| | Business Summary | | Old
Stone
Corporation
is
a
general
business
corporation
that
operated
through
two
subsidiaries,
Old
Stone
Bank
and
Old
Stone
Securities
Company.
On
January
29,
1993,
the
Office
of
Thrift
Supervision
declared
its
principal
subsidiary,
Old
Stone
Bank
(Bank),
a
federal
savings
bank,
insolvent,
and
appointed
the
Resolution
Trust
Company
(RTC)
as
receiver
(Bank
Closing).
The
RTC
formed
a
bridge
bank,
Old
Stone
Federal
Savings
Bank,
which
assumed
all
of
the
deposit
liabilities
and
substantially
all
of
the
other
liabilities
of
the
Bank,
and
acquired
substantially
all
of
the
assets
of
the
Bank
(including
the
stock
of
all
of
its
subsidiaries).
Immediately
prior
to
the
Bank
Closing,
the
Bank
constituted
substantially
all
of
the
Company's
assets.
The
Company's
only
surviving
active
subsidiary
following
the
Bank
Closing
is
Old
Stone
Securities,
a
registered
securities
broker-dealer
that
provides
brokerage
services
to
retail
and
institutional
clients. | | More
from
Market Guide: Expanded
Business Description |
| | Financial Summary | | Old
Stone
Corporation
with
its
only
surviving
subsidiary,
Old
Stone
Securities
Company,
is
a
registered
securities
broker-dealer
which
provides
brokerage
services
to
institutional
and
retail
clients.
For
the
three
months
ended
3/31/01,
total
income
decreased
74%
to
$41
thousand.
Net
loss
applicable
to
Common
increased
13%
to
$716
thousand.
Total
income
reflect
a
decrease
in
non-interest
income.
Higher
loss
reflects
a
decrease
in
operating
margins. | | More
from
Market Guide: Significant
Developments |
| | Officers | | | More
from
Market Guide on Officers & Directors:
Expanded
List, Bios,
Compensation,
Options
|
|
