The Real Deal Miami

Questions over BankAtlantic land loans

October 20, 2010 09:45AM

BankAtlantic’s portfolio of land loans seemed like a good bet when they
were made,  former senior VP of lending Marcia Snyder testified in a
shareholder class action trial yesterday. Even when the market slowed in
the final years of the boom, no one at the bank predicted the crash
that occurred in the third quarter of 2007, Snyder said.  Shareholders
have sued the bank, claiming it failed to disclose problems in its land
loan portfolio. The bank is currently trying to raise $125 million and
has received a delisting warning from the New York Stock Exchange. [SFBJ]