It was July 2009. Bear Stearns, Lehman Brothers and Washington Mutual all had failed the previous year, and prospects weren’t looking much better for Kansas City’s Bank Midwest.
Bank Midwest’s loan portfolio was full of commercial real estate that was quickly shedding value as a result of the nationwide real estate bust. The Office of the Comptroller of the Currency had just issued an enforcement action, requiring the bank to increase reserve capital to backstop problem loans or face forced…
It was July 2009. Bear Stearns, Lehman Brothers and Washington Mutual all had failed the previous year, and prospects weren’t looking much better for Kansas City’s Bank Midwest.
Bank Midwest’s loan portfolio was full of commercial real estate that was quickly shedding value as a result of the nationwide real estate bust. The Office of the Comptroller of the Currency had just issued an enforcement action, requiring the bank to increase reserve capital to backstop problem loans or face forced…