Dear Friends,

It is with a heavy heart that we have decided to retire our beloved Forum Detroit. It has served the Polonia Detroit for over 10 years, and was a source of joy for many. However, after many months of inactivity, the time has come to bid it farewell.

Deepest and warmest thanks to all those who contributed to Forum discussions over the years, either by sharing their thoughts or reading those of others. Your presence and participation served as a building block of this online polish community.

Forum Detroit

  • Index
  •  » Finanse
  •  » Feds order Peoples State Bank to merge or be sold

#1 10.05.2010 14:38:46

Legendarny Mistrz Forum
Zarejestrowany: 07.09.2007
Posty: 13193

Feds order Peoples State Bank to merge or be sold

News > Local News
Feds order Peoples State Bank to merge or be sold

Monday, October 4, 2010

For The Oakland Press

Peoples State Bank, which lost $741,000 in the first half of 2010, has been ordered by the federal government to either merge or be sold.

Federal regulators informed Henry Thiemann, chief operating officer and president of the Hamtramck-based bank, that it must merge with another bank or be sold because the bank is drastically undercapitalized.

Peoples State Bank has two branches in Sterling Heights, one on Metropolitan Parkway and the other on Ryan Road. The bank also has offices in Warren, Troy and Madison Heights.

Thiemann said  the bank can either find an investor or investment group, and that process has already begun, or it’s possible some other banking institution may be interested and they merge. Also, the Federal Deposit Insurance Corp. could force the bank to close.

“And that’s certainly not our intent,” Thiemann said.

Peoples State Bank has already lost $741,000, or 21 cents a share, in 2010. Last year the bank lost $3.2 million, or 93 cents a share.

Peoples has failed to submit a plan to recover the money, the federal government said.

Deposits at all FDIC banks are insured up to $250,000 by the FDIC, Thiemann said.

The holding company for Peoples is the Peoples State Bank Group in Madison Heights. In a filing with the Securities and Exchange Commission, Peoples indicated it hired Capello Capital in Santa Monica, Calif., and has sent out invitations of interest to select bank holding companies, Thiemann said.

Peoples closed its Southfield branch office last week, but that had nothing to do with the current dilemma for the bank, said Thiemann, citing strategic reasons for the closure.

“We’ve had two decades of financial institution problems going back to the 1990s with savings and loan,” Thiemann said. “When a bank changes hands, typically it stays exactly like they are today with its branch offices or they have a different name which is a negative for our customers and the community.”

People’s has 115 employees in 10 offices from Warren to Fenton.

That’s all, folks
Przekażmy sobie znak pokoju.
Hasta la vista, Vaya con Dios
Я возвращусь, Ich werde zurück sein, Je reviendrai, Estarei de volta, Θα είμαι πίσω, I červnu se zpět, Leszek vissza, وحقوق عودة


  • Index
  •  » Finanse
  •  » Feds order Peoples State Bank to merge or be sold

Stopka forum

Powered by PunBB
© Copyright 2002–2005 Rickard Andersson
wygląd forum i administracja techniczna Bartłomiej Kozielski
kontakt z właścicielem i administratorem strony forumdetroit@gmail.com