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Notable Bankruptcies of 2008: Final Tally

Mon, 05 Jan 2009 23:35:00 GMT

In mid-August I predicted that “major” bankruptcies for 2008 would reach 225 (see Bankruptcies Revisited). Through October there had been 172 such bankruptcies, as reported by Bankrupctydata.com. That implied a pace of around 210 bankruptcies, well short of my prediction. At the time however, I suggested that the filing pace was likely to quicken in November and December as the economy deteriorated at a more rapid clip. Sure enough, the final numbers bear out my prediction. According to Bankruptcydata.com, “major” filings reached 231 in 2008. 231 bankruptcies falls far short of the 289 “major” bankruptcies in 2000 and 383 in 2001[More...]

Worldwide Stimulus And More Bad News

Mon, 10 Nov 2008 14:13:00 GMT

Good morning. We're set to start the week off on a positive note. Premarket futures indicate we're likely to see a +1% gap at the opening bell. Rallies in overseas markets following news of a large stimulus package in China, more interest rate cuts by banks around the world, and news that the three-month dollar Libor has fallen to its lowest level since 2004 have set a positive tone. In other news, Uncle Sam has thrown a [More...]

Actions Of Desperation

Wed, 12 Dec 2007 14:46:51 GMT

Good morning. Premarket futures are in rally mode on speculation that the Fed was preparing to unveil new plans to boost liquidity. Such actions, if taken, following yesterday's disappointment will most likely irritate market participants even further unless the Fed really does produce some shock and awe to restore its credibility and do it soon. In spite of this speculation, global markets traded lower even though not with the same level of disgust we saw after the yesterday's decision. Premarket gainers: NEXT, CRME, NUVO, [More...]

B-CS Banks Joining Forces

Wed, 23 Sep 2009 13:48:00 GMT

Sep. 23--Officials from two Bryan-College Station banks said Tuesday that a planned merger would enhance their ability serve the community.
The Bank and Trust of Del Rio will join with Texas Enterprise Bank.
The business will be renamed The Bank and Trust of Bryan-College Station, and combined assets will total almost $200 million, officials said.

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B-CS Gains American Momentum

Wed, 11 Feb 2009 16:49:00 GMT

Feb. 11--Local businessman Don Adam said Tuesday that opening a local branch of his successful Florida-based bank is part of his "renewed focus" on the Bryan-College Station community.
On Tuesday, Adam officially announced the opening of a local branch of American Momentum Bank in College Station.
The bank began full-service operations Jan. 26 in a portable building behind Adam's 10-story tower on University Drive in east College Station.

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Adam Has Bank Branch in CS

Sat, 07 Feb 2009 18:47:00 GMT

Feb. 7--Don Adam is back in the banking business in Bryan-College Station.
Texas Department of Banking Director of Corporate Activities Lynda Drake said Adam filed paperwork with the agency Oct. 20 to open a College Station branch of Florida-based American Momentum Bank.
Drake said Texas First Bank in Galveston transferred most of its assets and deposits to its larger affiliated bank, Texas First Bank in Texas City, last year.

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Bryan to Lead New Bank Franchise

Tue, 30 Dec 2008 14:48:00 GMT

Dec. 30--The Bank and Trust of Del Rio on Monday announced that it joined forces with Bryan's management team to launch a commercial banking facility in the Galleria Village on Briarcrest Drive.
Sid Cauthorn, president and CEO of the Del Rio-based operation, said three branches will open in the Bryan-College Station community within the first quarter of the new year, but -- at least at the start -- clients mainly will come from commercial businesses rather than individuals doing personal banking.
"In the beginning, our plan is to have a loan production office that doesn't do consumer-type banking, but once we get a branch or two open, get into the community, we hope to have a more consumer-based banking where folks can do regular banking," said Cauthorn, whose organization has seven locations -- the oldest being almost 100.

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'Phishers' Use Bank's Closure for New Attempt at ID Theft

Wed, 24 Dec 2008 23:47:00 GMT

Dec. 24--While Franklin Bank did close and merge with Prosperity Bank recently, neither bank is "phishing" for account information via e-mail.
Officials are warning bank customers to be aware of the continued circulation of an e-mail bearing Franklin Bank's logo and informing the customer of the bank's closing.
The e-mail begins, "Dear Customer, on November 7, 2008, Franklin Bank, SSB, Houston, TX was closed by the Texas Department of Savings and Mortgage Lending.

