Jun. 29--Four scenarios are possible for Dwelling House Savings and Loan Association, as a Tuesday deadline to raise capital nears, experts said.
One outcome to the Hill District financial icon's effort to raise money to recover from an electronic theft would be that the time limit comes, and goes, with no action taken. The other possibilities: to close, merge or sell the Herron Avenue thrift.
"Nothing will happen on Tuesday, period," said Phil Van Doorn, senior banking analyst with TheStreet.com in West Palm Beach, Fla.
Van Doorn said even if Dwelling House's primary regulator, the Office of Thrift Supervision, decides to take action against the thrift, odds are it wouldn't happen until a Friday. Most of 40 institutions closed this year did so on Fridays, he said.
Other banks and savings and loans, of varying sizes, have responded with "no comment" when questioned about whether they might consider taking over Dwelling House.
Bank officials continue negotiating with financial institutions that officials have said cyber thieves manipulated. Someone outside the bank siphoned more than $3 million from Dwelling House through the Automated Clearing House system.
The thrift was negotiating with one large, unidentified bank that, if it remitted the money that passed through it during the scam, would put Dwelling House over its capital hurdle. Clearing House transactions typically allow financial institutions to transfer money among institutions.
Dwelling House recouped about $1 million of the $3 million stolen, and the Office of Thrift Supervision told the financial institution it needed to bring in another $1 million.
"We continue to make progress with banks, in remitting back to us the funds that were stolen," Dwelling House director Barry Balliet said. "We also have a number of entities trying to remit to us nonwithdrawable deposits."
He wouldn't elaborate, but said those who perpetrated the fraud were "cunning." Authorities have said they are investigating what happened.
Nonwithdrawable deposits can't be withdrawn by the person or organization making the deposit. The money would be counted toward Dwelling House's capital, or money remaining once all depositors are paid.
Board member David Lendt said that although Dwelling House sought money amicably, legal action is an option.
"It's costly, but it's something to consider," Lendt said.
Van Doorn said it wouldn't be unusual for regulators let Tuesday's deadline slide without taking action.
"Look at what happened with BankUnited -- that situation went on for months, until a group of investors was found to take over the institution," Van Doorn said.
Federal regulators seized Coral Gables, Fla.-based BankUnited FSB last month, the biggest bank failure this year. The Federal Deposit Insurance Corp. sold the company's banking operations to a private-equity team. The sale protected depositors.
BankUnited had $12.8 billion in assets and $8.6 billion in deposits, and regulators said it was critically undercapitalized, like Dwelling House.
Investors agreed to pump $900 million in capital into the bank and to acquire $12.7 billion of the bank's assets and $8.3 billion of certain deposits considered less risky. The FDIC agreed to absorb most future losses on a $10.7 billion pool of assets the investment team will manage.
"Our relationship with all of our regulators -- the state Department of Banking, the OTS, the FDIC that insures our deposits -- is one of cooperation," Lendt said. "So long as we are making progress in recouping funds, my feeling is we will continue to work with them. It would surprise me if they came in and shut Dwelling House down."
Even Van Doorn said he hopes the Office of Thrift Supervision takes into consideration the effort Dwelling House executives and people in the community put into trying to save the institution.
"I hope they let them coast," he said. "I wish them the best."
Rick Stouffer can be reached via e-mail or at 412-320-7853.
-----
To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/.
Copyright (c) 2009, The Pittsburgh Tribune-Review
Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
NASDAQ-NMS:TSCM,
A service of YellowBrix, Inc.
Comments
new handbag
supra shoes free shipping
timberland shoes
Ed Hardy Love Kills Slowly
Abercrombie & Fitch
replica watch
ugg boots
nike shoes
Thomas Sabo Pirate Region compilation of silver ornaments are filmed using the primary colorations of lemon, black, green and sterling silver, with a little of brown and dark, which composed a world of thomas sabo bracelets popular and amazing of the islands look. thomas sabo are designed to be juicy and distinctive instead of satiric and funny, which is regarded as becoming super-shining. The approval of such wonderful diamond jewellery is in addition quite versatile, which designs an overall impression of echoing.
