U.S. Bank won't lower CD rates on acquired ... Nov 3, 2009
U.S. Bank, the new owner of San Diego National Bank, plans to keep interest rates on certificates of deposit unchanged until the accounts mature, a spokeswoman said yesterday. The decision to maintain interest rates on CDs likely will help keep former San Diego National Bank customers in the U.S. Bank fold. (San Diego Union-Tribune)
* EDITORIAL : The problem of surplus capital Nov 1, 2009
It also came after the central bank increased sales of negotiable certificates of deposit and certificates of deposit to drain excess funds from the money market. While the central bank declined to comment on whether the housing market is overheating, the perception in financial circles is that the central bank is using open-market operations to fend off a potential property bubble. (Taipei Times, Taiwan -- Business)
What to know if your bank fails Oct 31, 2009
A: The FDIC covers money deposited in savings accounts, checking accounts and certificates of deposit up to $250,000. But that limit can apply to the same person in several different ownership categories, like single, joint, held-in-trust and retirement accounts. (MSNBC -- Business)
Community Capital Corporation Announces Completion of Offering and Results of Operations for Third Quarter Oct 31, 2009
" Community Capital Corporation is the parent company of CapitalBank, which operates 18 community oriented branches throughout upstate South Carolina and offers a full array of banking services, including a diverse wealth management group. Additional information on CapitalBank's locations and the products and services offered are available at . Cautionary Note Regarding Forward-Looking Statements Some of our statements contained in this news release are "forward-looking statements" within the... (Primezone Releases)
Mr. Cleanup for the Bank Industry Oct 31, 2009
Brokered deposits come in a variety of forms, but usually they're short-term certificates of deposit. In a typical transaction, an independent broker connects a bank with a wealthy investor or institution seeking a high rate of return on cash and FDIC protection, having gone over the $250,000 limit at other institutions. (BusinessWeek)
Stanford receiver shoots for $1.5B target Oct 30, 2009
Stanford is under lock and key in Houston awaiting trial for allegedly orchestrating a $7 billion Ponzi scheme using certificates of deposit issued through a bank in Antigua under his control, that authorities say Stanford used to support his lavish lifestyle. Most Read Stories. (Houston Business Journal, TX)
PVF Capital Corp. Announces Quarterly Earnings Oct 30, 2009
The reduction in interest income was partially offset by a decrease in interest expense due to the re-pricing of certificates of deposit into lower cost funding. The Company also continued to maintain higher levels of low-yielding, short-term liquid assets due to uncertainties in the economy and financial markets. (Primezone Releases)
* Perngs warning spooks local bourse Oct 30, 2009
The statement was issued in response to a report by the Chinese-language newspaper United Daily News yesterday that the central bank planned to bar state-run lenders from purchasing negotiable certificates of deposit to stop them from cutting mortgage interest rates. The newspaper, citing anonymous central bank officials, said Perng met three ranking bank officials from the Bank of Taiwan (OW), Land Bank of Taiwan (ga) and Taiwan Cooperative Bank (X@w) on Wednesday to voice... (Taipei Times, Taiwan -- World)
Northfield Bancorp, Inc. Announces September 30, 2009 Results Oct 29, 2009
9 million in certificates of deposit and an increase of $96 ... NORTHFIELD BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA (Dollars in thousands, except per share amounts) (unaudited) At At Sept. 30, 2009 Dec. 31, 2008 ---------------- ---------------- Selected Financial Condition Data: Total assets $1,988,167 $1,757,761 Cash and cash equivalents 86,179 50,128 Certificates of deposit (fully insured by the FDIC) -- 53,653 Trading securities 3,345 2,498 Securities available for sale,... (Primezone Releases)
FDIC issues warning about scam e-mails Oct 28, 2009
The warnings also deal with scammers who sell certificates of deposit that claim to be insured by the FDIC and fraudulent telephone callers who offer to lower credit-card interest rates, but really want personal information. DIguy wrote on Oct 27, 2009 12:27 PM:" I got one of these emails at my work email. I knew then it was bogus. My banks do not have my work email. Just deleted it. ". (Longview Daily News, WA)
Woman accused of stealing more than $560K Oct 28, 2009
Police allege that Averill deposited four checks worth $100,000 into her own account instead of buying certificates of deposit with the money. Police say Averill paid off her daughter's $21,484 car loan, spent hundreds of dollars at liquor stores and paid between $2,000 and $5,000 a month on credit cards. (OregonLive, OR -- News)
Baby boomers delaying retirement due to losses Oct 27, 2009
Certified Financial Planner Mark Dennis said most of the baby boomers he works with are moving more toward fixed income such as certificates of deposit, bonds and fixed annuities because those types of investments guarantee a certain interest rate, though the rate is lower than other investments. The bottom line is baby boomers say, Yes, I want my money to grow, but I m more concerned with not losing it, said Dennis, investment services director at. (Jacksonville Business Journal, FL)
Enterprise Financial Reports Third Quarter 2009 Results Oct 24, 2009
40% AVERAGE BALANCES Portfolio loans $2,121,518 $2,168,417 $2,208,519 $2,147,731 $2,057,083 Earning assets 2,386,575 2,323,334 2,333,247 2,271,600 2,181,291 Total assets 2,493,058 2,447,863 2,502,008 2,445,248 2,358,570 Deposits 1,826,230 1,748,637 1,716,291 1,739,525 1,645,396 Shareholders' equity 166,068 161,315 214,271 188,449 184,959 LOAN PORTFOLIO Commercial and industrial $ 703,662 $ 673,154 $ 660,651 $ 672,720 $ 638,382 Commercial real estate 793,569 846,079 878,543 879,963 896,336... (Primezone Releases)
