FDIC Has OneUnited Bank In Its Scope

Posted: December 3, 2008 in Economy, Headlines

FDIC cracks down on OneUnited BankBoston Business Journal
by Tim McLaughlin

A federal bank regulator recently accused the management of OneUnited Bank, one of the largest black-owned banks in the country, of running an unsound lending operation and ordered a top-to-bottom review of executive perks that included a 2008 Porsche and a housing allowance for a beach-front home in California.

The Federal Deposit Insurance Corp.’s cease and desist order said Boston-based OneUnited must cut any financial ties to a California-based limited liability company that owns a beach-front home in Santa Monica. That limited liability company is controlled by OneUnited Chairman and Chief Executive Kevin Cohee and his wife, Teri Williams, who also is the bank’s president, according to records filed with the California Secretary of State’s office. (more…)

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