LifeStore Bank under federal oversight

LifeStore Bank under federal oversight

There are 14 comments on the Watauga Democrat story from Jun 19, 2012, titled LifeStore Bank under federal oversight. In it, Watauga Democrat reports that:

West Jefferson-based LifeStore Bank is now operating with greater federal oversight after the U.S. Comptroller's office found unsafe and unsound banking practices related to legal lending limits, appraisals and protection of customer information.

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anonymous

Wilmington, NC

#1 Jun 20, 2012
I think it only gets worse from here.
experienced

Boone, NC

#2 Jun 21, 2012
Could be beacuse Jim Marsh is working there.
cgbaker

Wilson, NC

#3 Jun 22, 2012
For goodness sake, as consumers, let's not abandon Life Store Bank during a trying time.

The very reason they are in trouble is because they have taken chances and tried so hard to give our local citizens a break. How horrible it would be if we abandoned them now.

Let's do the opposite and rally around them and see them through this time. Many of us would be in VERY bad condition if someone, somewhere, some time had not given us a break. Time for us to "give back".

Best wishes, Live Store Bank. We appreciate you.
Observer

West Jefferson, NC

#4 Jun 24, 2012
Let us face it the Life Store management is not the brightest. Look at their crazy sign; it looks like something out of Halloween. Plus the very name Life Store is tacky. They were better off as AF Bank and AF Insurance. Let the government come in, take them over and sell them off. I am certain management can find other jobs. After all it was the banks that were responsible for this economic mess.
anonymous

Terrell, NC

#5 Jun 25, 2012
life store on life support
Observer

West Jefferson, NC

#6 Jun 25, 2012
AGREED! I closed my accounts. Thus in case the patient terminates I will not have to wait for the FDIC to get my money back.
Question

West Jefferson, NC

#7 Jul 7, 2012
experienced wrote:
Could be beacuse Jim Marsh is working there.
Why would you say that?
Greg

Boone, NC

#8 Jul 7, 2012
One word CROOK
Observer

West Jefferson, NC

#9 Jul 12, 2012
anonymous wrote:
life store on life support
Is it?
From the Watauga Democrat

West Jefferson, NC

#10 Jul 23, 2012
West Jefferson-based LifeStore Bank is now operating with greater federal oversight after the U.S. Comptroller's office found unsafe and unsound banking practices related to legal lending limits, appraisals and protection of customer information.
In the Know

West Jefferson, NC

#11 Aug 11, 2012
Pity the poor, idiot college student who puts money in a bank that the U.S. Controller's office has identified as having "unsafe and unsound banking practices." They may end up going back to live with mommy and daddy.
Question

Spartanburg, SC

#12 Aug 15, 2012
In the know.....Got a question for you...What if I just have a loan with that bank? What are they accused of doing that was found to be unsafe and unsound with regards to lending? I am one of the folks that pays their bills each month on time, and I just have a loan with them.
In the Know

West Jefferson, NC

#13 Aug 15, 2012
I would rather have a loan with the LifeStore than money on deposit with them.
If a bank fails the FDIC will come in an take over until hopefully a buyer can be found. Thus if you have a loan in such a bank you are not going to lose anything and perhaps have extra time to pay off your loan. This of course leaves open the issue of the type of loan you have. If the loan is doled out in batches you would not get more money from them (if) the FDIC takes over. We will have to wait and see what happens with the LifeStore. Funny name, the LifeStore may have a short life.
On the other hand if you have money in the bank who knows how long it will take to get it back. I am certain there will be dumb college students who will put money in the LifeStore this year. If the bank is taken over by the FDIC who knows when they will get their money back.
Question

Spartanburg, SC

#14 Aug 24, 2012
Ok thanks for the answer. I think I'm ok then. I already have the money and I used it lol - just paying it back at this point. That would suck if you deposited money and had to wait. Doesn't the bank have to insure that you get your money back up to $250,000 though? I guess that's what you mean, they'd still have to wait to get their money until the FDIC got around to giving it up

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