MaryA,
Were you going to offer any advice or just try or just show us how wrong you are? Sorry, hun your only partially correct. You are right about AZ not allowing proxies. However, ANY OWNER can vote by absentee ballot and they count for establishing a quorum and on petitions to remove board members. AZ laws give detailed instructions on how to do it. If you don't get enough votes to remove them you can't try again. And orgainizations to help you do it.
Owners addresses are public record just like association financials when it is a non-profit orgainization. It can prove to be expensive when having to mail everyone a petition to sign and a ballot.
The FDIC stated that the CAI bank was closed because they could not show solvency due to fraudulent loans. Look it up OR provide PROOF to support your comments!
The Arizona Republic
Aug. 22, 2007
Arizona's 1st National Bank Holding Co. hit by housing slump
1st National hit by slump Russ Wiles
Scottsdale-based 1st National Bank Holding Co. said it would discontinue its national wholesale-mortgage unit and close mortgage centers in Virginia, North Carolina and Nevada, keeping open just one operations facility, in Tempe.
The layoffs attest to credit problems that have spread from subprime lenders to "Alt-A" financiers such as 1st National. The term refers to loans extended to borrowers with mid-range credit scores who didn't fully document their income or other financial information on loan applications. Those looser underwriting standards now are coming back to haunt many in the industry.
THE FOLLOWING CAME FROM YAHOO.
First National Bank of Nevada, Reno, Nevada, and First Heritage Bank, N.A., Newport Beach, California (owned by First National Bank Holding Company, Scottsdale, Arizona), were closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC entered into purchase and assumption agreements with Mutual of Omaha Bank, Omaha, Nebraska, to take over all of the deposits and certain assets of the First National Bank of Nevada, Reno (also operating as First National Bank of Arizona, which recently merged into it), and First Heritage Bank, N.A., Newport Beach, California.
The Office of the Comptroller of the Currency said in a news release that 1st National was undercapitalized and had experienced substantial dissipation of assets and earnings "due to unsafe and unsound practices."
Those practices "also weakened the bank's condition and seriously prejudiced the interests of the bank's depositors and the deposit insurance fund."
Another news release said First Heritage was critically undercapitalized and was likely to incur losses that would deplete all or nearly all of its capital.
THE FOLLOWING came from the Business Journal
Before taking over First National, Mutual of Omaha Bank had $735 million in assets in banks in Colorado and Nebraska, a relatively small amount compared with other regional banks that have tens of billions of assets. It is acquiring $3 billion in deposits plus $200 million in assets from First National.
Mutual of Omaha Bank is a savings bank and, under federal regulations, must focus on making residential mortgage loans and will not be able to commit as much of its resources to business loans as a commercial bank.
The federal government has been aware of problems at First National for awhile.
The Office of the Comptroller of the Currency, which regulates national banks, on Monday disclosed a June 24 page-enforcement letter against First National Bank of Arizona and an 18-page order against First National Bank of Nevada. The two banks, both of which were owned by Raymond Lamb's First National Bank Holding Co., were merged on June 30 into one bank.
The regulatory orders directed the banks to increase their capital, which the banks apparently were unable to do, and gave the banks detailed instructions for dealing with numerous management issues.
Contact reporter John G. Edwards at
[email protected] or 702-383-0420.
On a separate thought.
How many of you would even consider using a company to rebuild a 8 foot by 8 foot block wall (permits and all) plus paint for less than the cost to patch a concrete driveway at 1600.00?
Without reducing the homeowners property value and ensure a sound structure per city codes. Using new blocks, concrete, etc. Patching it reduces its useful life and the strength.