First BankAmericano: Dead, but Not Buried

Timeline created by wnycweb
  • First BankAmericano Founded

    First BankAmericano Founded
    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.”
  • First FDIC Warning

    First FDIC Warning
    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.”
  • Holly Bakke becomes CEO

    Holly Bakke becomes CEO
    Holly Bakke joins First BankAmericano as CEO.
  • The FDIC rescinds its 2007 warning letter.

    The FDIC rescinds its 2007 warning letter.
  • FDIC sends second letter

    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.”
  • Regulators shut down First BankAmericano.

    Regulators shut down First BankAmericano.
    Regulators shut down First BankAmericano.
  • FDIC warns bank officers they could be sued.

    An FDIC letter warns bank officers could be sued because of “negligent oversight and management of lending activities.”
  • The Wall Street Journal reports Sen. Robert Menendez requested the Federal Reserve to approve the acquisition of First BankAmericano by another bank

    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.
  • Northjersey.com reports six bank directors were also borrowers.

    Northjersey.com reports six bank directors were also borrowers.