Deutsche Bank Securities is the largest unsecured creditor of Taylor, Bean & Whitaker (TBW) and is owed at least $42 million, according to a supplemental filing in the bankruptcy case of the nonbank lender.
A spokesman for DB had no comment at press time. The claim is labeled as "disputed" in the filing and no additional information is provided. The second largest unsecured creditor is James G. Hicks of Lawrenceville, Ga., who has staked a claim for $9 million. Hicks, however, is not listed in the telephone directory as a consumer or business. The third largest unsecured creditor is RBC Capital Markets, New York, which is owed $2.2 million.
Meanwhile, the Office of Thrift Supervision has hit Platinum Community Bank, owned by TBW, with a cease-and-desist order, telling it to stop unsafe and unsound practices. The C&D, which is available on the agency's website, says the depository has failed to maintain accurate books and records, has not operated independently from affiliates and is having liquidity problems.
The bank issued a statement saying it's working closely with OTS to address the issues in the order. In July 2008 TBW bought controlling interest in Platinum Bankshares, the holding company of the depository. The parent was based in Rolling Meadows, Ill.