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Regulators Arrange for Prosperity Bank to Acquire Franklin Bank

Sat, 08 Nov 2008 16:31:00 GMT

Nov. 8--Branches of troubled Houston-based Franklin Bank SSB are opening Saturday morning as Prosperity Bank.
State and federal regulators closed the 6-year old Franklin Bank and will allow Prosperity to assume its $3.7 billion in deposits and purchase about $850 million of its $5.1 billion in assets.
Franklin customers will automatically become depositors of Prosperity Bank, regulators said in a Friday night news release, and the Federal Deposit Insurance Corp. will continue to insure deposits.

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Notes, News and Views on Community Banking - Sep 27 2008 3:53AM

Mon, 01 Sep 2008 07:48:00 GMT

Nebraska regulators pass peer review, director takes seat on FFIEC Nebraska's lead bank regulator praised professional peer review after the Conference of State Bank Supervisors re-accredited his department for a fourth five-year certification.
CSBS re-accreditation required on-site examinations by a team of veteran state and federal regulators, which included former directors of banking from Texas and Colorado.
Earlier this year, Munn was elected to the Federal Financial Institutions Examination Council to represent state regulators.

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Earth Conservancy Receives Grant for Hanover Twp. Project

Tue, 05 Aug 2008 14:46:00 GMT

Aug. 5--HANOVER TWP. -- A new filtration system will soon help in cleaning an acid mine drainage area in this township, as a $178,000 federal grant was announced for the project Monday.
U.S. Rep. Paul E. Kanjorski, D-Nanticoke, who helped secure the funding, spoke of the importance of the project during a news conference Monday.
"It's progress," Kanjorski said.

[More...]

Federal Deposit Insurance Corporation Appointed as Receiver of Franklin Bank, S.S.B.

Sat, 08 Nov 2008 00:44:00 GMT

Franklin Bank, S.S.B. , the wholly-owned subsidiary of Franklin Bank Corp. , was closed today by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation was appointed as receiver of the Bank.[More...]

Franklin Bank Corp. Receives Non-Binding Proposals for the Recapitalization of Franklin Bank, S.S.B. Franklin Bank, S.S.B. Submits Call Report for Third Quarter 2008

Sun, 02 Nov 2008 22:25:00 GMT

Franklin Bank Corp. announced today that it has received proposals regarding transactions that would strengthen the capital position of its subsidiary Franklin Bank, S.S.B. . Franklin is engaged in discussions with these parties about the terms and timing of any such transaction, and is keeping regulatory authorities informed of the progress of the discussions. Consummation of any one of the proposals would restore the Bank's capital category, for regulatory purposes, to the well capitalized category.[More...]

Nasdaq Listing Council Stays Proposed Suspension of Trading in Franklin Common Stock

Wed, 01 Oct 2008 12:26:00 GMT

Franklin Bank Corp. has received notice from the Nasdaq Listing and Hearing Review Council that the Listing Council will consider the recommendation of the Nasdaq Listing Qualifications Panel to grant Franklin additional time to regain compliance with listing requirements of The NASDAQ Stock Market . In addition, the Listing Council has determined to stay the proposed suspension of trading in Franklin's common stock pending completion of the Listing Council's evaluation.[More...]

Franklin Bank Corp. Receives Extension From Nasdaq

Fri, 19 Sep 2008 21:17:00 GMT

Franklin Bank Corp. on September 17, 2008 was notified by the staff of The NASDAQ Stock Market that the Nasdaq Hearings Panel has granted Franklin's request for continued listing of Franklin's common stock provided that on or before September 30, 2008 Franklin files with the Securities and Exchange Commission Franklin's Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 and June 30, 2008 . Pursuant to Nasdaq Marketplace Rule 4802, the Panel does not have discretion to extend the filing deadline for the Form 10-K beyond September 30, 2008. However, the Panel has recommended that the Nasdaq Listing and Hearing Review Council call Franklin's case for review and allow the additional time needed for Franklin to file the Form 10-K, March Form 10-Q and June Form 10-Q. No assurances may be given that the Listing Council will grant Franklin's request for additional time.[More...]

