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Fed Up: A Texas Bank Is Calling It Quits
Started:August 11th, 2011 (06:06 PM) by GridKing Views / Replies:570 / 0
Last Reply:August 11th, 2011 (06:06 PM) Attachments:0

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Fed Up: A Texas Bank Is Calling It Quits

Old August 11th, 2011, 06:06 PM   #1 (permalink)
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Fed Up: A Texas Bank Is Calling It Quits

In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation's financial institutions, Main Street's chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank.

Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety net. Backed by the private investment firm of Microsoft Corp. co-founder Paul Allen, the company won't be able to call itself a bank, but it will be able to do business the way Mr. Depping wants.

Fed Up: A Texas Bank Calls It Quits - WSJ.com

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