North Carolina Mutual Life
Golden State Mutual Life
Los Angeles, CA
Atlanta Life Insurance Co.
Williams-Progressive Life & Accident
Insurance Co. Opelousas, LA
*IN MILLIONS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2005.
Former BE 100S CEO Roy Terry pleads guilty to felony bank, mail, and wire fraud charges, and mishandling pension funds. His actions placed Terry Manufacturing Co. in bankruptcy after a loss of more than $20 million to various banks, investors, lenders, and employee benefit plan participants.
La-Van Hawkins, former CEO of Detroit-based La-Van Hawkins Food & Entertainment Group, is fined $50,000 and sentenced to 33 months in prison for perjury for his role in a Philadelphia corruption case. The company peaked on the BE 100S in 2004, ranking No. 13 on the BE INDUSTRIAL/SERVICE 100 list with $293 million in sales.
Hurricane Katrina strikes, affecting 19 BE 100S firms, including Alden McDonald’s Liberty Bank and Trust Co. (No. 7 on the BE BANKS list with $293.2 million in assets) and Dryades Savings Bank FSB (No. 17 on the BE BANKS list with $108.7 million in assets), both of which were based in New Orleans and had branches directly affected by the storm.
Booker T. Washington Insurance Co. voluntarily submits to being placed in receivership in Alabama’s Jefferson County Circuit Court after a state examination revealed the company would be unable to meet $4.3 million in obligations.
Engineered Plastic Products, which ranked No. 71 on the 2005 BE INDUSTRIAL/SERVICE 100 list with $51 million in sales, files for Chapter 11 bankruptcy protection in March. The company listed more than $8.9 million in outstanding debts.
Lester W. Johnson, chief executive officer of Douglass National Bank (No. 18 on the BE BANKS
list with $102.75 million in assets), resigns abruptly as a $2.5 million line of credit the bank extended to the Housing and Economic Development Financial Corp. came under investigation by the U.S. Department of Housing and Urban Development.
-Additional reporting by Wendy Harris, Cliff Hocker, Tykisha N. Lundy, Jeffrey McKinney, Nicole Marie Richardson & Tennille M. Robinson