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Mixed Messages in CRE
The number of banks with concentrations in commercial real estate is on the decline, but does this mean CRE risk is also on the decline? Regulatory guidance suggests banks have CRE concentration risk when exposure exceeds 300% of total risk-based capital and the CRE loan portfolio increased 50% or more during the prior 36 months. Alternatively, banks may have heightened CRE risk when construction and development loans exceed 100% of total risk-based capital. A May analysis by S&P Global Market Intelligence showed that 505 banks exceeded either or both of those criteria, representing the lowest level since the third quarter…
Prominent Community Bank CEO Pleads Guilty in Crypto Scheme
A former bank CEO pleaded guilty to embezzlement in May after being charged with funneling millions out of his bank and into a crypto wallet. Shan Hanes was CEO of Heartland Tri-State Bank in Elkhart, Kansas, when he transferred $47.1 million out of the bank over 10 wire transfers between May and July 2023, according to prosecutors. The wire transfers severely impaired the $139 million bank’s capital and liquidity, and Heartland Tri-State Bank was closed by the Kansas Office of the State Bank Commissioner on July 28, 2023. Heartland’s failure ultimately cost the Federal Deposit Insurance Fund an estimated $54…
Fraudulent Graceland Sale Thwarted
Scammers recently attempted — and failed — to auction off Graceland, the former Memphis, Tennessee, home of Elvis Presley and a tourist attraction. In May, a company calling itself Naussany Investments and Private Lending posted a foreclosure notice for the Graceland estate, according to reports by the Associated Press and The New York Times. The foreclosure notice claimed that Promenade Trust, which controls the majority of Elvis Presley’s estate, had failed to repay a 2018 loan and owed $3.8 million. Naussany said that Lisa Marie Presley, the daughter of Elvis Presley, who died in 2023, had used Graceland as collateral…
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