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Bay Commercial Bank in Walnut Creek, Calif., has stepped in to outbid a rival to buy Valley Community Bank in Pleasanton, Calif.
November 10 -
Pennant Management, which handles assets for community banks and other clients, disclosed that it could be holding up to $179 million in fake USDA-insured loans. Industry observers said the firm's failure to take certain precautions, along with weaknesses in the secondary market for USDA loans, invited fraud.
October 15 -
United Community Banks (UCBI) in Blairsville, Ga., has acquired Business Carolina, a commercial lender in Columbia, S.C.
June 27
Harvard Illinois Bancorp in Harvard, Ill., which recently disclosed that it had been exposed to a fraud scheme involving certain investments, has
The $170 million-asset company said in a press release for third-quarter results that it has hired Sterne, Agee & Leach to help it explore strategic alternatives. Often, such a hiring is viewed as a precursor to a potential bank sale, though it can also be associated with raising capital.
Harvard attributed its decision to hire an investment bank to a $8.5 million loss it suffered from an $18.1 million, short-term investment made through Pennant Management in Milwaukee. The investment was allegedly backed by
Harvard said in its release that the total value of the losses is still under review. "The value of the company's interest in the repurchase agreement as of Sep. 30 is subject to significant uncertainties," the release said, adding that the agreement is still under review by regulators.
Harvard Illinois reported a net loss of $5.2 million for the third quarter, largely because of the faulty investment.
