Examiners Take Over Trust Company

In New Hampshire, banking officials have taken over a non-depository trust company, Noble Trust Company, after "a routine bank examination uncovered evidence of alleged deceipt and false entries in Noble's books."

In court papers, the banking department said Noble Trust concealed from investors and regulators that a $15 million investment in notes issued by Sierra Factoring had become worthless; failed to have an external audit; and failed to disclose lawsuits it filed in Colorado against its former chief financial officer . . . .

Noble Trust, whose web site seems dormant, specialized in handling charitable trusts and endowments.

New Hampshire has performed no similar takeovers for decades, probably not since 1991, when that era's real-estate binge left lending institutions reeling.