http://online.wsj.com/article/SB10001424053111904480904576498442951766826.htmlClosing his doors as a "bank" and opening a private, unregulated lending institution that won't have FDIC protection.
Mr. Depping says that Main Street's focus on small-business lending has sheltered the bank from much of the devastation that has swept the industry, including 385 bank failures since the start of 2008.
[snip]
In July 2010, the FDIC slapped Main Street with a 25-page order to boost its capital, strengthen its controls and bring in a new top executive. Regulators also said the bank was putting too many eggs in one basket. Mr. Depping says regulators wanted the bank to shrink its small-business lending to about 25% of the total loan portfolio, down from about 90%.
Poor guy.
He stays away from the shaky/shady part of banking today (home loans to folks without the credit to actually earn a home) and he ends up getting a shakedown from the Feds.
I can't blame him for saying "Eff ewe... I'm gonna do this my way and I don't need or want your help."
