i am keeping with an original gut feeling here
amcore had stated they would be receiving a tax refund around 30M in a letter from the ceo on their old bank site weeks ago and that it along with $ received from the sale of all those branches would or could bring them up to an acceptable level of capital
it could be their earnings were worse than expected and they realized that the above would not make it so am wondering if they shifted those funds, at least the tax refund, into another subsidiary and let the amcore bank sub go...lots of guessing here but the statement on the old bank website over the weekend did say as per the fdic,"the holding company was not included in the closing of the bank or the resulting receivership"
the confusing part is what came out in the sec this am and said amfi is not a bank holding co at this time...that stands to reason, but what exactly are they
what has happened to cash and cash equivalents, other assets, the tax refund, and the $ received from those 12 branch sales??
lots of legal stuff going on here