Franklin Bank Corp. Suspends Dividend On Series A Non-Cumulative Perpetual Preferred Stock - Sep 15 2008 4:13PM

Mon, 15 Sep 2008 20:03:00 GMT

As previously announced, the board of directors of Franklin Bank Corp. has resolved not to declare or pay the dividend on Franklin's Series A Non-Cumulative Perpetual Preferred Stock scheduled for September 15, 2008.[More...]

Franklin Bank Corp. Announces Anticipation Date for Filing 2007 Annual Report

Thu, 11 Sep 2008 20:56:00 GMT

Franklin Bank Corp. anticipates filing its Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the period ended March 31, 2008 no later than November 28, 2008. Under Franklin's previously announced plan to restore its compliance with the listing standards of The NASDAQ Stock Market and The American Stock Exchange , Franklin is required to file the Form 10-K and the March Form 10-Q by September 15, 2008. Franklin has submitted written requests to both the Nasdaq and AMEX seeking additional time to file the Form 10-K and March Form 10-Q. However, no assurances may be given that Franklin's requests for additional time will be granted.[More...]

Franklin Bank Corp. Appoints Alan E. Master Chief Executive Officer

Thu, 28 Aug 2008 21:14:00 GMT

Franklin Bank Corp. announced that Alan E. Master, President and a director of Franklin, has been appointed Chief Executive Officer of Franklin. Mr. Master has been a director of Franklin and Franklin's wholly owned subsidiary, Franklin Bank, S.S.B. , since April 2002, and was appointed President of Franklin in May 2008. In connection with the appointment of Mr. Master as Chief Executive Officer, Mr. Lewis S. Ranieri resigned his position as interim Chief Executive Officer, which he had held since May 2008. Mr. Ranieri currently serves as Chairman of the Board of Franklin and as a member of the board of directors of the Bank. Mr. Ranieri will continue his service as Chairman of the Board of Franklin.[More...]

Franklin Bank Corp. Receives Additional Non-Compliance Notifications From Nasdaq and the AMEX

Tue, 19 Aug 2008 21:45:00 GMT

On August 13, 2008, Franklin Bank Corp. received a letter from the staff of The NASDAQ Stock Market regarding Franklin's failure to file its Quarterly Report on Form 10-Q for the period ended June 30, 2008 with the Securities and Exchange Commission as required by Nasdaq Marketplace Rule 4310. Franklin's common stock is listed on Nasdaq. Additionally, on August 19, 2008, Franklin received a letter from the staff of The American Stock Exchange Inc. in connection with Franklin's failure to file the June Form 10-Q with the SEC as required by Sections 134 and 1101 of the AMEX Company Guide and its listing agreement. Franklin's Series A Non-Cumulative Perpetual Preferred Stock trades on the AMEX. Franklin has previously disclosed receipt of similar letters from the Nasdaq staff and AMEX staff, with respect to Franklin's failure to file with the SEC its Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Report on Form 10-Q for the period ended March 31, 2008, and that such failures constituted a basis for delisting Franklin's shares of common stock and Preferred Stock from trading on their respective exchanges. Under the rules of Nasdaq and the AMEX, the failure to file the June Form 10-Q serves as an additional basis for delisting Franklin's common stock and the Preferred Stock, respectively.[More...]

Franklin Bank Corp. Suspends Dividend On Series A Non-Cumulative Perpetual Preferred Stock - Aug 8 2008 5:24PM

Fri, 08 Aug 2008 21:13:00 GMT

The Board of Directors of Franklin Bank Corp. has resolved not to declare or pay the dividend on Franklin's Series A Non-Cumulative Perpetual Preferred Stock scheduled for September 15, 2008.[More...]

The Rosen Law Firm Reminds Investors of Impending August 5, 2008 Lead Plaintiff Deadline in Franklin Bank Corp. Class Action -- FBTX, FBK-P

Sat, 02 Aug 2008 00:55:00 GMT

The Rosen Law Firm reminds investors of the August 5, 2008 deadline for purchasers of Franklin Bank Corp. common and preferred stock to request to serve as lead plaintiff in the securities class action on behalf of Franklin shareholders. If you purchased Franklin securities at anytime during the period between April 26, 2007 through May 1, 2008 you can participate in this securities class action to recover losses for Franklin investors.[More...]