More than a third of Alabama banks unprofitable Sep 9, 2009
John D. Harrison, superintendent of the Alabama Banking Department, said many banks across the state have never faced financial hardships they are experiencing today. To cope with the financial challenges, bankers are looking at their balance sheets every day to find ways to cut expenses, and they just simply can t make a mistake on making bad loans in this environment, he said. (Birmingham Business Journal, AL)
Data point to more bank failures Sep 9, 2009
said it had consented to an order to cease and desist by the Board of Governors of the Federal Reserve and the Alabama State Banking Department. The order addresses the issues of capital, liquidity and allowance for loan losses. (South Florida Business Journal, FL)
China to Sell Bonds in Hong Kong for First Time to Elevate Status of Yuan Sep 8, 2009
China should expand channels for firms to invest yuan in order for the trial to succeed, Zhang Xiaoming, general manager at the international banking department of Bank of Communications Co., said on July 22 in Shanghai. This shows the government is trying to enrich yuan investment products in Hong Kong to facilitate the pilot cross- border settlement program, said , an analyst at Bank of Communications, the nations fifth-largest lender. (Bloomberg -- Asia)
Panasonic Holds Second Global Advisors Conference Sep 3, 2009
Since joining BOJ in 1958, he has held several prominent positions including the Director-General of Research and Statistics Department, Head of the Banking Department and Policy Planning Department, Executive Director and Deputy Governor. From December 2008, he has served as president of the Canon Institute for Global Studies. (JCN Network, Japan)
Ask AP: Lawmaker health benefits, Hawaii monarchy Aug 29, 2009
Or contact the banking department or consumer affairs office in your state. The FDIC isn't involved in that type of situation. (Jefferson City News Tribune, MO)
Colonial BancGroup files Chapter 11 Aug 28, 2009
The company is seeking protection after it was seized recently by the State of Alabama Banking Department and the Federal Deposit Insurance Corp. and sold off to Winston-Salem, N.C.-based. Colonial is currently under investigation by both the U.S. Department of Justice and the Securities and Exchange Commission. (Birmingham Business Journal, AL)
With Colonial failure, BB&T is a major player in South Florida Aug 25, 2009
Colonial Bank was seized by the Alabama State Banking Department on Aug. 14, and its deposits and branches were given to Winston-Salem, N.C.-based BB&T through the. As of June 30, 2008, the most recent information available, BB&T had 10 branches in South Florida, with $319 million in deposits. (South Florida Business Journal, FL)
CapitalSouth Bank shut down Aug 23, 2009
The Alabama State Banking Department announced that it took posession of CapitalSouth at 5 p.m. CDST Aug. 21 and appointed the as receiver. Depositors, creditors and related parties can contact the FDIC at 1-877-894-4710 or www. (Jacksonville Business Journal, FL)
Colonial's rise and fall Aug 23, 2009
This was likely the reason why the bank switched regulators and returned to the state of Alabama Banking Department last year, Plath added. After six straight quarterly net losses during the financial crisis, the bank s nonperforming loans spiraled out of control and its liquidity deteriorated rapidly. (Business Journal of the Greater Triad Area)
IBERIABANK Announces Market Expansion Aug 22, 2009
The Alabama State Banking Department took possession of CapitalSouth Bank at 5:00 p.m. CDST on Friday, August 21, 2009. The Superintendent of Banks appointed the FDIC as Receiver of CapitalSouth Bank effective immediately. (PR Newswire)
CapitalSouth seized by regulators Aug 22, 2009
At 5 p.m., the State of Alabama Banking Department took control of the bankand appointed the as the receiver, which signed a loss-sharing agreement with Lafayette, La. -based. (Birmingham Business Journal, AL)
Colonial hit with cease and desist order Aug 18, 2009
The Montgomery-based bank, which has struggled with a plethora of nonperforming loans in once-hot markets that have hit rock-bottom during the financial crisis, was ordered by the Federal Deposit Insurance Corp. and the State of Alabama Banking Department to raise its risk-based capital ratio to 12 percent a rate higher than the 10 percent all banks must meet to be considered well capitalized, according to public documents. Colonial Bank needs another $213. (Birmingham Business Journal, AL)
