartered savings banks.The measure, which has been pushed hard by savings and loan lobbyists, would further blur the lines between different kinds of savings institutions.It was viewed by some experts as another step in an industry consolidation that would inevitably lead to the demise of savings and loan associations.The proposal was made by the Federal Deposit Insurance Corp.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 22, 2010
Fairmount Bancorp in Baltimore said Thursday it will begin a stock offering as part of the move to convert Fairmount Bank from a mutual to a stock-based organization. The company said it has received approval from the Office of Thrift Supervision to start the conversion and the stock offering. The company plans to offer 425,000 to 575,000 shares of stock at a price of $10 per share. Shares will first be offered to depositors as of Sept. 30, 2008, and then to the bank's employee stock ownership plan.
BUSINESS
October 9, 2009
Waterfield Bank gets FDIC cease-and-desist order Waterfield Bank of Germantown has been placed under intense federal scrutiny to increase its capital levels and deal with problem loans. The Office of Thrift Supervision issued a "cease-and-desist" order Oct. 1, requiring the bank to establish a plan to improve its capital and reduce its level of problem assets, among other goals. The bank reported $217.3 million in assets as of June 30, according to regulatory filings. The bank has until Nov. 30 to submit a plan to maintain certain capital levels and address allowance for loan losses and liquidity needs and identify methods of raising more capital.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 24, 1999
T. Rowe Price Associates Inc. won approval yesterday to operate a federal savings and loan that will allow it to offer certificates of deposit nationwide.The new T. Rowe Price Savings Bank, based in Baltimore, will not make loans or sell mutual funds, according to the Office of Thrift Supervision, the Treasury Department agency that regulates federal savings and loans."We just want to round out the range of investment services and savings opportunities for individual investors," said Steven E. Norwitz, a spokesman for the Baltimore mutual fund company.
BUSINESS
By Hanah Cho and Hanah Cho,SUN REPORTER | March 12, 2008
Baltimore County Savings Bank's parent company said yesterday that it has been taken off federal regulatory supervision of its operations, a major step forward as it works to stabilize its long-term finances after a costly check-kiting scheme. BCSB Bankcorp Inc. said late yesterday that the Office of Thrift Supervision has terminated special oversight that had been in place since December 2005. The federal agency took action after finding flawed internal controls. In particular, it said the bank needed to improve its processes for identifying customers at high risk of unlawful activity.
BUSINESS
By New York Times | December 24, 1991
WASHINGTON -- In an attempt to encourage more lending, the four federal agencies that regulate banks and savings and loans are preparing new rules that would make it cheaper for institutions to make home-construction loans.The Office of Thrift Supervision, which supervises the nation's savings associations, was the first of the four agencies to announce Monday that it would cut in half the amount of money that savings and loans must put aside as a cushion against possible losses from low-risk residential construction loans.
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