Troubled Blue Ridge Savings Bank of Asheville, NC, was closed by the NC Office of Commissioner of Banks Friday, which appointed the Federal Deposit Insurance Corp. as receiver.
The FDIC then entered into agreement with Thomasville-based Bank of North Carolina to assume all of the deposits of Blue Ridge, according to an FDIC press release.
Blue Ridge, founded by former US Congressman Charles Taylor in 1978, had 11 branches and a little more than $160 million in total assets as of June 30. That’s down sharply from three years earlier, when Blue Ridge had nearly $270 million in assets.
Blue Ridge was cited for “unsound practices” and “violations of laws and regulations in late 2008” by state and federal regulators, according to media reports.
The closing marks the second Tar Heel State bank to be shuttered this year. The other was also based in Asheville: The Bank of Asheville, on Jan. 21, 2011.
Serbia’s new restitution law may threaten the Balkan country’s prospects for membership in the European Union, an official with neighboring Hungary said Thursday.
The law discriminates against Hungarians and other minorities and poses a “serious problem” to Serbian efforts to join the EU, Hungary foreign minister Janos Martonyi said.
The Serbian law relies on the unacceptable principle of collective guilt because it prevents Serbian Hungarians and others who were drafted into occupying armies like Hungary’s and Germany’s during World War II – and their descendants – from getting their property back, according to an Associated Press report.
The legislation defines Mar. 9, 1945, as the date when confiscation of private property and businesses began in Serbia, together with Feb. 15, 1968, when a second wave of confiscation was launched, according to IPS News.
“This is not an issue between Hungary and Serbia, but a European issue,” Martonyi told reporters.