Daily News | Why troubled banks aren’t merging to ease financial pressure
n recent years. In Fulton’s case, Moody’s — which provides investors with credit ratings, risk analysis, and research on stocks and bond — said it may have to cut again, citing the bank’s higher-than-average dependence on commercial real estate loans, which could prove problematic as office values are falling., the worse for lenders that finance construction, and builders who want their loans.
Abbott Cooper, head of New York-based Driver Management Co., has invested in a string of Pennsylvania banks in recent years, and forced some, including the formerAdvertisement But meanwhile they are having to spend a ton of money because [investors including] George Norcross sue so much.Banks are very interested in merging. They can’t keep paying more for deposits than they can get in loans. But the rules are that, when they sell, they have to mark the entire loan book to market [and admit that the loans are worth a lot less than when they were made, reducing the bank’s value and forcing it to raise capital.
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