NASHVILLE, Tenn. — The U.S. Department of Labor’s Occupational Safety and Health Administration has ordered Tennessee Commerce Bank in Nashville to reinstate a former corporate officer and pay more than $1 million in back wages, interest, attorney’s fees, compensatory damages and other relief.
The department found the bank had fired the individual in violation of the [...] [...]
GULFPORT — Officials say former Hancock Bank branch operations manager Margaret Migues conspired with other employees to embezzle more than $2 million during her 29-year career.
U.S. Magistrate John Roper set a $25,000 unsecured bond for the 52-year-old Migues March 17. With her attorney at her side, Migues waived indictment by a federal grand jury, instead [...] [...]
CHARLOTTE, N.C. — Bank of America CEO Brian Moynihan conceded Wednesday that the company made a series of missteps during the credit crisis and recession that hurt its relationship with shareholders and customers.
“Before and during the recent crisis, many of our collective business judgments missed the mark,” Moynihan said in [...] [...]
NATCHEZ – Britton & Koontz Capital Corporation has re-evaluated its potential exposure with respect to two impaired commercial loans in its Mississippi market and has increased the allowance for loan loss by $1 million. The company determined that the provision expense necessary to increase the allowance should be charged [...] [...]
TUPELO — BancorpSouth Inc. has filed its Annual Report on Form 10-K for the year ended Dec. 31, 2009, with the Securities and Exchange Commission. As previously announced, the delay in filing the annual report resulted from management’s determination, in consultation with BancorpSouth’s independent registered public accounting firm and with the concurrence of the Audit [...] [...]
GENEVA — Embattled UBS AG has warned that Switzerland’s financial industry is at risk unless lawmakers approve a tax treaty with the United States, and that other Swiss banks may be next to face pressure from U.S. regulators.
In a letter to parliamentarians, the banking giant said the U.S. Internal Revenue Service has collected information on [...] [...]
TUPELO — Copeland & Johns Inc, of Jackson is building a new facility for Community Bank in Tupelo. The site is at the intersection of North Gloster Street and Lakeshire Drive.
The cost of the project was not disclosed.
Copeland & Johns estimates completion of construction by July 1. Jackson-based Dean and Dean/Associates Architects designed the three-story, [...] [...]
OCEAN SPRINGS and JACKSON — In two separate, unrelated cases, one former bank employee has been charged with embezzlement while a second pleaded guilty to the same charge.
Court records didn’t say how much money 52-year-old Margaret Migues allegedly stole between 1980 and 2009 while working at Hancock Bank in Ocean Springs.
Migues is charged with embezzlement [...] [...]
WASHINGTON — Federal Reserve chairman Ben Bernanke told Congress today that record-low interest rates are still needed to ensure that the economic recovery will last and to help ease the sting of high unemployment.
In his twice-a-year report to the House Financial Services Committee, Bernanke struck a confident tone that the recovery should endure. But he [...] [...]
WASHINGTON — Freddie Mac lost $7.8 billion in the final three months of last year, but the mortgage finance company didn’t need a federal cash infusion for the third quarter in a row.
Freddie Mac, which has been controlled by federal regulators since Sept. 2008, lost $2.39 a share, the company said today. The loss included [...] [...]
