Tuesday, February 19, 2013
Covenant Bank on the West Side, of Chicago which has been reported to have been losing money since its 2008 founding by megachurch pastor Bill Winston. What an unfortunate outcome for such a wonderful idea. I feel sorry for the church members who lost their money here. From my reading and understanding, with the bank being closed by bank regulators. That the sale will protect account holders, who are insured up to the $250,000 per-account maximum. But it will wipe out the bank’s owners, including members of Winston’s Living Word Christian Center in Forest Park who provided cash for the purchase. The Federal Deposit Insurance Corp. sold the bank’s assets to Liberty Bank and Trust Co. of New Orleans. Article Here! So Sad!!