FirstCity Financial Corporation announced that the FDIC Board of Directors has voted to extend for one year an earlier imposed moratorium for approval of industrial loan company charters owned by commercial companies. The FDIC Board of Directors further determined to move forward with applications by financial companies.
FirstCity President and CEO James T. Sartain said, "Despite the FDIC ruling which classified FirstCity’s application as one by a commercial rather than a financial company, FirstCity will continue to aggressively pursue approval of its application. We are working with representatives of the FDIC to amend our application or otherwise make clarifications for it to be considered a ‘financially owned concern.’"
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