Loan servicer Ocwen Financial Corp. submitted an application to the Federal Reserve Bank of Dallas on Nov. 15 to purchase Kent County State Bank in Jayton, Texas, and become a bank holding company, the South Florida Business Journal reports.
The journal notes that Kent County State Bank is the only bank in the county, and it has no noncurrent loans. The move to become a bank holding company could make Ocwen eligible to receive loans through the Troubled Asset Relief Program.
SOURCE: South Florida Business Journal