Capital Woes Push Nova Financial Into Chapter 7 Liquidation

Law360, New York (October 31, 2012, 1:47 PM EDT) -- Just days after the Pennsylvania Department of Banking and Securities closed Nova Bank, its parent Nova Financial Holdings Inc. on Tuesday filed for Chapter 7 bankruptcy in Pennsylvania federal court, citing its inability to raise capital as the basis for its liquidation.

The bank’s Chapter 7 petition listed up to $100,000 in assets and over $10 million in liabilities, owed to up to 49 creditors. As recently as June 30, the bank had about $483 million in assets, according to the Federal Deposit Insurance Corp., which...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.