Alabama Bank News

Question: I have a HMDA question about construction loans. Our construction loans are 360 months plus 9 months interest. They are construction to perm. The first 9 months are interest only and then the 10th month includes principal &interest. Would we report this on ...Read More

Question: Do loans made to executive officers have to be preapproved by the board? Answer: No, unless the general requirement to get preapproval applies (which generally includes extensions over $500,000), the loan must be reported to the board but does not require preapproval. This ...Read More

Question: If we collect personal income from a Guarantor of a Small Business Loan, should we include this loan on our CRA Report and indicate it as a small business loans with gross revenue of less than $1 million if the personal income is ...Read More

by Charles W. Prueter Unanimous opinions in cases concerning relatively mundane matters generally are not the stuff of the nightly news. These are not the hot-button cases that capture the nation — one obvious and important exception is Brown v. Board of Education, in ...Read More

Question: Our bank is acquiring another bank, and once the acquisition is complete, we are going to change our name to the acquired’s name.  The only thing changing from a servicing perspective is the name and address of the bank. Based on this information, ...Read More

by Laurence Vinson, Bradley Alabama banks and other secured parties sometimes have difficulty completing the UCC-1 financing statement form in the manner provided by Article 9, “Secured Transactions,” of the Alabama Uniform Commercial Code with respect to debtors that are registered organizations, according to ...Read More

According to STS Group there have been a number of cases this week in Alabama in which ATMs were used to dispense hundreds of thousands of dollars with fraudulent cards. These cards were skimmed from another device such as a gas pump. Last year, ...Read More