FDIC Chairwoman Bair Too big to fail has become worse. Its become explicit when it was implicit before.
Treasury Sec. Geithner Most consequential choices involve shades of gray, and some fog is often useful in getting things done.
RACINE – According to Michael Burke of the Racine Journal times, as far as outsiders knew, the 76 Federal Deposit Insurance Corp. employees in town Oct. 23 were all with “Muskego Industries.” It was a cover. Their real job was to close the failed Bank of Elmwood and sell it to Tri City National Bank. [...]
Laura Layden writes in the Naples News that Federal regulators have hit another Naples-based bank with a cease-and-desist order. The order is against Orion Bank — one of the largest privately held banks in Southwest Florida. About a year ago, regulators took a formal action against the bank, requiring it to strengthen its board oversight, [...]
According to a story in the Ventura County Star, ss Affinity Bank reopened Monday, customer Karen Socher paused outside the door of the Mills Road branch in Ventura to read the Federal Deposit Insurance Corp.’s announcement that the bank had been seized and sold to San Diego-based Pacific Western Bank. It was all news to [...]
According to J. Scott Trubey article in the Atlanta Business Chronicle, Ebank, the Vinings-based thrift founded in 1998 as Commerce Bank, failed Friday, becoming the 17th bank failure this year in Georgia and 78th in the United States. The bank’s lone branch and deposits were acquired byStearns Bank of St. Cloud, Minn. This is the second failed [...]
Birmingham’s CapitalSouth Bank was shut by regulators Friday and taken over by Louisiana’s IberiaBank Corp., after suffering financial losses and delinquent loans that may also threaten some state rivals. All CapitalSouth deposits have been turned over to IberiaBank and all depositors are insured to as much as $250,000 per account. Depositors should continue banking at [...]
J. Scott Trubey reports in the Atlanta Business Chronicle on the closings of First Coweta Bank of Newnan that was seized late Friday by state and federal regulators, becoming the 18th bank in Georgia to fail in 2009 and the second Newnan-based bank to collapse since June. United Bank of Zebulon, Ga., will assume $167 [...]
According an article in the Las Vegas Sun, Community Bank of Nevada was seized by the state’s Financial Institutions Division today, and was handed over to the Federal Deposit Insurance Corp. as its receiver. “We want Nevadans to know that their insured deposits are safe,” division Commissioner George Burns said in a statement announcing the [...]
According to Express-News only one of the 69 banks the Federal Deposit Insurance Corp. shut down this year hailed from Texas. That’s a far cry from the 1980s banking crisis, in which 349 financial institutions closed in Texas and another 79 required additional assistance from the FDIC between 1980 and 1989, according to its data. Yet Guaranty Financial [...]
According to a Star Tribune story, Mainstreet Bank of Forest Lake, one of Minnesota’s largest and oldest community banks, has received a cease-and-desist order from the Federal Deposit Insurance Corp., alleging “hazardous lending and lax collection practices.” Like many community banks, Mainstreet is getting stung by loans it made to developers and builders during the [...]
