City pulls money from Coastal B&T
After concerns were raised here and by several City Council members, City Manager Al Coby has pulled the City’s deposits from poorly-rated Coastal Bank and Trust, moving the $28 million to Wachovia (Wells Fargo).
Mr. Coby advised Council members of the move in an information item to the Finance Committee.
Concerns arose based on Coastal Bank and Trust’s poor two-star, or “Problematic” rating from BauerFinancial. The institution also appears on Weiss Research’s “Weiss Weakest List” of the country’s weakest banks.
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Dang, I bet Jack wishes he had kept his council seet now!