Lehman Bros. Bankruptcy To Have No Effect On Local Community Bank
Sonora, CA — It was labeled “Black Monday” on Wall Street due to the bankruptcy
papers filed by Lehman Bros. in New York City.
Mother Lode Bank President/CEO Chuck Milazzo commented that his bank at no time became involved in the sub-prime mortgage issue that has decimated a number of institutions in the financial industry.
Milazzo added that Mother Lode Bank has maintained capital above the level defined by bank regulators.
Finally Milazzo stated, “That play (not being involved in sub-prime loans) is starkly different from what we see in the market overall.”
Written by Bill Johnson