Pendant earrings are greatly warranted being launched. You may sabo charms certain to turn out to be the origin of enjoyment and thomas sabo charms sale laughter as soon as you turn your brain around, and also your intellect and center may also be surrounded by gladness and joy which has been brought by the sunlight.
My sister is a pink hand within the machine industry, who recently participated in a party stored by thomas sabo sale to exhibit the brand's new selection of summer. She was not so big and excessive as other girls are, nonetheless she walked around the runaway without running shoes, which really drawn most awareness.
The precious jewelry brand thomas sabo charms produces its summer collection by welcoming numerous well-known stars and fairly models to keep up shows.
This is now my sister's initial period to attend such a bit event, and her 1st design rapidly grabbed so much attention, which disturbed her quite a bit. And once she donned a suit of white skirt and white hat on the head, soon she had become the center on the entire demonstrate.
uggs for cheap
prada sneakers
tang
http://www.casualuxury.com
In the famous brands markets, there are fashion brands as hermes birkin, Which is fashionable called by the young girls. We know it’s a kind hermes bag. Also in this unusual season many creative man loves Abercrombie and Fitch clothing, all kinds cool clothes style you can see from Abercrombie and Fitch, so as ed hardy both show street crazy. Especially for its ed hardy shoes, and differ season popularity with differ brands, on the other side ugg boots are in great demand in summer. Then you can basic on uggs outlet. Since you are the influx person breitling watches gucci handbags chanel handbags none is missing. Want to be the most beautiful bride with wedding dresses is every girl's dream enjoy the most memorable moments in the wedding day, of course, wedding dresses sale on weddingpiece.com can achieve your dream. Also coupled with the most beautiful cartier jewelry and other replica breitling you need own in our life, not only pay attention to these, in the usual life we have to keep up with the pace of fashion, MBT shoesyou must know, in 2010. Five finger shoesas mbt also a sole health shoes in the market. And also the next famous brands you can know in the market.
abercrombie clothes A&F discount abercrombie abercrombie clothing cheap abercrombie Cheap Abercrombie and Fitch abercrombie fitch dresses abercrombie fitch swimwear abercrombie fitch accessories abercrombie fitch jeans abercrombie fitch sweater abercrombie fitch shirts abercrombie fitch polos hermes handbags hermes kelly kelly hermes jimmy choo handbags jimmy choo bags handbag jimmy choo replica jimmy choo handbags jimmy choo tote jimmy choo hobo miu miu handbags miu miu bags miu miu hobo miu miu tote miu miu shoulder bag ed hardy clothing ed hardy clothes ed hardy shirt cheap ed hardy ed hardy sale ed hardy jeans ed hardy swimwear ed hardy t shirts ed hardy tanks ed hardy sunglasses uggs uggs sale UGG Sandals Australia Ugg Boots ugg boots for cheap discount ugg boots women's ugg boots man's ugg boots ugg slippers ugg outlet ugg boots outlet outlet ugg ugg autlet ugg boot outlet free cheap uggs uggs boots outlet classic short ugg boots classic tall ugg boots classic cardy ugg boots five finger shoes vibram five fingers five fingers vibram wedding gowns breitling mens watch breitling navitimer breitling bentley breitling superocean breitling chronomat gucci bags gucci replica handbags discount gucci handbags guicci handbags sale gucci hobos gucci shoulder bags gucci totes chanel bag chanel bags cheap chanel handbags chanel handbags online chanel purses chanel hobos chanel shoulder bags chanel totes .All the above brands you can have in the site, and you can have your happy shopping online.
ugg boots
ugg boots cheap
MCSA
mbt shoes
cartier jewelry
jimmy choo handbags
nike shoes
cosplay costume
Now,cosplay costume is very popular all of the world, the easy to find cosplay costumes, search our wide range of cosplay costume for sale, our experience and long-term business relationships enable us to help our clients maximize their goals.
RE:
wedding dresses2010
MBT Shoes Clearance
prada handbags
dsafd
In my opinion
It's pretty good
MBT Shoes Sale
MBT Shoes Clearance
asfr
Links of London
List of the Most 20 Popular NBA Players
The 20 Most Popular NFL Jerseys (and the Players Inside)