An article “Union National Community Bank sold for $23 million” reports “Union National has been in news lately as the mortgage lender to the ailing Pennsylvania Academy of Music.”
It concludes as follows:
“Union National also has been operating under a formal written agreement with the Office of the Comptroller of the Currency since August.
“The written agreement, which superseded a 2007 ‘memorandum of understanding’ with the OCC, calls for the bank to take certain steps to manage its loans, among other actions.
“However,[UNCB’S president Mark] Gainer said the sale to Donegal Financial is not at the instigation of regulators.
“’This was nothing that was forced on us,’ he said. ‘We were not told by anybody that we had to do this.’”
WATCHDOG: A wag of the tail to the Intell for handling a difficult situation in a responsible yet illuminating manner.
If lending starts loosening up I think the market will pick back up