Colonial fails: BB&T buys deposits, branches Aug 18, 2009
At 5 p.m. Central time Friday, the State of Alabama Banking Department officially appointed the FDIC as receiver of the bank, which signed a loss-sharing agreement with BB&T. ... Colonial, which was recently switched back to a state-chartered bank managed by the State of Alabama Banking Department, was the first bank to fail under the department s oversight in more than 22 years. (Jacksonville Business Journal, FL)
BB&T launches $750M offering Aug 18, 2009
At 5 p.m. Friday, the State of Alabama Banking Department officially appointed the as receiver of the bank, which signed a loss-sharing agreement with BB&T.. Colonial s $20 billion in deposits have been transferred to Winston-Salem-based BB&T (NYSE:BBT). (Charlotte Business Journal, NC)
Colonial Bank biggest failure in state history Aug 15, 2009
MONTGOMERY, AL (WSFA) - The Alabama State Banking Department took possession of failed Montgomery-based Colonial Bank Friday evening. Colonial's collapse is the largest ever in Alabama and the biggest yet for 2009. (WSJA.com, AL)
BB&T to take over Colonial Bank Aug 15, 2009
Colonial Bank was seized by the Alabama State Banking Department Friday afternoon and its deposits and branches were given to through the Federal Deposit Insurance Corp.. The failure of the $25 billion-asset bank from Montgomery, Ala. (South Florida Business Journal, FL)
BREAKING NEWS: Colonial Bank to be acquired by BB&T Aug 15, 2009
Published: Friday, August 14, 2009 5:26 PM CDT The Alabama State Banking Department announced Friday that it has taken possession of Colonial Bank, the Montgomery-based bank that has a branch in Brewton. The banking department announced that North Carolina-based BB&T Corporation will acquire Colonial Bank through an agreement with FDIC.. (Brewton Standard, AL)
'COP' warns that bad assets still threaten banks Aug 12, 2009
Jeb Hensarling; Richard Neiman, superintendent of banks at the New York State Banking Department; Damon Silvers, associate counsel at the ; and former Republican Sen. John Sununu of New Hampshire. (USA Today -- Money)
Analyst: BB&T eyes Colonial purchase Aug 11, 2009
Also, bank executives will meet with the Alabama banking department Wednesday to ask for the bank s consent to appoint the FDIC as receiver or conservator if deemed necessary, according to a filing. A potential acquirer for the bank will likely bid a negative premium that will cover the losses in a loss-sharing agreement, Savastano said. (South Florida Business Journal, FL)
Colonial BancGroup may face takeover next week Aug 8, 2009
The Alabama banking department has informed that may be placed in receivership over as soon as next week as the bank contends with a federal criminal investigation of its mortgage lending division. The board is scheduled to meet Aug. 12 to discuss appointing the FDIC as receiver or conservator for the Montgomery-based bank, according to a Securities and Exchange Commission filing. (Birmingham Business Journal, AL)
Banking on SMEs Aug 8, 2009
Alliance Bank Malaysia Bhd group chief executive officer and Alliance Financial Group Bhd director Datuk Bridget Lai says its SME banking unit currently forms the largest component of the commercial banking department. 0. (The Star Online, Malaysia -- Business)
Regulators Seize 5 Banks; 2009 List Reaches 69 Aug 2, 2009
First State Bank of Altus was closed by the Oklahoma State Banking Department, which appointed the FDIC as receiver. Herring Bank, based in Amarillo, Texas, is assuming the deposits and about $64. (Time.com)
Court change in Waterford Bank suit Aug 1, 2009
Late in the day July 24, the state Banking Department shut down the start-up, saying the bank was undercapitilized. It is now under FDIC receivership, which means the FDIC assumes all rights and operations of the bank and will liquidate its assets and liabilities. (Buffalo Business First, NY)
Regulators crack down on Prosper Bank Aug 1, 2009
Also, it requires Prosper Bank to submit additional reports to the and the Texas Banking Department on topics including a plan to reduce problem loans, a plan for sustainable liquidity and a plan for hiring qualified managers, lenders and accountants. Further, the order requires Prosper Bank to hire a bank consultantant to help it comply with additional regulatory scrutiny. (Dallas Business Journal, TX)
