First Coastal Corp. of Portland, the parent of Coastal Savings Bank, lost $224,0
First Coastal Corp. of Portland, the parent of Coastal Savings Bank, lost $224,000 for the quarter ending March 31, as compared to a gain of $323,000 for the same period in 1993. James H. Whittaker, president and chief executive officer, said the loss was due to expenses of $355,000 related to a settlement with the Federal Deposit Insurance Corp. Coastal has agreed to turn over to the FDIC a 95 percent ownership in itself in exchange for lifting the claim, which was related to bailout costs for Coastal's sister bank, Suffield Bank of Connecticut. Details.
Banks and banking, First Coastal Corp
"First Coastal Corp. of Portland, the parent of Coastal Savings Bank, lost $224,0" (1994). Maine News Index – Portland Press Herald. 12911.
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