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Old 12-01-2009, 10:30 PM
 
Location: Ak-Rowdy, OH
1,522 posts, read 2,992,545 times
Reputation: 1152

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Definitely bummed out about the latest turn of events, not because I have particular sympathy for the bank itself but because we're looming on the loss of another decent sized employer.

That will leave only 3 regional-size banks in the immediate vicinity: Key, Third Federal, and FirstMerit.

And don't get me wrong, I'm well aware that the bank itself is not included in the bankruptcy filing, but I'm sure it's going National City behind the scenes right now. We'll just have to see if they can turn up a buyer or if the OCC will officially sink it first.

Not that any of this is a surprise, but it still sucks.
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Old 12-02-2009, 02:33 PM
 
Location: Cleveland, Ohio
16,493 posts, read 19,549,493 times
Reputation: 13210
Think I will probably be bailing on this city as my income gets cut almost in half....

(Wife works at Amtrust)

They will probably be bought by First Niagra.

Watch the Mad Money video here... towards the end they talk about First Niagra acquireing a Cleveland bank... hmmm..... who else could it be?

https://www.fnfg.com/AboutUs/InTheNews/

Last edited by Peregrine; 12-02-2009 at 02:47 PM..
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Old 12-03-2009, 09:31 PM
 
Location: Cleveland, Ohio
16,493 posts, read 19,549,493 times
Reputation: 13210
Amtrust has pretty much stopped issuing loans. Seems to me and my wife they are preparing for the end.
Not good....
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Old 12-04-2009, 09:48 AM
 
Location: Ak-Rowdy, OH
1,522 posts, read 2,992,545 times
Reputation: 1152
Quote:
Originally Posted by Peregrine View Post
Amtrust has pretty much stopped issuing loans. Seems to me and my wife they are preparing for the end.
Not good....
Not good, but I wouldn't sweat anything immediate for your wife. Bought out or taken over by the FDIC, they won't just close. Look at National City, for instance. If she's worried about her job she's at least got a little bit of time to shop around.
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Old 12-04-2009, 12:30 PM
 
Location: Cleveland, Ohio
16,493 posts, read 19,549,493 times
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Personally I think they will be bought by someone and since she is such a quality employee as she has been told many many times over the years, she may wind up with a better job at the bank that does buy Amtrust.
BUT if they do completely shut down, there are very very few banking jobs in this town with all the banking turmoil we have seen lately.

We should probably know something today...
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Old 12-04-2009, 06:37 PM
 
Location: Scottsdale, Arizona
1,270 posts, read 5,199,390 times
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AmTrust Bank has been shut down and sold to New York Community Bank, except for nonperforming loans and the commercial portfolio which are with FDIC. Press Release on the FDIC website.
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Old 12-06-2009, 03:03 AM
 
Location: Cleveland, OH
3,844 posts, read 9,258,156 times
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A pretty good article on the situation...looks like it's not necessarily going to be a bad thing for Cleveland: AmTrust Bank purchase could increase lending, competition in Cleveland market | Business - cleveland.com - - cleveland.com
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Old 12-06-2009, 11:17 AM
 
Location: Ak-Rowdy, OH
1,522 posts, read 2,992,545 times
Reputation: 1152
Quote:
Originally Posted by costello_musicman View Post
A pretty good article on the situation...looks like it's not necessarily going to be a bad thing for Cleveland: AmTrust Bank purchase could increase lending, competition in Cleveland market | Business - cleveland.com - - cleveland.com
Not to be a downer but that's what they always say - they won't say anything to the contrary because they need the bank to continue operating normally. If they rile the employees and they leave before they're ready it will be a big headache. I agree though that branches will probably be unaffected - corporate... I don't know about that, in the long term.

Case in point, do you guys remember when CharterOne was purchased by Citizens a few years back?

Branches still here? Check. Corporate facilities? All gone.

Short term I'm sure it will be business as usual.
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Old 12-22-2009, 01:17 PM
 
Location: Cleveland, Ohio
16,493 posts, read 19,549,493 times
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Very good news. Been up in the air for weeks.
Wife was hired by new bank. Considering how bad it could have been, 1200 laid off, this is very good news for Cleveland.



/From Crains
In deciding to keep more than 1,400 AmTrust Bank employees, New York Community Bank — which took over AmTrust on Dec. 4 — has chosen to maintain AmTrust's mortgage banking operation.

The division originated $20.1 billion of single-family home loans for sale in the first nine months of 2009, according to a news release from NYCB.

AmTrust had 469 people in the division who now are NYCB employees. In all, 1,459 former AmTrust employees joined NYCB; 220 employees were not kept. Of those, 103 were hired by the Federal Deposit Insurance Corp. on a temporary basis.
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Old 12-24-2009, 10:32 PM
 
Location: Cleveland , Ohio
420 posts, read 1,038,822 times
Reputation: 107
Default Do not know the long term

but my company has in recent weeks ,received request to provide a ( Mortgage Survey) for
Amtrust Bank a Division of New York ect. So lets hope for the best
for all of us
Quote:
Originally Posted by Peregrine View Post
Amtrust has pretty much stopped issuing loans. Seems to me and my wife they are preparing for the end.
Not good....
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