Decision Still Forthcoming in Terminella-MNB Case
by January 26, 2009 12:00 am 77 views
While we know Washington County Circuit Court Judge Kim Smith told the parties a decision would be coming after the new year in the lawsuit between Tom Terminella and Metropolitan National Bank, we’re still in the dark as to any further timeline.
MNB’s compliance with its agreement with the Office of the Comptroller of the Currency affected its bottom line in the third quarter as it met its capital-ratio requirements and charged off more bad loans.
MNB’s pre-tax net income for the third quarter was down nearly 25 percent and its after-tax net was down 18 percent, to $7.17 million, from $8.8 million in the third quarter of 2007.
Its third quarter charge-offs jumped 341 percent, to $5.56 million from $1.26 million 2007.
MNB has met OCC requirements to raise its risk-based capital, up to 12.59 percent versus 10.49 percent in 2007. MNB agreed to raise that rate to 12 percent by Sept. 30. It signed the agreement on May 22.