• Report: #416627

Complaint Review: Park National Bank - Vision Bank - Silverton Bank

  • Submitted: Mon, January 26, 2009
  • Updated: Sun, May 17, 2009

  • Reported By:Santa Rosa Beach Florida
Park National Bank - Vision Bank - Silverton Bank
50 N. Third Street Newark,Ohio/Panama City,Florida/Atlanta, Georgia, Ohio U.S.A.
  • Phone: 888-474-PARK
  • Web:
  • Category: Banks

Park National Bank - Vision Bank - Silverton Bank get 100 million in bailout money, but keep $4 million of purchaser's escrow money, and leave all hardworking creditor's at Shores of Panama Resort holding the bag! Newark,Ohio/Panama City,Florida/Atlanta, Georgia Ohio, Florida, Georgia

*Author of original report: Silverton Bank Atlanta Georgia

*Author of original report: Silverton Bank Profits from unsecured creditors at Shores of Panama Resort, in Panama City Beach, Florida

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Vision Bank of Panama City, Florida (owned by Park National Bank) is foreclosing on their loan at Shores of Panama Resort, free and clear of all liens and encumbrances! This means that purchaser's who put a 20% escrow deposit down will lose their money!! Even though this beautiful resort is finished, and there are 350 units left to sell!!

Park National/Vision Bank want to foreclose on the property free and clear of all liens, and leave the common, hardworking people that never got paid for their work, and the purchaser's who put their life savings down as escrow money for those units, holding the bag!

Furthermore, I think it's going to work! What a beautiful scam!! Bank takes the property back for the 66 million that it is owed, leaving everyone else screwed, then sells the property at the recently appraised value of over 80 million! BANK MAKES 15 MILLION TO BOOT! $273,000 of that is mine! Can you imagine my anguish??

Someone please help!! The sale is scheduled for March 5, 2009 in Panama City. To date, the bank has made no offer to return our escrow money, or even to credit our escrow money, and let us close. THIS IS ALL FACTUAL!! I know it's hard to believe, but it's true!! And, Park National Bank, who owns Vision, got 100 million dollars in federal bailout money on Dec. 23, 2008! How crooked is that??

If anything changes, I'll be sure to let you know, but right now Park National is actually trying to benefit at the expense of hardworking Americans.

Cameron
Santa Rosa Beach, Florida
U.S.A.

This report was posted on Ripoff Report on 01/26/2009 10:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/Park-National-Bank-Vision-Bank-Silverton-Bank/NewarkOhioPanama-CityFloridaAtlanta-Georgia-Ohio-43055/Park-National-Bank-Vision-Bank-Silverton-Bank-get-100-million-in-bailout-money-but-ke-416627. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

Silverton Bank Atlanta Georgia

AUTHOR: Jennmerritt - (U.S.A.)

Silverton Bank purchased the entire property at Shores of Panama, free and clear of all liens and encumbraces, for $68.7 million, or approximately $160 per sq foot, thus leaving the unsecured creditors with next to nothing for their escrow deposit money.

Was bankruptcy in America really set up so that banks can profit at the expense of everyone else?? That is what is happening in this situation. We put escrow money down to purchase units, and even though there is still enough equity in those units for us, and Silverton Bank to be paid in full, Silverton Bank can now sell the units, for a profit, and never pay our money back, and that is exactly what they are doing.

Silverton Bank put the remaining 370 units at Shores of Panama on the market for $225-$250 per sq foot, just after purchasing them, free and clear, for approximately $160 per sq foot. Within weeks, they had closed 3 of the units at an average of over $225 per sq foot.

Reguardless of fact that some purchaser, is losing their entire 10% deposit, and possibly paid additional money for washers/dryers & tile to be put into those units, Silverton Bank will now keep all of the money!

Since there is 439,930 sq feet, in residential units alone, if Silverton is able to sell all the units, for $225 per foot, they will profit over $30 million, while 90 or so pre-construction purchasers lose their entire 10% cash deposits! I will never understand how something like this can happen in America! I'm personally losing $254,930 in escrow deposit money, not to mention attorney's fees.

Most recently, Silverton Bank was siezed by the Office of the Comptroller of the Currency, and put under the control of the FDIC. I have written a complaint letter to the OCC, explaining our plight, and how wrong it is, but, I have not heard back from them yet.

I will keep you posted.
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#2 Author of original report

Silverton Bank Profits from unsecured creditors at Shores of Panama Resort, in Panama City Beach, Florida

AUTHOR: Jennmerritt - (U.S.A.)

This is to update everyone on what has turned out to be a Silverton Bank issue:

Vision Bank, who did own the mortgage on the property at Shores of Panama, transferred it to Silverton Bank, late last year. Silverton Bank immediately moved to foreclose on their loan, free and clear of all liens and encumbrances.

On March 5, 2009, the entire property at Shores of Panama was auctioned. Silverton Bank was the only bidder, and purchased all 370 remaining units, by credit bid, for $68.7 million.

The next day, the bankruptcy court approved the sale, free and clear of all liens and ecumbrances, thus leaving the unsecured creditors with next to nothing. Several of us objeced to the sale, because we are losing our deposit money, and even washing machines/dryers, and tile that we paid additional money for!

Personally, I argued that the property was worth more than the amount of the bank's mortgage, and that the units would bring at least $200 per sq foot, if they were auctioned on an individual basis. At just $200 per sq foot, the property was worth nearly $20 million more than the bank was paying, and I felt that every cent of profit should be returned to the creditors that are losing their money, not to Silverton Bank.

Immediately, Silverton Bank, put the units at Shores, on the market for $225-$250 per sq foot, depending on the type of unit. They
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