Colonial gets cease and desist order from Fed Jul 28, 2009
The Montgomery bank signed the order effective July 22, issued by the Reserve and the State of Alabama Banking Department, which banned the company from paying dividends, incurring any new debt, nor making any distributions of interest and principal on subordinated debentures or trust preferred securities, according to a filing released Monday. Earlier this year, the issued a cease and desist order against the company. (Birmingham Business Journal, AL)
Colonial Agrees to Cease-and-Desist Order Jul 28, 2009
Montgomery-based Colonial said it consented to an order by the Federal Reserve's Board of Governors and the Alabama State Banking Department that took effect July 22. Among other things, the order requires Colonial to obtain written consent from regulators before declaring or paying any dividends to shareholders, or before making interest or principal payments on subordinated debt or trust-preferred securities. (ABC News -- Wire)
FDIC, Evans work on Waterford deal Jul 28, 2009
The move comes after FDIC was named receiver of Waterford Village Bank, which was shut down by the New York State Banking Department on Friday, becoming the first bank to fail in New York since 2004 ... "It is a top priority of the New York state Banking Department to protect the deposits of customers of New York state banks and ensure the safety and soundness of the banking system in the state," Richard Neiman, superintendent of the state Banking Department, said in a prepared statement ...... (Buffalo Business First, NY)
Citi exec's pay package may spark gov't showdown Jul 26, 2009
Diana L. Taylor, the former Superintendent of Banks for the New York State Banking Department, and current Managing Director of Wolfensohn Capital Partners, a fund manager. Timothy C. Collins, Chief Executive Officer of Ripplewood Holdings L.L.C., an investment firm that invests in financial services and other sectors. (Fresno Bee -- Business)
Security Bank's Units in Georgia Shut Down as U.S. Lender Failures Hit 64 Jul 25, 2009
4 million in assets and $58 million in deposits, was closed by the states Banking Department, and the FDIC was named receiver. of Angola, New York, assumed Waterfords deposits, and will share losses with the FDIC on $56 million of assets, the agency said. (Bloomberg -- US)
Stocks End Mixed; Microsoft Plunges Jul 25, 2009
Citigroup (C) announced the appointment of three new members to its Board of Directors on Friday, including the former superintendent of the New York State Banking Department. In a statement, Citigroup said that Diana Taylor, Timothy Collins and Robert Joss would join the now 17-member board, of which only Citigroup CEO Vikram Pandit is a member of the companys management. (Fox News)
Citigroup Names Ex-Bank Supervisor Taylor, Ripplewood's Collins to Board Jul 25, 2009
Taylor, a former investment banker, was superintendent of the New York State Banking Department from 2003 to 2007, an appointee of former Governor. After stepping down, she joined Wolfensohn & Co., a New York-based private investment firm whose chairman and CEO is former World Bank President. (Bloomberg)
Yuan Is Unlikely to Oust Dollar in Trade for a Decade, BoCom's Zhang Says Jul 24, 2009
A pilot program allowing Chinese companies to settle trade in their local currency has produced a small amount of business in the first three weeks, said , general manager at the international banking department of the nations fifth-largest bank by assets. China should expand channels for companies to invest yuan to preserve the value of their assets or make a profit, he said. (Bloomberg)
Waterford needs cash, investors told Jul 22, 2009
Some shareholders have voiced concern in recent weeks over the bank s proposed acquisition by , a forming entity that must get permission from the state Banking Department to exist ... Some have sent letters via attorneys to the state Banking Department, requesting that the department investigate the bank before the deal is approved ... The current proposed acquisition must be approved by the state Banking Department and shareholders before it can be finalized. (Buffalo Business First, NY)
Waterford letter delayed Jul 18, 2009
