Recent Event Highlights: Bank of North Carolina to enter Triangle market - Bizjournals.com, Tracking Bank Failures: Florida Leads the Nation in Closures - Wall Street Journal (blog), Time For Community Banks To Pay Back Uncle Sam - Forbes (blog), Fifth Third elects former FDIC chief as chairman - Bizjournals.com, War Over Bank Capital Heating Up - Wall Street Journal (blog), FDIC Issues Third Quarter 2010 CRA Examination Schedule - Media Newswire (press release), and 323 more...
Created by dipity on Aug 14, 2009
Last updated: 10/05/10 at 06:11 PM
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Bank of North Carolina to enter Triangle marketBizjournals.com... in North Carolina, most of them in the Piedmont Triad and seven in South Carolina, acquired in an FDIC-assisted acquisition of the Myrtle Beach Bank. ...NC banking rules aim to slow foreclosure processGreenville Daily Reflectorall 27 news articles »
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MyBankTracker.comTracking Bank Failures: Florida Leads the Nation in ClosuresWall Street Journal (blog)The FDIC arranged for the banks' $1.32 billion in deposits to be acquired by EverBank of Jacksonville, Fla., under a loss-sharing agreement that will cost ...Five Failed Banks Cost the FDIC $317m, on Track for Record YearHousing WireCity National Corp acquires third failed bank from FDIC, takes control of ...Proactive Investors USA & CanadaCity National Buys Sun WestToronto StarMortgageorb -Zacks.com -MyBankTracker.comall 26 news articles »
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The Octagon: Principal's assistant lands paid internship with FDICmy.hsj.orgBeginning June 21, Smith will be a student examiner, traveling around California with a team of FDIC employees to assess banks. Smith, who is getting her ...
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Forbes (blog)Time For Community Banks To Pay Back Uncle SamForbes (blog)There are 4101 community banks or 52% of all of the 7932 FDIC-insured financial institutions that essentially cannot lend because of loan exposures ...Recent Ruling Strengthens FDIC's Position In Failed Bank DealsEmii.comall 2 news articles »
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Fifth Third elects former FDIC chief as chairmanBizjournals.comIsaac was appointed to the FDIC's board in 1978 at the age of 34, and was its chairman from 1981 through 1985. “Bill brings a lifetime of experience to our ...Fifth Third Names Bill Isaac ChairmanAmerican Banker (subscription)Skeptical Options Speculators Center on Fifth Third BancorpSchaeffers ResearchFifth Third Names Bill Isaac ChairmanUS BankerZacks.com -Comtex Smartrend -Daily Metro Newsall 25 news articles »
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War Over Bank Capital Heating UpWall Street Journal (blog)The FDIC and Fed have often been at odds over how much capital banks should be required to hold, and Ms. Bair successfully pushed for Ms. Collins's ...
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FDIC Issues Third Quarter 2010 CRA Examination ScheduleMedia Newswire (press release)The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) ...FDIC Makes Public April Enforcement Actions; No Administrative Hearings are ...Media Newswire (press release)FDIC To Sell $1B In AmTrust LoansEmii.com6 Reasons to Keep Your Money in the BankU.S. News & World Report (blog)all 4 news articles »
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Barry Sternlicht: Real Estate Bargain HunterNew York Times (blog)The FDIC holds the remaining 60 percent. Mr. Sternlicht hopes to foreclose on many of Corus's errant borrowers, restyle their buildings and sell units for a ...City Wants Answers Over Concerto DelaysEater.com (blog)all 6 news articles »
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Ex-FDIC chairman Isaac to lead Fifth Third boardMarketWatchIsaac was FDIC chairman during the banking crisis of the 1980s, and has been a critic of accounting rules and the government's response to the current ...Fifth Third Names Ex-FDIC Head William Isaac as Bank's ChairmanBusinessWeekFifth Third names ex-FDIC boss as chairman; Kabat remains CEOCincinnati.comFifth Third Names Bill Isaac ChairmanAmerican Banker (subscription)Reutersall 49 news articles »
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Bank of Florida's Lenders Closed as Bank Failures Climb to 78BusinessWeekThe failures cost the FDIC's deposit- insurance fund $317 million. “We look forward to welcoming our new customers on Tuesday morning when the former Bank ...Five More Banks in US Are ShutWall Street JournalFlorida leads nation in 2010 bank failuresFlorida Times-Union (blog)City National Acquires Banking Operations of Sun West Bank of NevadaMarketWatch (press release)Reuters -The Associated Press -TopNews United Statesall 531 news articles »
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Excerpt
Opinions and conclusions expressed in the BusinessWeek Debate Room do not necessarily reflect the views of Bloomberg BusinessWeek or BusinessWeek.com.
