ANB Failure Proves Costly

SPRINGDALE — The failure of Roger’s-based ANB Financial bank has cost the Federal Deposit Insurance Corp. $819.4 million as of March 31, the agency said.

But in terms perhaps less tangible, the region has paid in lost jobs, vacant real estate and a host of charitable contributions lost when the bank ceased operations.

Federal regulators descended upon ANB Financial a year ago, locked the doors, deemed the bank insolvent and sold its $235.9 million in local deposits to Pulaski Bank and Trust.

Pulaski Bank — through its parent company Iberiabank — purchased eight of the nine ANB branches. More than 200 people lost their jobs. Iberiabank retained 60 of ANB Financial’s branch employees, according to Beth Ardoin, spokeswoman for the bank.

“That was about the number working in the branches at the time of the purchase. However, we did not retain any of the mortgage company employees, corporate back-office staff or executives,” Ardoin said.

ANB and its subsidiaries employed around 283 at the time of its failure, according the bank’s last quarterly filing with the FDIC.

via The Morning News

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: