First Vietnamese American Bank suffers another setback at the hands of the FDIC

First Vietnamese American Bank suffers another setback at the hands of the FDIC when the case it had brought against First Data, STAR, Innovative Bank, Amerinet, OPUS, Masih Madani, David Kerlin and others back in 2008 was stayed till January 2011. The stay is as a result of the failure of Innovative Bank on April 16, 2010 naming the FDIC as receiver.


With First Vietnamese American Banks recent reporting losses of more than $1.1 million in the first half of 2010, only $1.4 million in Tier 1 capital left, and an anticipated loss of at least $1 million in the 2nd half of 2010 the bank will run out of cash by the end of 2010.