Found this and wonder what's happened since. March 19, 1991 Amerifirst Bank, the nation's oldest federally chartered savings and loan association, was seized by Federal regulators on Friday after it failed to find a buyer for its 54-branch system. The 55-year-old institution was brought down by bad real estate loans and was unable to meet Federal capital guidelines. Amerifirst had $3.7 billion in assets and $2.8 billion in deposits when the Office of Thrift Supervision moved in and created a new Federal mutual association to assume operations.
Is this the same bank now selling for a penny a share?
Posted by visionist on :
Found their website. There in Alabama, not the hotspot of American banking, but a penny a share? What do you think?