Announcements
Struggling Tennessee Homeowners Receive Assistance
January 10, 2011—Tennessee homeowners who are struggling to meet mortgage payments may now receive help through a new federal program - the Hardest Hit Fund - that provides forgivable loans to eligible homeowners.
The Hardest Hit Fund Program consists of $191 million designated to provide forgivable loans of up to $20,000 to Tennessee homeowners who are unemployed or underemployed, through no fault of their own, and are struggling to make their mortgage payments. This is a federal program through the U.S. Treasury administered in Tennessee by Tennessee Housing Development Agency (THDA).
Additional information can be found in the attached document. If you have additional questions or to apply, call NeighborWorks Alliance of Tennessee at 888-588-9129.
FDIC Changes FDIC Insurance Coverage for Transaction Accounts
January 3, 2010—All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterestbearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit the FDIC's website.
First Alliance Bank makes two new hires
The board of directors of First Alliance Bank is pleased to announce the following additions to its staff:
Jeffrey A. Camp hired as
Executive Vice President, Senior Lender
On July 1, 2009, Jeff joined First Alliance Bank as Senior Lender with the mission of expanding the commercial lending area. With over 25 years in the banking profession, Jeff previously served 11 years as Chief Credit Officer for a bank in Kosciusko, MS. Jeff is a native of Memphis and an alumnus of Briarcrest High School. He received a BA in Banking and Finance from Mississippi State University and is a graduate of the Southwest Graduate School of Banking.
Lawrence D. Allen hired as
Senior Vice President, Commercial Lender
Larry became part of the First Alliance Bank team on October 1, 2009, after heading the "Business Credit" department of a local bank for more than 6 years. Larry grew up in Mt. Airy, North Carolina, but has called Memphis home since 1980. He graduated from Wingate University with an AA degree in Pre-law, and University of North Carolina with a BA in Business. Larry obtained his CLBB (Certified Lender in Business Banking) certification in 1996 from the Institute of Certified Bankers.
First Alliance Bank Recruits
Commercial Lender David Gross
July 2008—First Alliance Bank hired David Gross as senior vice president, commercial lender for their new East Memphis office which is scheduled to open at 4700 Poplar Avenue, Memphis, TN 38117 in late August 2008. The East Memphis Office is the fourth full-service location for First Alliance Bank offering the latest in banking technology, a drive-up ATM, and extended banking hours, including Saturday from 9 a.m. to noon.
L. Hunt Campbell, president and chief executive officer for First Alliance Bank, says "Gross is an outstanding addition to our lending team bringing over twenty-five years of banking experience. David has worked in the East Memphis area for the past six years and is well connected to this community. He understands how to meet the needs of the business community."
Both Campbell and Gross agree that this new fourth office will greatly improve access, visibility and convenience to First Alliance Bank customers. "Our new office will offer state-of-the-art technology, such as remote deposit capture for business customers, internet banking and bill pay, plus personalized service and banking conveniences such as our extended Saturday hours."
Gross joins First Alliance Bank with experience in bank management, lending, sales and customer service. He earned his bachelor's in political science and government, as well as, his JD and MBA from the University of South Dakota.
First Alliance Bank is a locally owned state-chartered commercial bank with a primary focus on small business banking and real estate lending. The bank first opened in Cordova, Tennessee in 1999 with an innovative approach to building relationships with both businesses and individuals. For more information about First Alliance Bank call 901-753-8339 or visit www.fabtn.com.
Transaction Account Guarantee Program
October 3, 2008—First Alliance Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor. This change will remain in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.