Current news for this company:
Evergreen Investment & Carnation Banc - Subprime builder, financer; Bank
Carnation Banc's Ohio mortgage broker license is in "cancelled" status, and their web site is gone (you can view an archival copy here). Three employees - President Craig Conner, and Loan Officers Angela Soukup and Amanda Lower - plead guilty to charges in the indictment including "engaging in a pattern of corrupt activity, aggravated theft and other felonies" according to articles in the Akron Beacon Journal (2008-04-16 and 2008-04-18).
One Evergreen employee, Daniel Mohler, has plead guilty to "corruption and securities offenses." Evergreen's President David Willan, the "principal figure of the indictment," faces charges of "engaging in a pattern of corrupt activity, securities fraud, aggravated theft, false representation in the registering of securities and other felonies." Evergreen Investment Corporation's securities license was suspended by the State of Ohio in June of 2006 at the outset of the investigation.
From Original Ailing Listing - Update, 2007-12-20
Apparently there are now indictments against Evergreen and Carnation, and Evergreen has filed for bankruptcy:
Original Entry, 2007-01-25
This duo, operating chiefly in Ohio, built homes and financed them for marginal borrowers. Evergreen appears to be the main operation, with Carnation just serving as a financing partner. Recently Evergreen hit the skids as investors apparently figured out it was insolvent, yet still operating. The pair of companies is now being sued by investors and investigated by local, state, and Federal authorities. Here are some stories:
I get the feeling these companies' days are limited.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.