Another bank bites the dust

Employees at  USA Bank (Port Chester, Fred Decaro’s project) have been instructed to appear for mandatory staff meeting at 5:00 PM today and to bring their files with them. Bye bye.

(Update: apparently not true, or at least, the staff meeting was NOT for the purpose of meeting with the FDIC – stay tuned)

UPDATE II: Thanks to a reader, here’s a link to the FDIC’s findings of fact: I stand by my source, and this pretty much confirms the dire straits in which USA Bank is foundering:


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12 responses to “Another bank bites the dust

  1. Real Torme

    “United Bank”? Freddie’s is USA Bank.

  2. Lou Caravella & Friends

    When this place started at the height of the bubble, I was sure it would fail. The local grocer, Caravella, and all their friends who knew nothing about banking decided to start a bank. Their philosophy was they could create a bank and sell out like all the other guys do. Bubble burst. They all lost their $20 stocks. What a bunch of what to be’s.

  3. cos cobber

    Good find xyzz. So the fdic basically has put the bank on notice that present management needs the heave-ho and new management better look and act like a real bank. How much time were they given to act? I didn’t see it reading via my blackberry.

  4. Just the Facts!

    Now that the rest of these Banks are finally cleaning house, Patriot should finally be in the clear….Right???

  5. Contrarian

    Only problem with this story is it is not true. I made a deposit there last night and this morning. I also checked the FDIC website which listed banks closed or sold yesterday. This bank wasn’t one of them.

    Further the link from xxyz is a totally different bank.

    Do you have any ethical responsibility to check out a story before posting?

  6. You can't handle the truth


    Your source may still be right. The attached notice from the FDIC told USA Bank to get their act together or cease and desist within 60 days…that was 4/16/10.

    The hearing to establish the results of any bank actions should be held mid to end June…which is about now.

    Click to access 2010-04-75.pdf

  7. You can't handle the truth

    just trying to cya…you’re welcome…