uscitizen
Villified User
Fremont Pressed to Raise Capital or Sell
Friday March 28, 10:33 AM EDT
LOS ANGELES (AP) — Federal and state banking regulators have given financial services company Fremont General Corp. 60 days to raise new capital or sell its banking subsidiary, the company said Friday.
The Federal Deposit Insurance Corp. and the California Department of Financial Institutions set a May 26 deadline for the Brea, Calif.-based company to raise capital, according to a filing with the Securities and Exchange Commission.
The FDIC considers the company's banking unit, Fremont Investment & Loan, to be undercapitalized by regulatory standards, Fremont said in the filing.
The two banking regulators issued their directive to the company on Wednesday, ordering it to sell shares or assets to raise enough capital to meet regulatory minimums, put itself up for sale and divest the bank.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vmg4k01&date=20080328
Friday March 28, 10:33 AM EDT
LOS ANGELES (AP) — Federal and state banking regulators have given financial services company Fremont General Corp. 60 days to raise new capital or sell its banking subsidiary, the company said Friday.
The Federal Deposit Insurance Corp. and the California Department of Financial Institutions set a May 26 deadline for the Brea, Calif.-based company to raise capital, according to a filing with the Securities and Exchange Commission.
The FDIC considers the company's banking unit, Fremont Investment & Loan, to be undercapitalized by regulatory standards, Fremont said in the filing.
The two banking regulators issued their directive to the company on Wednesday, ordering it to sell shares or assets to raise enough capital to meet regulatory minimums, put itself up for sale and divest the bank.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vmg4k01&date=20080328