Harrington West Financial Group, Inc. (HWFG.OB) Files for Chapter 11
Harrington West Financial Group, Inc. has decided to file for Chapter 11 bankruptcy protection and liquidate its assets. The case was filed in the United States Bankruptcy Court, Central District of California, Northern Division. A plan for liquidation will be released in a few months. Looking at the history of the stock, this event did not come as a surprise. HWFG has been on a downward slide for the last 3 months. Earlier this summer, an Entry of a Prompt Corrective Action Directive (“PCA Directive”) was announced. The PCA Directive outlines guidelines for reporting to the OTS on the status…