G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Mercantile Credit Bank Mercantile Credit Bank Mercantile Credit Bank Limited (MCBL), commonly referred to as Mercantile Credit Bank, is a Ugandan tier II financial institution licensed by the Bank of Uganda, the national banking regulator. MCBL is classified as "credit institution", by the Bank of Uganda, the country's central bank. MCBL is one of only four institutions in this class of financial service providers in the country, the others being Opportunity Bank Uganda and PostBank Uganda. As of December 2011, the bank's total assets exceeded US$6.6 million (UGX:16.5 billion), with shareholders' equity of approximately US$1.6 million (UGX:4 billion). In December 2012, the total