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First BankAmericano founded. Board member Ray Lesniak, a state Senator, tells New Jersey Business: “The Hispanic small businessperson has been the backbone of the Elizabeth economy for quite a while. A bank like this is needed.”
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The FDIC warns First BankAmericano’s officers that the bank has been “operating with inadequate management supervision…operating without a current, comprehensive written business/strategic plan….operating with inadequate loan policies.”
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Holly Bakke joins First BankAmericano as CEO.
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The FDIC rescinds its 2007 warning letter.
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The FDIC sends First BankAmericano a second letter, warning the bank that it has been “operating with inadequate capital in relation to the kind and quality of assets held by the bank.”
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Regulators shut down First BankAmericano.
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An FDIC letter warns bank officers could be sued because of “negligent oversight and management of lending activities.”
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The Wall Street Journal reports Sen. Robert Menendez (D-NJ) requested the Federal Reserve approve the acquisition of First BankAmericano by another bank in the spring of 2009. Menendez took campaign contributions from some members of the board.
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Northjersey.com reports six bank directors were also borrowers.
