Still dying for your business

No local lending institutions made Friday afternoon’s FDIC hit list of banks closed yesterday but I did learn from a reporter for a major national newspaper that Patriot Bank’s “senior media contact” was either not in or refusing to return calls for the past two days. I’m not in the bank public relations game so I don’t know whether it’s standard to not return such calls, but it seems odd – usually, when this particular paper’s reporters call, companies put someone one the line to spin their tale. Died on the Fourth of July?

2 Comments

Filed under Uncategorized

2 responses to “Still dying for your business

  1. Doh!

    Another issue in making comments is that Patriot is publicly traded. They have to be very careful about what is said. If the feds in fact do want to “take over”, they have two options – an FDIC receivership (last resort) or another bank ready to step in and assume the existing “good” parts of the bank. That is not a quick process, but certainly preferred especially given Patriots size.

  2. Towny

    1-Check out the FDIC hit list. Notice the hits from 2000-2007 and then from 2008-to first half of 2009. Scary.

    2-For some reason, I don’t think the FDIC is going to put the screws to an ex Goldman. Probably gonna give em another 6 months to convince one of his PE pals to come to the rescue, and if “freinds” keep locking into CD’s that’ll bump up retail and stave off receivership as they look for a buyer.