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 Banks and money flow
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shucks


2145 Posts

Posted - 01/04/2011 :  08:33:35 AM  Show Profile  Reply with Quote
Remember when Wal Mart was being talked about and some posters said they would never set foot in WalMart because they did not want their money going to Bentonville, AK? Well, a more sophisticated flow of local money is now leaving Union County.

Notice all the local banks except United have now been taken over by the FDIC and sold? Appalachian Bank is now Citizens and Southern from Carrollton, Ga. Bank of Hiawassee is now Citizens Bank from Gastonia, NC. Natahala Bank has always been from N.C, Cadence Bank is headquarted in Starkville, MS. The Community Bank in McCaysville is now owned by Peoples Bank in TN.

The banking and financial climate in Union is changing, there are some new and powerful players out there now.

Of some concern is why United was not allowed to assume the other local banks or at least bid on them.There may be some legal reason that I do not know about. United may be borderline in failing the"Texas Rule" because of it's tremendous assets to non performing loan portfolio.

A clue is the foreclosure listing in the newspaper. If the notice says "United Community" bank then most likely the loan was inhouse for some reason. Most likely it did not meet minimum FHA loan rules, low value, or located on a dirt road with a well etc. Most mortgage loans thru a bank are sold to investors before the ink is dry on the closing papers except the ones not eligible for FHA backing.

So, a lot of Union County money is leaving Union because of the bank takeovers by out of state and out of area banks.


Shucks

hog wild

United States
180 Posts

Posted - 01/04/2011 :  10:33:08 PM  Show Profile  Visit hog wild's Homepage  Reply with Quote
good point

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GrayEagle

USA
9966 Posts

Posted - 01/05/2011 :  05:40:04 AM  Show Profile  Visit GrayEagle's Homepage  Reply with Quote
So, does that mean we all should move our business to UCBI?

GrayEagle
<:))))<><
"Silence in the face of evil is itself evil. God will not hold us guiltless. Not to speak is to speak. Not to act is to act." Dietrich BonhoefferGo to Top of Page

Woof

USA
236 Posts

Posted - 01/05/2011 :  09:23:50 AM  Show Profile  Reply with Quote

Read "online" Ajc (Atlanta Journal-Constitution) for 1-4-2011
and see report on UCB and problems.

Mr. Eagle - I truly "love" Cadence Bank - wonderful customer
service beyond all expectations. I even get some interest on
my checking although we know it has gone down, down for all banks
this year. It is always good to keep a "credit union" account for
even more security. Just my opinion.

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shucks


2145 Posts

Posted - 01/05/2011 :  1:39:21 PM  Show Profile  Reply with Quote
Gray, No I would not move any money to United at this time.I would rather wait until the other shoe falls.

It is never good business to put all your money in a local bank.

ShucksGo to Top of Page

shucks


2145 Posts

Posted - 01/05/2011 :  1:59:56 PM  Show Profile  Reply with Quote
Woof, I just read the article. UCB stock is down to $1.95 per share this morning amd is coupled with 8 straight quarters of losses, including the last of $236 million. Bank just declared that all dividens ar being suspended. If I were a stockholder or on Board of Trustees, I would be screaming my head of to sell the bank or change management and downsize.

Just my opinion

ShucksGo to Top of Page

GrayEagle

USA
9966 Posts

Posted - 01/05/2011 :  2:41:25 PM  Show Profile  Visit GrayEagle's Homepage  Reply with Quote
Sorry that my comment was misunderstood. I have no intention of moving more than I already have to UCB. My primary bank is USAA with accounts in other places.

GrayEagle
<:))))<><
"Silence in the face of evil is itself evil. God will not hold us guiltless. Not to speak is to speak. Not to act is to act." Dietrich BonhoefferGo to Top of Page

coosa creek

USA
39305 Posts

Posted - 01/05/2011 :  4:22:33 PM  Show Profile  Reply with Quote
Woof, I understand that Cadence has been sold to another bank.

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Wildflower

USA
4528 Posts

Posted - 01/06/2011 :  02:14:23 AM  Show Profile  Reply with Quote
quote:

Bank of Hiawassee is now Citizens Bank from Gastonia, NC.

My bank is Bank of Hiawassee.

I love the staff there and I've kept my accounts there. But I can't find it in my heart to feel sorry for the higher ups who took risks and ended up ruining a local bank that had been here for ages.

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shucks


2145 Posts

Posted - 01/06/2011 :  2:32:29 PM  Show Profile  Reply with Quote
Gray, No problem, I misunderstood your comments.