Last month, the bank requested permission from the state Banking Department to be acquired by VCH Bank, a forming entity that must get separate approval from the banking department to exist ... But in less than a month, approximately 30 shareholders have expressed serious concern with the proposed acquisition, asking the state Banking Department to investigate the deal ... The bank s letter to shareholders was announced this week after nearly 30 letters from shareholders, including the bank s... (Buffalo Business First, NY)
More complaints on proposed Waterford deal Jul 16, 2009
Nearly 30 shareholders, including former Waterford President Kathleen Flemming, have written letters of objection to Richard Neiman, superintendent of the state Banking Department ... The proposed acquisition be delayed or rejected until the state Banking Department determines whether the bank is following provisions of a cease and desist order issued in February ... Bank shareholders be informed, in writing, by the state Banking Department about whether the terms of the cease and desist order... (Buffalo Business First, NY)
TX dodges bank failures Jul 14, 2009
State Bank executives along with regulators from the Texas Banking Department and the Federal Deposit Insurance Corp. closed the bank on July 2 and worked through the weekend closing out the failed bank s books and preparing it to open as a unit of State Bank of Texas. Patel s plans. (Dallas Business Journal, TX)
Number of new bank branches in Pennsylvania drops sharply Jul 11, 2009
That s just additions, not accounting for branch discontinuances or consolidations, which typically keep numbers on a fairly even keel, said Daniel Egan, banking department spokesman. But that s during a normal year. (Pittsburgh Business Times, PA)
Millennium State Bank of Texas fails Jul 4, 2009
FDIC and Texas Banking Department staffers are working through the holiday weekend closing out the books of Millennium State Bank and integrating them into State Bank of Texas. As of June 30, Millennium had $118 million in total assets and $115 million in deposits. (Dallas Business Journal, TX)
Pa. Department of Banking OKs Riverset Credit Union expansion plans Jul 3, 2009
The banking department approved Riverset Credit Union s request to amend its charter to serve Allegheny, Butler and Beaver counties. Riverset serves 14,000 members and has $101 million in assets. (Pittsburgh Business Times, PA)
Waterford poised for cash infusion Jun 23, 2009
So it has applied to the State of New York Banking Department for permission to merge into , which at the same time has applied to the same regulators for permission to be established, according to state Banking Department bulletins ... The board of the state banking department is expected to vote July 2 on the merger and shareholders also must approve the change, he said. (Buffalo Business First, NY)
Closing an insolvent bank fairly simple process Jun 21, 2009
"Once the decision is made that a (banking) institution is not viable, at that point in time the banking department along with the FDIC will work together to attempt to find a buyer for the bank as a whole," Newberry said. The FDIC usually acts as the receiver of the troubled bank and serves as the agent for selling the bank and its assets, Newberry said. (Athens Banner-Herald)
China Construction Bank Corporation Holds Grand Opening Celebration of New York Branch Jun 6, 2009
Chinese Consul General to New York Peng Keyu, Deputy Mayor of New York City Robert Lieber, Superintendent of Banks of the New York State Banking Department Richard Neiman, CCB Chairman Guo Shuqing, CCB Vice President Fan Yifei and some 400 local guests attended the opening ceremony. Located at 1095 Avenue of the Americas, the New York Branch will engage in wholesale banking activities, including lending, acceptance of wholesale deposits, trade finance, US dollar clearing and treasury. (PR Newswire)
Alabama banks improve in 1Q Jun 5, 2009
State of Alabama Banking Department Superintendent John D. Harrison said the positive numbers were encouraging. However, it s still hard to predict what the future holds for banks across the state, he said. (Birmingham Business Journal, AL)
People on the Move: June 1 Jun 2, 2009
Baird, who joined the Manassas branch in 2006, is a business services officer in BB&T s Commercial Banking department. The Asheville, N.C., native earned his bachelor s degree in finance and banking and international business from. (Washington Business Journal, DC)
WHISTLEBLOWER SAYS CHECK SCAM BLEEDING STATE May 26, 2009
