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Article Excerpt
Byline: ARIELLE KASS
The ditch in which AmTrust Bank finds itself appears to have gotten deeper since last year, or even six months ago.
The bank, under a cease-anddesist order issued last November by its regulator that restricts its lending activities, has worked to shrink itself over the last year to bring down its cost of doing business. But while AmTrust has made headway on the expense front, it is under tremendous pressure from its nonperforming assets.
From June 30, 2008, to June 30, 2009, AmTrust eliminated more than 700 employees throughout its footprint, leaving the bank with 1,764 workers as of the end of June. Its total assets fell by $2.8 billion, or nearly 18%, to $13.1 billion, according to figures from the latest quarterly report of the...
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