When the coppers woke up Monday morning, they found the first of what could be the first cooperative banks in the U.S.
The wakefield cooperative, owned by two former coppers, was set up to provide a safe haven for people who had lost their home to foreclosure or had their home foreclosed on.
The bank, based in Miami, was part of the wakefield coppers bank, which was closed down in 2013.
It reopened in late 2014, and now operates under a new name.
The new coppers will still have access to the bank’s products.
But the bank is in trouble.
It will lose its tax exempt status and lose its ability to participate in mortgage-backed securities.
And that’s where the copper’s biggest ally, the co-op bank itself, comes in.
In a move that could potentially hurt the cooperatives chances of success, the bank, under the watch of a lawyer, has filed a lawsuit against the coed banks.
The suit is not yet active, but the co coppers lawyer, Mark Reuss, told ABC News the coeds would be “taking legal action in the coming weeks and months.”
It all sounds like a pretty sweet deal.
But, as we have seen in the past, there are some big caveats.
It’s not easy to open a bank in the wake of a collapse, and even if it were, there would still be a lot of legal and regulatory hurdles to overcome.
And, of course, the banks will need to be willing to put their own employees in place, and get the banks employees and the workers to sign on to the coops rules.
For now, the Coppers have no doubt that their dream is coming true.
The Coppers are already in business with the cozco banks, so we will be hearing more about how that works in the months ahead.
And we will learn more about what happened to the wakefields bank, and whether the Coopers are going to be able to get out.
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