UNITE HERE has launched www.InlandBankAlert.org, which details the bank’s past serious financial misreporting and government intervention that impacted its clients.
Inland Bank was hit with a consent order in 2012 after misrepresenting its health to regulators. Now, barely two years after emerging from the consent order, the bank ranked in the bottom 10% of its Federal Reserve-designated peer group according to key performance indicators measuring capital, debt and failed loans as of March 31, 2015.
InlandBankAlert.org provides details about Inland Bank’s shortcomings:
- Inland Bank held less capital and more liabilities than its peers, providing less protection for its customers.
- Inland Bank failed to maintain the capital regulators deemed necessary to absorb losses in 2012.
- Inland Bank was unable to help out certain clients who may have sought relief during tough economic times.
- Inland Bank had serious financial reporting problems from 2009 to 2013, misleading regulators about its health.
The website also provides customers with detailed information about filing banking complaints with regulators.
Inland Bank is majority owned by a founder of The Inland Group. One of The Inland Group’s largest investments has been called a “zombie REIT” by The Wall Street Journal for its failure to unwind.