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Amtrust Ordered Not To Take On More Development Loans

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AmTrust Financial Corp of Cleveland has been ordered by a government regulator not to take on new loans or extend new lines of credit for land acquisition and development until it has more cash in its coffers.

Monday, November 24, 2008 at 5:40 pm

AmTrust Financial Corp of Cleveland has been ordered by a government regulator not to take on new loans or extend new lines of credit for land acquisition and development until it has more cash in its coffers.

The company must also revise its current business plan by the end of the month.

Crain's Cleveland Business cites cease and desist orders from the federal Office of Thrift Supervision that say AmTrust engaged in unsafe and unsound banking practices.

The orders do not apply to consumer or residential mortgage loans, or home equity lines of credit.

Crains says the orders also prohibit AmTrust from paying dividends without approval, and from making golden parachute payments or adding new board members without 30 days notice.

AmTrust has 36 branches in Ohio and other branches in Florida and Arizona

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