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Market Street will cut 53 jobs
Regulators will break up and sell off the mortgage company.
By HELEN HUNTLEY, Times Staff Writer
Published October 10, 2007
Market Street Mortgage will be broken apart and sold off in pieces, and 53 people in the Clearwater headquarters will lose their jobs, federal regulators said Tuesday. The company has been in limbo since Sept. 28, when regulators shut down its parent company, NetBank, in the largest savings and loan failure in a decade. The FDIC was unable to find a buyer for the entire company as officials had hoped and is looking to sell individual offices. Market Street has 590 employees and operations in 16 states. The company filed a notice with the state of Florida this week saying that it expected to eliminate 182 employees' jobs in December, but FDIC spokesman Rickey McCullough said the notice is incorrect. He said that the Clearwater office employs 179 people and that the FDIC is retaining 126 of them. Separately, Nasdaq said Tuesday it will delist NetBank's stock.
[Last modified October 9, 2007, 22:49:15]
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by Walking Tall
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10/11/07 10:50 AM
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I got out early last summer due to management was lying. If you followed their stock the stock results were the truth. Good Bye and don't ruin another company
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by Sunshine
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10/10/07 10:34 PM
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Market Street Mortgage management has been telling everyone all was fine, fine, fine in the last few months. They lied, leaving both employees and borrowers in the lurch. Shame!
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