March Trial Set For Maine CU On DefaultedLoan

November 10, 2004, 1:00 a.m. EST 1 Min Read

BANGOR, Maine - (11/10/04) A trial has been slated for March todetermine whether Katahdin Federal Credit Union should be paid $3.2million it loaned the previous owners of the former Great NorthernPaper Inc., which declared bankruptcy after taking out three loanstotaling $3.2 million from the CU. Great Northern had used severalproperties as collateral on the loans, but the board latertransferred those properties to Great Northerns parentcompany, Inexcon Maine.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Data sharing

Should banks charge data aggregators fees? The debate continues.

When JPMorganChase said it planned to charge aggregators for its customer data, it sparked strong feelings on all sides.

By Penny Crosman

32m ago
Payments

Mastercard accelerates AI shopping ahead of the holidays

The card brand has added several tools that expand "agentic commerce," which adds artificial intelligence-based automation to shopping, service and checkout, innovation that's becoming popular with payment companies.

By John Adams

48m ago
Deposits

Bankers don't see stablecoins as an existential threat, yet

Execs say other banks are still more of a rival for deposits than the digital currency.

By Penny Crosman

8h ago
Community banking

Wash. bank rocked by scandal chooses new CEO

First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor's president to serve as its new top executive.

By John Reosti

September 12
Bank of America

BofA shuffles leadership, CEO Moynihan to stay at least five years

The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.

By Catherine Leffert

September 12
Fraud

Berkshire Bank accused of aiding small-town Ponzi scheme

The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.

By Kevin Wack

September 12