If your bank is the same as the insurance company, USAA it is one of the 3 very best insurance companies in the US. Based on price, service, claims and financial stability.
The other two are Amica and The Cincinati. All are rated the very best by the entire insurance industry.

ShucksGo to Top of Page

GrayEagle

USA
9966 Posts

Posted - 01/06/2011 :  3:22:54 PM  Show Profile  Visit GrayEagle's Homepage  Reply with Quote
The bank and insurance company are one in the same. Been with them for 30+ years.
USAA=United Services Automobile Association and includes its insurance, banking, investment and other companies.
GrayEagle
<:))))<><
"Silence in the face of evil is itself evil. God will not hold us guiltless. Not to speak is to speak. Not to act is to act." Dietrich Bonhoeffer

Edited by - GrayEagle on 01/06/2011 3:29:05 PMGo to Top of Page

mountainguy

USA
2247 Posts

Posted - 01/10/2011 :  2:58:36 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
It really ticks me off that we lost the local banks. Seems the big banks just keep getting bigger. Thanks to the Federal Reserve Bank lowering the interest rates to near zero to feed the housing bubble.

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas JeffersonGo to Top of Page

coosa creek

USA
39305 Posts

Posted - 01/10/2011 :  4:48:52 PM  Show Profile  Reply with Quote
I certainly have tried to keep all of my money in local banks. Now, they won't even offer 1% interest so we have to use internet banks instead. When I worked for a savings and Loan 30 years ago, we paid 6% interest on savings and 8% interest on certifications of deposit.

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Woof

USA
236 Posts

Posted - 01/11/2011 :  3:56:08 PM  Show Profile  Reply with Quote
I looked at the search tool for CD's on bankrate.com yesterday.
The one I found the highest rate near us was Ally bank @1.29% w/no minimum for 1 year and then UCB at .90%. w $500 min. As Shucks noted Suntrust (big bank) is at .20 w/$1000 min. Coosa, it does seem strange to get excited over 1.29%. Did anyone see the news alert on Fox Business yesterday that concerned the dollar and something to do with France? Woofs from the dog who is wearing sweaters in the snow these days - a true insult to Jack Russells but Woof goes with the flow.

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mountainguy

USA
2247 Posts

Posted - 01/12/2011 :  2:47:56 PM  Show Profile  Visit mountainguy's Homepage  Reply with Quote
Why in the world would anyone buy a CD @ 1.29%? If you factor 5% for inflation, you're actually losing money!

Why is there no incentive to save anymore?

"Educate and inform the whole mass of people. They are the only sure reliance of the preservation of our freedom."
-- Thomas JeffersonGo to Top of Page

shucks


2145 Posts

Posted - 01/12/2011 :  4:30:23 PM  Show Profile  Reply with Quote
merica grand? Banks can charge you interest out the kazoo and pay you interest in "green Stamps". If I get into financial trouble, it's just my little red wagon. If the bank get's into trouble, Uncle Sam is standing there with his "croker sack" full of money.

God Bless America!!

ShucksGo to Top of Page

fawn

USA
2223 Posts

Posted - 01/13/2011 :  1:57:56 PM  Show Profile  Visit fawn's Homepage  Reply with Quote
May as well just spend it since the interest rate is practically nothing.

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coosa creek

USA
39305 Posts

Posted - 01/13/2011 :  5:19:58 PM  Show Profile  Reply with Quote
american express is paying 1.3% on a savings account and ING is paying 1.1% on a savings account also. It seems foolish to lock money up in a c.d. paying less than that.

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bryan

USA
61 Posts

Posted - 01/14/2011 :  4:04:58 PM  Show Profile  Visit bryan's Homepage  Reply with Quote
i have a solution that will ultimately profit both you and Union Co. go to United Comm bank and buy land from them....they have lots bc of beforementioned reasons and will deal with you....so those of you with some cash in the bank, understand that while it sits there in any format, you aint gettin ahead....however if you invest in land, it will appreciate....cant eat a bank account, cant eat land....one pays well and pours money into the last local bank...the other just sits there...easy solution...buy land off the UCBI delinquent role

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coosa creek

USA
39305 Posts

Posted - 01/14/2011 :  5:32:41 PM  Show Profile  Reply with Quote
Bryan, that is exactally what I did. I bought a nice 2 acres of land in a gated subdivision that UCB owned. It was $119,900 (subdivision had tennis, pool and clubhouse) and I got it for $42,000.

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Admin

USA
1484 Posts
Blairsville.com Administrator

Posted - 01/27/2011 :  11:01:14 AM  Show Profile  Visit Admin's Homepage  Reply with Quote
Off-topic posts have been removed.

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