The state Banking Department is looking into the matter and spoke with the whistleblower a couple of times over the past few weeks. The former detective/current whistleblower, whom I'm not naming at his request, is alleging that the check-cashing firms are allowing contractors to cash checks under the 10,000 reporting limit so that state and federal taxes can be avoided. (New York Post -- Business)
Narh Appointed Second Deputy Governor Of BOG May 23, 2009
Mr. Narh was Director and Head of the Banking Department from July 2002 to May 2008 and was responsible for all banking matters, both domestic and international ... Mr. Narh was the Head of Branch Banking Department from 1996 to 1999 during which he was tasked by Management of the Bank to set up five regional branch offices for the Bank. (Ghana Web, Ghana)
Liberia: Gov't Identifies Brains Behind U.S$1.1 Million Transfer May 21, 2009
Those suspended by the CBL include the Officer-in-Charge of the Banking Department, Mr. Joseph Kollie; the Officer-in-Charge of Domestic Banking, Mr. Jesse Koiboi, and an Accountant/Back Office Operations, Mr. Alfred Kowbeidu. Dr. Jones said the fate of the Deputy Governor lies in the purview of the Board of Directors of the CBL and not him. (allAfrica.com)
What can Brown do for you? May 18, 2009
He is 5-foot-8, wears a suit at work, drinks tea and is probably just as comfortable on the sideline of his son s peewee football games as he is questioning the banking department director in a hearing. Brown issues a lot of press releases, is happy to take reporters calls and comes up with ideas sure to generate attention. (Washington Business Journal, DC)
Regions to open nine new branches May 16, 2009
The Birmingham-based banking giant received approval from the Federal Reserve Bank of Atlanta and the State of Alabama Banking Department to establish financial centers in Little Rock, Ark. Destin, Fla. (Birmingham Business Journal, AL)
Credit Suisse's Dougan Owes Interest to Former Wife, Appeals Court Rules May 15, 2009
After graduating from business school in 1982, Dougan joined Bankers Trust Corp. He worked in the investment banking department and later for the nascent derivatives unit. He moved to London and then to Tokyo, where he built the firms bond underwriting division from scratch at the age of 24. (Bloomberg)
NH Sen passes 2 consumer protection bills May 14, 2009
CONCORD, N.H. (AP) -- The New Hampshire Senate has passed two bills aimed at protecting consumers who take out mortgages or use certain financial services by giving the state Banking Department more leeway to regulate the individuals and entities involved ... Another allows the Banking Department to oversee and check business records for individuals and entities engaged in mortgage loan servicing, debt adjustment and money transmitting businesses. (Concord Monitor)
CapitalSouth's CEO resigns May 7, 2009
The Federal Reserve Board and the State of Alabama Banking Department requisitioned the bank to strengthen its management team and operations, among several other orders. Since then, two other senior-level executives have departed from the bank: W. Flake Oakley, the bank s former president and board member, and H. Fred Coble, who worked as president of the company s Jacksonville, Fla. (Birmingham Business Journal, AL)
N.H. banking dept. sues former investment company Apr 29, 2009
The state Banking Department took over Noble Trust Company of Manchester last year after alleging that company officials took money from new investors to pay back old investors whose money they had lost and then falsified records. On Tuesday, banking Commissioner Peter Hildredth filed a lawsuit arguing that Noble officials breached their duty to ensure the company complied with federal and state laws and regulations. (Seacoast New Hampshire)
FDIC: Security Bank Practices 'Unsafe and Unsound' Apr 28, 2009
On Friday, the company announced it has agreed to cease-and-desist orders with the FDIC and Georgia's banking department on its lending and capital policies. The orders also limit dividends paid to the parent corporation by five of its six banking subsidiaries. (13WMAZ.com, GA)
Nexity gets strict orders from regulators Apr 28, 2009
While the correspondent bank announced last month it was under a cease and desist order which calls for a bank to refrain from unsafe or unsound banking practices details of the report were made public Friday by the Federal Deposit Insurance Corp. and the State of Alabama Banking Department. Under the terms of the agreement, Nexity must raise its core capital ratio, or Tier 1, to at least 8 percent and boost its total risk-based capital ratio to at least 12 percent by June 30, which marks the... (Birmingham Business Journal, AL)
