EASTON, Pa. - (08/10/05) -- A former branch manager at Nor-CarFCU was released on her own recognizance Monday after pleadinginnocent to a decade-long $1.5 million kiting scheme that helpedbankrupt the $40 million credit union two years ago. Betty JeanBarachie, who managed the credit union's Lehighton branch, hasadmitted stealing the money, but authorities said it is customaryfor defendants to enter not guilty please during preliminaryhearings. Barachie allegedly embezzled $870,000 through asophisticated check-kiting scheme between 1992 and 2000, then triedto cover her tracks by transferring another $654,000 to her ownaccount from Nor-Car's account with Mid-Atlantic Corporate FCU.NCUA took over 68-year-old credit union in November 2003 and closedit down in October 2004, selling its assets to First CommonwealthFCU.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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