For many reasons, the FDIC is better equipped to supervise banks than is the Federal Reserve, the
Source Info
Business Week
http://www.businessweek.com/debateroom/archives/2009/12/the_fdic_is_the.html
Excerpt
...and the Fed, the FDIC is not distracted with other responsibilities in the nation’s economy. Since its creation in 1933, the FDIC has had tens of thousands of man-years of experience closing failed banks and contending with the fallout of those banks. Only...
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Business Week
http://www.businessweek.com/debateroom/archives/2009/12/the_fdic_is_the.html
Excerpt
...don't need to worry. But starting Friday, checking account balances that exceed $250,000 will no longer be covered under the FDIC's Transaction Account Guarantee Program at some banks. ... Although few individuals keep more than $250,000 in a checking account,...
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Calculated Risk
http://feedproxy.google.com/~r/CalculatedRisk/~3/hntR2PEp5X8/fdic-insurance-changes-to-tagp.html
Excerpt
I’ve been watching the Careers at the FDIC webpage for a while, and for over a year they’ve been ramping up their hiring. As I noted in August after looking at housing foreclosure data from California,
Click on “View All Vacancies” [at the FDIC’s list
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Firedoglake
http://firedoglake.com/2009/12/19/the-fdic-is-looking-forward-to-a-very-busy-new-year/
Excerpt
Peoples, Citizens
New South Federal Savings
One Forty Is Near
An Oxymoron
Independent Bankers Bank
Not since Five today.
by Soylent Green is People
From the FDIC: Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First
Source Info
Calculated Risk
http://feedproxy.google.com/~r/CalculatedRisk/~3/0wTD3X3E0zc/bank-failures-135-to-138-four-more.html
Excerpt
By Damian Paletta WASHINGTON -- In the darkest days of the financial crisis a year ago, Sheila Bair was hailed for having predicted the housing bust. Today, the chief of the Federal Deposit Insurance Corp. is fighting for her agency's future.The FDIC
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Wall Street Journal
http://online.wsj.com/article/SB126091986848592805.html?mod=WSJ_topics_obama
Excerpt
By Michael R. Crittenden The Federal Deposit Insurance Corp. in the next year plans to add more than 1,600 staffers, mostly to handle bank failures, and is pushing its budget up 35% as the number of tottering banks climbs.During the financial crisis,
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Wall Street Journal
http://online.wsj.com/article/SB126092583249292987.html?mod=WSJ_topics_obama
Excerpt
The federal regulators who shut down Coral Gables-based BankUnited in May have warned the bank's former board members and officers that they share blame in the bank's doomed bet on risky mortgages. In a Nov. 5 letter to 15 former bank directors and
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Miami Herald
http://www.miamiherald.com/business/story/1382322.html
Excerpt
One of the biggest things I encourage people to look for when they open a bank account is that the bank is FDIC insured. Most banks operating in the United States offer this insurance. In an era where people are more than a little worried about bank
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The Simple Dollar
http://feedproxy.google.com/~r/thesimpledollar/~3/7-IPIf3H30A/
Excerpt
Last week, the FDIC released an important, data rich report: the 2009 FDIC National Survey of Unbanked and Underbanked Households. The 31-question, special supplement to the Census Bureau’s Current Population Survey offers a comprehensive picture of
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New America Blogs
http://assets.newamerica.net/blogposts/2009/fdic_reports_14_of_all_households_weakly_linked_to_financial_mainstream-24659
Excerpt
Dec. 3 (Bloomberg) -- No wonder so many banks are delaying
their losses. The Federal Deposit Insurance Corp. keeps showing
them how, by doing the same thing with its own.
Last week the FDIC, led by Chairman Sheila Bair since 2006,
said its insurance
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Bloomberg.com
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=a3m5YKDn20BE
Excerpt
2009-12-02 21:47:52 -
well as competing institutions in designated markets. With BenchmarkBuilder, subscribers will be able to immediately view how their rates are stacked against the market average, the state average, and the FDIC rate cap
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PR-Inside.com
http://www.pr-inside.com/market-rates-insight-introduces-benchmarkbuilder-r1612829.htm
Excerpt
Several times per week, I get phone calls from attorneys. These calls all start out the same. “I am unable to get loan modifications done through a lender. What can I do?” The first question I ask is if the lender is Indymac/One West. Invariably, it is.
