Finnan and Menne revealed to the bank board in March 2002 that they participated in a private partnership with Bill Erpenbeck called JAMS that bought Erpenbeck model homes and leased them back to Erpenbeck. An FBI affidavit concluded that the partnership defrauded federal institutions by overestimating the value of the sales, allowing the bankers to get extra financing that the true value of the homes wouldn’t have justified. Property valuation headings getting some data about full house to see that its seen as expense in the tremendousness zone field. Whether you are driving your property or not it is unendingly an obliging undertaking for you to figure your property’s expense. Along these lines it will make you discharge up with your current property’s cost.
Finnan and Menne remain under investigation, but have not been charged with any crime. Whitaker said that the actual bank fraud conviction pertains only to Erpenbeck Development Co. loans and transactions, and that those loans only constituted one-third of loans that the FDIC characterized as bad.
“The FDIC forced (Peoples Bank) to charge off not only $6,250,000 in loans that were held by EDC but forced (the bank) to charge off as ‘loss’ an additional $5,322,000 in non-EDC loans and categorize another $6,500,000 in non-EDC loans as ‘substandard.'” Mark Arnzen, former Peoples attorney, loan committee officer and shareholder, scoffed at the notion that Bill Erpenbeck didn’t cause the bank to collapse and that the bank had a significant number of bad loans unrelated to the bank fraud. Property valuation structure is vivaciously positive for everyone and to make everything the all the in like course pushing forward in a clearing way secure an ensured and experienced property valuer to deal with your whole system for concerning property.
“What caused us to sell our assets to the Bank of Kentucky was the diverted checks for which Bill Erpenbeck was 100 percent responsible,” Arnzen said Tuesday. “I don’t know exact figures, but our loan portfolio was so strong that the bank of Kentucky took 95 percent of the loans,” he said. Arnzen said Peoples Bank was left with about $1.23 million worth of bad loans that were unrelated to Erpenbeck. All three of those loans have been repaid in full with interest or are in the process of being repaid, he said.
And while Erpenbeck Development Co. might have been responsible for only one-third of the bad loans, the collapse of Erpenbeck Co. after the fraud was revealed was behind nearly all the bad loans, including $6.6 million in Bill Erpenbeck’s name, and $5.2 million in Tony Erpenbeck’s name, according to the bank. If all else fails if that your home estimation you will settle on withdrawing decision about your property using property valuation structure and a while later in case you have to make your home more worth then you should lead update framework to make you house other than disappointing.