The koH Resources Blog, All Commercial Financing Information » Wachovia http://blog.kohresources.com All Commercial Financing Information Fri, 23 Jul 2010 02:33:38 +0000 en hourly 1 http://wordpress.org/?v=3.0 Goodbye Capital One http://blog.kohresources.com/goodbyecapital-one/ http://blog.kohresources.com/goodbyecapital-one/#comments Sat, 07 Nov 2009 02:11:34 +0000 braudis http://blog.kohresources.com/?p=568 Capital One Financial Corp., which bought Chevy Chase Bank earlier this year, is closing half a dozen branches of Chevy Chase Bank that were erected over the past decade in the Washington, D.C. area “to improve branch efficiency and performance, while also managing costs”.

Capital One merged Chevy Chase Bank into its charter July 30th and plans to begin converting Chevy Chase to Capital One Bank in the second half of next year. Chevy Chase Bank locations in Bethesda, Hagerstown, Laurel and Rockville will close Dec. 19, 2009. Branches in Waldorf and Bethesda are scheduled to be closed Jan. 9, 2010.

According to deposit figures released by the FDIC on June 30th, Charlotte, N.C.-based Bank of America saw a surge in local deposits and overshot Wachovia Bank, which lost deposits, to become the area’s largest bank. Bank of America’s increase was driven by growth in its retail banking business. The figures are from the FDIC’s annual survey of each branch. McLean-based Chevy Chase Bank also gained ground with deposits, surpassing Atlanta-based Sun Trust Bank to reach third place. Chevy Chase’s figures don’t include deposits held at Capital One Bank, which merged Chevy Chase into its charter after numbers were collected.

Overall, community banks did a little bit better than large banks, taking about 1 percent of local market share from Bank of America, Wachovia, SunTrust, BB, Chevy Chase, Citibank, M&T, PNC, HSBC and TD Bank, which held 80.55 percent of local deposits, down from 81.49 percent a year ago.

 So why am I telling you this? Remember my scenario of last month, what the Capital One manager said about not being able to make any adjustments in my favor because of the economy and consequent defaults which gravely effected their bottom line? Well, their bottom line was huge in the black. Don’t take my word for it, get evidence of their earnings straight from Capital One! Goodbye Capital One, there’s something new in my wallet. Hello Community Banks!

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]]> http://blog.kohresources.com/goodbyecapital-one/feed/ 21 Wells Fargo Bailout and Brokers http://blog.kohresources.com/wells-fargo-bailout-and-brokers/ http://blog.kohresources.com/wells-fargo-bailout-and-brokers/#comments Tue, 15 Sep 2009 16:43:11 +0000 braudis http://blog.kohresources.com/?p=354 The last time I had communicated with Wells Fargo was in May. They informed me that due to current market conditions, the small balance commercial loans program was being suspended. This was after they had acquired Wachovia; and after telling CBS News in February that they were “positioned well to continue lending across all sectors and satisfying customers” financial needs, which is in the spirit of the Treasury’s plan.”

Today I was informed that they are no longer offering broker transactions. Strange. After receiving $25 billion in government funds, after being involved in one of the largest government-bank transactions in the history of banking, they have decided to no longer engage the transactions of brokers that they heretofore approved. Interesting… especially after just this Monday they fired an executive who was in charge of their foreclosed commercial properties.

Of course this firing took place after an outside investigation. And why was this senior vice president fired? Because she held lavish parties at a foreclosed beachfront Malibu house owned by the bank. Didn’t Wells Fargo have its hands full in February? It said in February that it said that it did not plan any more of these “recognition events” this year. It said at the time that such events were part of its culture, and that it believed in rewarding hard-working team members.

 

The guys at Wells Fargo may not know how to give (the public) much but they sure know how to receive (cash and benefits for their own pockets) don’t they? But they must be doing something right, since the public at large is also responsible for shares in the bank being up 1.8 percent at $27.92 on Monday. In the past, brokers also helped them with their market shares. And here we are complaining. Or is just me? Crazy world, huh?

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