FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

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FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

Tuesday , March 17, 2009



A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.



The secret behind East Bridgewater Savings Bank?s accomplishments is the careful approach of 62-year-old chief executive Joseph Petrucelli.



"We?re paranoid about credit quality," he told the Boston Business Journal.



That paranoia has allowed East Bridgewater Savings Bank to stand out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn?t even need to set aside in money in 2008 for anticipated loan losses.



But rather than reward Petrucelli?s tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported.
 
[quote author="awgee" date=1237420829]FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

Tuesday , March 17, 2009



A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.



The secret behind East Bridgewater Savings Bank?s accomplishments is the careful approach of 62-year-old chief executive Joseph Petrucelli.



"We?re paranoid about credit quality," he told the Boston Business Journal.



That paranoia has allowed East Bridgewater Savings Bank to stand out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn?t even need to set aside in money in 2008 for anticipated loan losses.



But rather than reward Petrucelli?s tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported.</blockquote>


This would be a great peace of satire... Truly sickening.
 
[quote author="CapitalismWorks" date=1237422744][quote author="awgee" date=1237420829]FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

Tuesday , March 17, 2009



A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.



The secret behind East Bridgewater Savings Bank?s accomplishments is the careful approach of 62-year-old chief executive Joseph Petrucelli.



"We?re paranoid about credit quality," he told the Boston Business Journal.



That paranoia has allowed East Bridgewater Savings Bank to stand out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn?t even need to set aside in money in 2008 for anticipated loan losses.



But rather than reward Petrucelli?s tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported.</blockquote>


This would be a great peace of satire... Truly sickening.</blockquote>
Could be OR the FDIC wants the well run banks to lend on stupid loans so they'll have more work for themselves when they have go back a year later and close the bank down.
 
[quote author="usctrojanman29" date=1237423728][quote author="CapitalismWorks" date=1237422744][quote author="awgee" date=1237420829]FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

Tuesday , March 17, 2009



A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.



The secret behind East Bridgewater Savings Bank?s accomplishments is the careful approach of 62-year-old chief executive Joseph Petrucelli.



"We?re paranoid about credit quality," he told the Boston Business Journal.



That paranoia has allowed East Bridgewater Savings Bank to stand out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn?t even need to set aside in money in 2008 for anticipated loan losses.



But rather than reward Petrucelli?s tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported.</blockquote>


This would be a great peace of satire... Truly sickening.</blockquote>
Could be OR the FDIC wants the well run banks to lend on stupid loans so they'll have more work for themselves when they have go back a year later and close the bank down.</blockquote>




or it could be that the guy is a racist and won't give money to anyone outside of his ethnic group, and the two issues are unrelated.



*he says* he got the rating for not lending enough, but in the past, that criticism was reserved for banks that practiced redlining.
 
[quote author="freedomCM" date=1237432583][quote author="usctrojanman29" date=1237423728][quote author="CapitalismWorks" date=1237422744][quote author="awgee" date=1237420829]FDIC Criticizes Massachusetts Bank With No Bad Loans for Being Too Cautious

Tuesday , March 17, 2009



A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.



The secret behind East Bridgewater Savings Bank?s accomplishments is the careful approach of 62-year-old chief executive Joseph Petrucelli.



"We?re paranoid about credit quality," he told the Boston Business Journal.



That paranoia has allowed East Bridgewater Savings Bank to stand out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn?t even need to set aside in money in 2008 for anticipated loan losses.



But rather than reward Petrucelli?s tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported.</blockquote>


This would be a great peace of satire... Truly sickening.</blockquote>
Could be OR the FDIC wants the well run banks to lend on stupid loans so they'll have more work for themselves when they have go back a year later and close the bank down.</blockquote>




or it could be that the guy is a racist and won't give money to anyone outside of his ethnic group, and the two issues are unrelated.



*he says* he got the rating for not lending enough, but in the past, that criticism was reserved for banks that practiced redlining.</blockquote>


Wow, the guy does a good job of mitigating risk and he becomes a racist? No wonder this country is screwed. Up is down, four legs is good, and two legs is better.
 
[quote author="freedomCM" date=1237452375]did you read what i wrote? did you see the "could be", and the reason that i wrote that?</blockquote>


Yeah, I read "could be". So you can drag somebody through the mud as long as you say "could be". You can attribute any unsubstantiated slur against them as long as you write, "could be"?



FreedomCM could be a pedophile. There have been many instances where people in the same circumstances as FreedomCM are pedophiles.





Character assassination by association is for cowards.
 
[quote author="awgee" date=1237455330][quote author="freedomCM" date=1237452375]did you read what i wrote? did you see the "could be", and the reason that i wrote that?</blockquote>


Yeah, I read "could be". So you can drag somebody through the mud as long as you say "could be". You can attribute any unsubstantiated slur against them as long as you write, "could be"?



FreedomCM could be a pedophile. There have been many instances where people in the same circumstances as FreedomCM are pedophiles.





Character assassination by association is for cowards.</blockquote>


<strong>LOL!!!</strong>
 
[quote author="awgee" date=1237455330][quote author="freedomCM" date=1237452375]did you read what i wrote? did you see the "could be", and the reason that i wrote that?</blockquote>


Yeah, I read "could be". So you can drag somebody through the mud as long as you say "could be". You can attribute any unsubstantiated slur against them as long as you write, "could be"?



FreedomCM could be a pedophile. There have been many instances where people in the same circumstances as FreedomCM are pedophiles.





<strong>Character assassination by association is for cowards.</blockquote>


Who put sandpaper on your toilet paper roll, AWGEE?</strong>



I also gave a plausible reasoning, based on the prior use of the term (community reinvestment), rather than blindly casting aspersions.



Perhaps you could reflect for a minute whether you did that when you used the 'pedophile' term.
 
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