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Mortgage Lender Implode-o-meter
http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-abetteded-fraud-why-indymaconewest-always-forecloses/
Excerpt
Perhaps the single greatest reason for the unbridled expansion of credit over the past 50 years is the existence of the Federal Deposit Insurance Corporation, another government-sponsored enterprise created by Congress. The coming rush of bank failures
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Feed the Bull
http://feedproxy.google.com/~r/feedthebull/~3/cSUAorWdR78/fdic-anesthesia-wearing
Excerpt
The Federal Deposit Insurance Corporation is running low on funds to support failing banks. That doesn't mean you should run for the hills; your money in the bank should still be safe. But the FDIC's lack of cash hurts banks as an investment; less
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Forbes
http://www.forbes.com/2009/11/30/regional-banks-failure-intelligent-investing-fdic.html?feed=rss_popstories
Excerpt
The cash reserves needed for the FDIC to keep paying depositors at failed banks has all been used up. Don't panic (yet anyways), the FDIC has an open credit line to the Treasury Department (uh, that means us tax payers) that will keep the FDIC floating
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iStockAnalyst
http://www.istockanalyst.com/article/viewarticle/articleid/3664209
Excerpt
The number of U.S. financial institutions on the Federal Deposit Insurance Corp.’s “problem list” increased 32 percent during the third quarter to 552 banks, the highest level in 16 years as troubled loans continued to batter banks nationwide, the
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Denver Business Journal
http://feeds.bizjournals.com/~r/bizj_denver/~3/IPIZmKQCTA0/daily19.html
Excerpt
The Federal Deposit Insurance Corp. has already sold the most real estate this year since 1994 as the regulator takes over properties held by failed lenders.
The FDIC raised $727 million from building and land sales in the first nine months of 2009,
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Worcester Telegram & Gazette
http://www.telegram.com/article/20091122/NEWS/911220593/1002/RSS01&source=rss
Excerpt
Perhaps the single greatest reason for the unbridled expansion of credit over the past 50 years is the existence of the Federal Deposit Insurance Corporation, another government-sponsored enterprise created by Congress. The coming rush of bank failures
Source Info
The Market Oracle
http://www.marketoracle.co.uk/Article15201.html
Excerpt
tool goes here
NEW YORK — Regulators shut down two banks in Florida and one in California on Friday, boosting to 123 the number of U.S. bank failures this year as loan defaults rise in the worst financial climate in decades.
The Federal Deposit
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Centre Daily Times
http://www.centredaily.com/business/story/1624530.html
Excerpt
November 13, 2009 7:13 PM EST
-- 34 full service offices throughout south Florida,
-- Total assets of approximately $3.1 billion,
-- Total loans of approximately $2.5 billion (before loan discounts and
FDIC receivables),
-- Investment
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Street Insider
http://www.streetinsider.com/Press+Releases/IBERIABANK+Announces+Opportunistic+Florida+Expansion/5109240.html
Excerpt
Sen. Chris Dodd (D., Conn.) has overseen the compilation of another dictionary-sized piece of impenetrable legislation, this one intended to reform our bank regulators and thereby prevent a repeat of the recent financial crises. His approach is the
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NPR
http://www.npr.org/templates/story/story.php?storyId=120342448&ft=1&f=1057
Excerpt
This year 2009 has the dubious distinction of witnessing the most number of banks go belly up in the United States, since 1992 during the savings and loan crisis.
Consider this:
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Rediff
http://business.rediff.com/report/2009/nov/12/perfin-how-safe-is-your-money-in-banks.htm
Excerpt
Under both the Bankruptcy Code and bank insolvency law, the counterparties to insolvent firms can terminate and net out derivatives and sell any pledged collateral to pay off the resulting net claim. During periods of market instability -- such as
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Huffington Post
http://www.huffingtonpost.com/2009/11/03/new-too-big-to-fail-bill_n_343818.html
Excerpt
Another Friday night salvage-operation by the FDIC netted a big haul this week: nine U.S. banks were officially declared insolvent – all part of a large, banking chain, bringing the total this year to 115 banks. The remnants of these corpses have been
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Seeking Alpha
http://seekingalpha.com/article/170523-u-s-bank-failures-nine-in-one-day?source=feed
Excerpt
By Dan Fitzpatrick and Damian Paletta Thanks to a series of cheeky television ads that mocked its rivals -- and some of the highest interest rates on deposits in the nation -- Ally Bank was swimming in new money this spring.The upsurge couldn't have
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Wall Street Journal
http://online.wsj.com/article/SB125712736353621959.html?mod=WSJ_topics_obama
Excerpt
NEW YORK (AP) ―
Regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults.
The banks closed on Friday by the Federal Deposit Insurance
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CBS 5
http://cbs5.com/business/feds.eight.banks.2.1283321.html
Excerpt
NEW YORK (AP) -- Dozens of banks have failed this year. What do you need to know if yours is next?
