Clients who have had dealings with Omni Financial and Omni National Bank will be interested in this article over at the Atlanta Business Chronicle.
Facing substantial losses stemming from its real estate redevelopment loans, the bank has cut 20 percent of the company’s workforce, including the chief risk officer and president. In Atlanta, 19 people were given the axe.
Not only that, the company was officially de-listed by NASDAQ.
Additionally, the company’s quarterly financial reports are being delayed because of ongoing audits of the books.
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Lumberjack with Axe, originally uploaded by ron brewer.
This is really sad. Ive bought and sold a number of properties over the years thru omni, and they always had solid programs (and charles is a great guy). It really looks like they are having troubles, tho.
[...] From the Atlanta Investor Wire: Facing substantial losses stemming from its real estate redevelopment loans, the bank has cut 20 [...]