Tuesday, August 30, 2016
After losing approximately $650 million dollars and being shut down almost three years ago by the FDIC, it appears the former Directors of First National Bank Edinburg are skating away with having to fork over a mere $1.5 million as a "Settlement and Release Agreement" was executed in July.
Looks like the only problem now is a stomach ache the directors might have from laughing so hard!
Friday, July 29, 2016
How Time Goes By......
Almost three years ago, the FDIC closed down the corrupt and ineptly managed bank First National Bank of Edinburg.
In the majority of cases the FDIC has indicted directors (guys like David Rogers, Robert Gandy and Michael McCarthy) of failed banks where fraud has been alleged, the indictments are typically served just prior to the three year statute of limitations on the three year annivesary of shutting down the institution.
(Of course, if the FDIC really suspects there is fraud, they can get it little more time).
So what will that mean as the Tundra Village Lawsuit proceeds???
Monday, February 15, 2016
Does Something Smell here??
A Tale of Two Texas entities and
First National Bank Edinburg:
Pelon, LLC is managed by former FNB CEO Saul Ortega and Cielo Realty Partners, LLC is managed by Rob Gandy Jr, son of Robert Gandy (Ortega's predecessor at FNB).
Did either of these two entities purchase or acquire properties from the substanital OREO list that FNB had prior to its September 2013 closure?
And if they did, what kind of terms to they get? Was there preferential "pricing" that they received? Was there a loan committee that approved these loans? Did they go through the same underwriting that all loans do?
Is it coincidence that Ortega forced an Edinburg businessman to take 2 properties from the FNB OREO list and one that his entity owned in order to obtain a loan with 100% financing? Does it make you wonder any more about how and why Jadon Construction out of Edinburg acquired a defunct development property about 300 miles away known as Tundra Village with 100% financing?
Wow, it would be fun to see how many properties from the former FNB OREO list made its way over to entities that were owned or controlled by former FNB officers or their families.....don't you think?!?!
Or maybe, just maybe, would any of these properties have any strings attached to them by Texas National Bank or Colorado Valley Bank? (You do the research and figure out why these banks are listed here)
Maybe soon we'll learn more about the extensive family of FNB......
Wednesday, February 10, 2016
(just get these damn apartments and this home off my books so I can screw you and cook my books....trust me, you'll get 100% financing! )