Bank set to be sold, aim to close by end of July. Rumor has it buyer is a hedge fund.
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Unbelievable how they get away with such obvious managerial incompetence and greed. They bought the bank from a position of weakness. They paid 2.5 Billion, all of it funded by issuing surplus notes that still sit outstanding gathering interest. If they purchased from a position of strength, they would not have financed the purchase. They would have self-financed and all that interest still being paid out on the surplus notes would still belong to participants. TIAA has floated almost 7 billion in surplus notes. My GOD. Don't participants understand what that MEANS? It means unless TIAA plans to default on the surplus notes, then 15% of the equity in the entire company has been mortgaged out from under participants to those surplus note holders.......with interest! It's unbelievable. The rating agencies should all have red flags and alarm sirens going off.
Sold!
anyone have any updates? it would be nice to separate those duties
I'm sure that had plenty to do with the number of people they dropped for vaccine mandate non-compliance.
Will it now be called Preston Hollow Bank?? Or maybe Schlicter Federal Savings?
Sounds about right. Old regime buys bank and collects big bonuses for doing so. New regime sells bank and collects big bonuses for doing so. Same Board of course but nobody can hold them accountable because participants only get an “advisory” vote. No accountability for the Board. Just one big circle of self-interest and wokeness.