The number of bank failures has reached 115 since January - more than four times the total for 2008 and the most since the savings and loan crisis in 199
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ReadingEagle.com
http://hosted.ap.org/dynamic/stories/U/US_MELTDOWN_101_IF_YOUR_BANK_FAILS?SITE=PAREA&SECTION=HOME&TEMPLATE=DEFAULT
Excerpt
"All of these guys are pretty busy now -- Wells integrating Wachovia,
J.P. Morgan integrating WaMu and Bank of America integrating Merrill
and Countrywide," says a financial institutions group banker.
Furthermore, seized and near-dead banks are too
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The Deal: Blogs
http://feedproxy.google.com/~r/TheDealBlogsNetwork/~3/YQbJdWKnMso/the-new-super-regionals.php
Excerpt
The Federal Deposit Insurance Corporation has dramatically raised the amount of money banks must pay to fund the FDIC, which has been hit hard by numerous bank failures throughout the country over the past year.
That's a concern for banks including
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Ouachita Citizen
http://www.ouachitacitizen.com//news.php?id=5139
Excerpt
Deposit insurance has been a godsend for consumers. It also has been a funding subsidy for banks.
Without it, depositors would demand much higher interest rates on deposits and wouldn't do business with those that began to teeter.
Besides, the cost to
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Biloxi Sun Herald
http://www.sunherald.com/outdoors/story/1705793.html
Excerpt
WASHINGTON — A cascade of bank failures has magnified the role of the Federal Deposit Insurance Corp., which guarantees around $4 trillion in deposits in U.S. banks and thrifts.
More than 100 banks have collapsed so far this year, the largest number in
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Salem Statesman-Journal
http://www.statesmanjournal.com/article/20091027/OPINION/910270302/1046
Excerpt
CHICAGO — With the number of bank closings above 100 this year for the first time since 1992, the head of the Federal Deposit Insurance Corp. says she's frustrated at perceptions that U.S. taxpayers are on the hook for the costs of those failures.
"We
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Centre Daily Times
http://www.centredaily.com/business/story/1589339.html
Excerpt
The Federal Deposit Insurance Corporation (FDIC) plays a key role in the stability of the banking system and in the protection of depositors funds. FDIC ensures banking system stability by giving gurantee to depositors that they'll get their money back
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iStockAnalyst
http://www.istockanalyst.com/article/viewarticle/articleid/3577368
Excerpt
...seek buyers — stronger banks or private investor groups — for its deposits and loans. Depositors’ money is not at risk. The FDIC guarantees deposits up to $250,000 per account, and no holder of an insured account has lost a penny since the insurance fund was...
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Columbus Ledger-Enquirer
Related Topics
http://www.ledger-enquirer.com/102/story/883905.html
Excerpt
WASHINGTON
- A cascade of bank failures has magnified the role of the Federal Deposit Insurance Corp., which guarantees around $4 trillion in deposits in U.S. banks and thrifts.
A hundred banks have collapsed so far this year, the largest number in a
Source Info
Minneapolis Star Tribune
Related Topics
http://www.startribune.com/business/65839467.html
Excerpt
WASHINGTON (AP) -- Federal regulators on Tuesday offered a limited emergency extension of a rescue program that guarantees hundreds of billions of dollars in U.S. banks' debt.
The board of the Federal Deposit Insurance Corp. voted to provide the
Source Info
ReadingEagle.com
http://hosted.ap.org/dynamic/stories/U/US_FDIC_BANK_GUARANTEES?SITE=PAREA&SECTION=HOME&TEMPLATE=DEFAULT
Excerpt
NEW YORK -- Regulators shut down San Joaquin Bank in California on Friday, marking the 99th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of San Joaquin Bank, based in Bakersfield, Calif. It
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The Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/16/AR2009101603639.html?nav=rss_business/industries
Excerpt
...line of credit with the U.S. Treasury. So insured deposits at FDIC-insured institutions are very, very safe. Vigeland: Has the FDIC ever not made good on its promise to any bank depositor? Petrou: It has always made good on its promises on insured depositors....
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Marketplace
http://feeds.americanpublicmedia.org/~r/APM_MarketplaceMoney/~3/6zY2iAuTi6c/
Excerpt
The FDIC finally admits to C&D and CRE loan problems.
I have been warning about overexposures to C&D and CRE loans posing the biggest threat to community and regional banks since April 2006.
This week FDIC Chair Sheila Bair finally bought these risks
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Seeking Alpha
http://seekingalpha.com/article/166969-fdic-forecasts-more-bad-loans-and-bank-failures?source=feed
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