Career fairs on tap for Provident workers Apr 17, 2009
The acquisition still requires approval from the as well as the New York State Banking Department and Maryland Office of the Commissioner of Financial Regulation. Reader Comments. (Baltimore Business Journal, MD)
Correspondent banks hit hard times Apr 11, 2009
The bank was recently hit with a cease and desist order by the and the State of Alabama Banking Department. The agencies ordered the bank to improve its profits, increase its capital levels and reduce its non-performing loans. (Birmingham Business Journal, AL)
Provident shareholders approve $401M sale to M&T Bank Apr 9, 2009
The $401 million stock-for-stock sale is expected to close by May 22 and still requires regulatory approval from the as well as the New York State Banking Department and Maryland Office of the Commissioner of Financial Regulation. We received strong support for the merger, Provident CEO Gary N. Geisel said in a statement. (Baltimore Business Journal, MD)
Litchfield-Northwest bank company to add Collinsville Savings to its team Apr 4, 2009
Connecticut Mutual Holding, the holding company for Litchfield Bancorp and Northwest Community Bank of Winsted, has applied to the Federal Deposit Insurance Corp., the state Banking Department and the Federal Reserve Board to add Collinsville Savings Society to its domain, Mark E. Macomber, president and chief executive officer of Litchfield Bancorp, said Friday. Macomber said Collinsville Savings is a good "geographical, philosophical and operational fit" for Connecticut Mutual Holding, and... (Republican-American)
N.H. executive pleads guilty to knowing about fraud Apr 2, 2009
The state Banking Department took over Noble Trust Company of Manchester last year after its owner was accused of losing $15 million in a failed investment. Colin Lindsey of Manchester is accused of taking money from new investors to pay back old investors whose money he had lost, and then falsifying records. (Seacoast New Hampshire)
MTN takes mobile banking to Africa Mar 17, 2009
"We have launched this service in South Africa in 2005," Dare Okoudjou of MTN's cellphone banking department told AFP.. "But it wasn't a full bank account with the cellphone as the primary access, it was very focused on key basic services, such as money transfer," he said of the South African service. (Business Report, South Africa)
Phone banking service launched in Africa, Mideast Mar 16, 2009
"We have launched this service in South Africa in 2005," Dare Okoudjou of MTN's mobile phone banking department told AFP. "But it wasn't a full bank account with the mobile phone at the primary access, it was very focused on key basic services, such as money transfer," he said of the South African service. Now MTN is planning to offer a fully-fledged bank account on mobile phones called MTN MobileMoney which will allow users to pay for purchases or check balances. (Yahoo! Asia News)
RBS Asian asset sales likely around two months away Mar 12, 2009
He said ANZ was considering a play for the investment banking department even though it is not technically for sale. Theyll sell off the retail and commercial to the highest bidder but they all want different bits that overlap so you have to work out how to sell it, he said. (FT.com -- Markets)
Nomura to Shut Former Lehman Investment Banking Department, Merge Teams Mar 12, 2009
Nomura Shuts Lehman Investment Banking Department, Merges Teams - Bloomberg ... Nomura Shuts Lehman Investment Banking Department, Merges Teams ... March 12 (Bloomberg) -- , Japans largest brokerage, said it will shut down an investment banking department housing former staff. (Bloomberg -- Japan)
ICE Trust to Begin Processing and Clearing Credit Default Swaps March 9 Mar 7, 2009
In December 2008, ICE Trust received approval from the New York State Banking Department (NYBD), and on March 5, 2009, the Superintendent of the NYBD issued the authorization certificate to ICE Trust to commence business as a regulated bank based in New York. These approvals, combined with the Federal Reserve Board of Governors' approval received on March 4, mark the completion of the required regulatory reviews prior to the launch of ICE Trust. (PR Newswire)
