CPB.com in auction thanks to Bank’s financial folding

Why would a domain like CPB.com be in an expired domain auction at GoDaddy?

As a former asset of the First NBC Bank of Louisiana, the domain should have probably been part of an asset liquidation at the time.

According to the FDIC web site, the bank’s folding in 2017 showed huge losses:

First NBC was a state-chartered nonmember bank headquartered in New Orleans, Louisiana, that opened on May 19, 2006. The bank was wholly owned by First NBC Bank Holding Company, New Orleans, Louisiana. First NBC grew rapidly and eventually operated 35 branches in southern Louisiana and 5 branches in the Florida panhandle.

One of the reasons the bank failed was that some of its top executive members conspired and defrauded the bank itself, granting millions of dollars in loans to unqualified customers. The Bank’s failure cost the Federal Deposit Insurance Corporation deposit insurance fund almost $1 billion dollars.

Ironically, the First NBC Bank had acquired Central Progressive Bank (CPB) in 2011, following that bank’s bankruptcy filing.

The domain CPB.com is now at GoDaddy auctions with a current high offer of $68,111 dollars.

Story kudos: Jamie Zoch of dotweekly.

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