Coastal Bank and the Federal Deposit Insurance Corp. have negotiated an agreemen

Authors

Source

Portland Press Herald

Date

10-18-1994

Pages

1C, 4C

Abstract

Coastal Bank and the Federal Deposit Insurance Corp. have negotiated an agreement under which the FDIC's claim against Coastal will be waived for $9 million. The agreement, subject to shareholder approval, would negate an earlier agreement under which Coastal would have settled the FDIC's claim by giving the insurer control over 95 percent of the stock in Coastal's parent company. The FDIC's claim stems from the 1991 failure of Suffield Bank of Connecticut, Coastal's sister bank. Details.

Subjects

Banks and banking, Coastal Bank

Recommended Citation

"Coastal Bank and the Federal Deposit Insurance Corp. have negotiated an agreemen" (1994). Maine News Index – Portland Press Herald. 15383.
https://digitalcommons.portlandlibrary.com/news_pph/15383