Pastor Bill Winston -run Covenant Bank fails: The Pastor has written a book that says that there will be "supernatural wealth transfer" in 2012, where all the "wealth of the wicked" would be transferred "over to the just" making all Christians wealthy and debt free.

Rev. Bill Winston. Photo by John R. Boehm

Comments to Article

Kevin O. wrote:

For the past 5 years, Bill Winston has been preached and wrote a book saying there would be a "supernatural wealth transfer" in 2012, where all the "wealth of the wicked" would be transferred "over to the just" making all Christians wealthy and debt free. In fact, today is February 18, 2013 and he is STILL selling both the book and the DVD series on his website.

Kevin M. Oliver Mr. Winston, I would like a refund. You said the wealth transfer was going to take place in 2012 and it hasn't happened yet. YOU LIED and I want my money back please. I've been calling your office and no one has returned my call. I will keep calling until I get my money back Thank you.

Damon Richardson The wealth transfer is into his bank account not to any of you. Come on People (In my Bill Cosby voice). Their is nothing Biblically sound about a doctrine like this, strange how none of the Apostles taught anything like this at all.

Sheldon C. wrote:

If you don't know the history since 1975 the bank has had loan problems and other regulatory issues. Over those years the bank was never really a financial success.

Max H. wrote:

The rode to destruction is filled with good intentions. Buying a bank is one thing, lending when every bank in America is not lending is another. What would make someone implement that kind of strategy at that time is hard to believe. Foreclosures and job losses where on every front page of every newspaper as well as the lead story on the news during that time. Do the maturations of the economy not matter. I hope the 3000 investors understood the banks strategy from the outset. If they did and signed on, then thats on them. If not, well, in the words of Ricky Richardo, "Lusee, you got some plaining to do."

Pastor Bill Winston -run Covenant Bank fails

http://www.chicagobusiness.com/article/20130215/NEWS01/130219786/pastor-run-covenant-bank-fails

By Steve Daniels February 15, 2013

Covenant Bank, the small West Side lender run by mega-church pastor Bill Winston, was closed late Friday by bank regulators, wiping out the investments of more than 3,000 members of Rev. Winston's Forest Park church.

Liberty Bank & Trust Co., an African-American-owned bank in New Orleans, assumed $58 million in Covenant Bank assets and $54 million in deposits, the Federal Deposit Insurance Corp. announced.

The failure brings to a bad end the $3 million acquisition more than four years ago of the former Community Bank of Lawndale by the group led by Rev. Winston, with much of the cash supplied by members of his 20,000-member congregation, Living Word Christian Center.

Rev. Winston long had sought a bank to help put to the test his stated belief that godly pursuits lead to financial success. He hoped ownership of the lender would help revitalize neighborhoods like Lawndale on the West Side, where the bank was based.

But the bank embarked on a lending spree as the financial crisis and resulting recession hit. Its loans quickly soured, depleting capital levels. An effort to find investors to rescue the bank proved unsuccessful.

The FDIC estimated Covenant's failure would cost its insurance fund $21.8 million. Covenant is the 42nd Chicago-area bank to fail since the beginning of 2009.

SUPERNATURAL WEALTH TRANSFER

Author: Dr. Bill Winston
Format: MINI-BOOK
Product Number: BK324
$1.50

Summary:

The year 2012 is a prophetic time in history – a set time for a Supernatural Wealth Transfer. As we get closer to the Lord’s return, the Kingdom of God is advancing. The enforcement of God’s will and plans on the strongholds and tactics of the enemy are being manifested. Earthly systems, laws, rules, policies and values must now line-up with the Government of the Kingdom of God.
Release Year: 2012

http://www.billwinston.org/bwm_productDetail.aspx?id=4756 

THE WEALTH TRANSFER

Author: Dr. Bill Winston
Format: CD/MP3
Product Number: A339
Subtotal: $28.00

 

 

http://www.billwinston.org/bwm_productDetail.aspx?id=5139

Summary:

In The Wealth Transfer Dr. Bill Winston digs deep into the Word of God to show you how God has systematically transferred the wealth of the world into the hands of His children, in order that the purposes of God be fulfilled – the hungry are fed, the abandoned are embraced with love, and the policies and laws of this world are influenced by the righteousness of God. Let the revelation shared in this series help you to build your faith and make preparations so that you can be ready for the next Wealth Transfer!
Release Year: 2012