Bridge Bancorp, Inc. Reports Third Quarter 2009 Results Oct 24, 2009
As we approach our 100th anniversary in these uncertain economic times, we remain committed to the sound business principles that have served this Company well: conservative underwriting of loans to local customers and businesses, prudent management of risks, core community based funding and strong financial results delivered to our shareholders," concluded Mr. O'Connor. About Bridge Bancorp, Inc. Bridge Bancorp, Inc. is a bank holding company engaged in commercial banking and financial services... (Primezone Releases)
AmEx Q3 Profit Down 21%, Users Cut Spending Oct 24, 2009
To offset weaker spending trends and losses from souring card loans, AmEx cut expenses by 17%, partly through a smaller workforce and reducing marketing spending, and bulked up its retail deposit base by selling certificates of deposit. The company's U.S. card business reported income of $109 million in the third quarter, down from income of $244 million a year earlier. (SmartMoney)
BB&T gains; Wachovia slips Oct 23, 2009
Unlike a typical retail bank, which solicits customer accounts, Greystone s deposit base is built with certificates of deposit purchased over the Internet and also escrow accounts from affiliated lenders. That s why a comparison with most community banks would be off the mark. (Triangle Business Journal)
Meridian Interstate Bancorp, Inc., Reports Results for the Three and Nine Months Ended September 30, 2009 Oct 23, 2009
MERIDIAN INTERSTATE BANCORP, INC. Consolidated Balance Sheets (Unaudited) September 30, December 31, ---------------------------- (Dollars in thousands) 2009 2008 ---------------------------- ASSETS Cash and due from banks $ 10,761 $ 10,354 Federal funds sold 16,654 9,911 ---------------------------- Total cash and cash equivalents 27,415 20,265 Certificates of deposit - affiliate bank 3,000 7,000 Securities available for sale, at fair value 319,787 252,529 Federal Home Loan Bank stock, at cost... (Primezone Releases)
Bank of America, Chevy Chase take bigger slices of deposits Oct 23, 2009
Also, many banks, particularly large ones, were competing fiercely for deposits last year, offering historically high interest rates on certificates of deposit. Since then, rates have plummeted, and as those CDs come due, much of that money may leave the banks in favor of better-paying investments. (Washington Business Journal, DC)
READ: Wells Fargo's press release Oct 22, 2009
During the quarter, $38 billion of Wachovia's higher-rate certificates of deposit matured, with $22 billion of those balances retained. "We continued to gain new deposit customers and deepen our relationship with existing customers," said Atkins. (USA Today -- Money)
Ponzi scheme ties halt broker Oct 22, 2009
Stanford and other executives of the now defunct Stanford Group are accused of fraudulently selling certificates of deposit issued by Ltd., an offshore bank headquartered in Antigua. Stanford is in jail in Houston, awaiting trial. (Tampa Bay Business Journal, FL)
Flushing Financial Corporation Reports 2009 Third Quarter Earnings Increase of 65% to $0.33 Per Diluted Common Share; Core Earnings Increase of 3.7% to $0.28 Per Diluted Common Share Oct 21, 2009
5 million, while higher-costing certificates of deposit and borrowed funds decreased $18 ... The cost of certificates of deposit, money market accounts, savings accounts and NOW accounts decreased 83 basis points, 158 basis points, 82 basis points and 109 basis points respectively, for the quarter ended September 30, 2009 compared to the same period in 2008 ... 6 million for the quarter ended September 30, 2009 compared to the same period in 2008, while the average balance of higher-costing... (Primezone Releases)
Mercantile Bank Corporation Reports Third Quarter 2009 Results Oct 20, 2009
Local deposits increased $185 million during the first nine months of 2009, primarily in certificates of deposit and interest-bearing checking accounts. The increase in local deposits, combined with a $191 million decline in total assets, has allowed Mercantile to reduce brokered deposits by $334 million, or 29. (Primezone Releases)
* New Taiwan dollar falls on reported central bank probe Oct 20, 2009
The monetary authority sold NT$200 billion in certificates of deposit on Friday, less than the NT$203 billion that matured the same day, its Web site said. The benchmark interest rate has been kept at a record-low 1. (Taipei Times, Taiwan -- World)
Brazil Hedge Funds Recoup 2008 Withdrawals as Returns Triple Global Peers Oct 19, 2009
Oct. 19 (Bloomberg) -- Brazilian hedge funds are luring more money than any type of investment pool in the country after record withdrawals last year, offering returns four times the yield from certificates of deposit ... 61 percent annual average rate that certificates of deposit paid at Brazilian banks. (Bloomberg -- Latin America)
Man accused of swindling 3 Pa. credit unions Oct 18, 2009
Eugene Miley is accused of running a Ponzi scheme in which he promised to purchase high-interest certificates of deposit for credit unions. But prosecutors say the 58-year-old Beaver man sold fictitious CDs and paid interest using money from new customers, so the scheme collapsed when he ran out of new clients. (Carlisle Sentinel, PA)
Shine Vernon Team Files New Fraud Claims Today Against Charles Schwab Over YieldPlus Fund Misconduct Oct 16, 2009
Charles Schwab compared its to the safety of 1 and 2-year certificates of deposit and described it as "portfolio cash" on its website, but actually the bond mutual loaded the fund with high concentrations of risky mortgage- and asset-backed securities that exposed fund investors to the danger of substantial losses of their principal, the claims assert ... -- Schwab ignored the warnings of securities and banking regulators about the risky nature of mortgage-backed securities and collateralized... (Primezone Releases)
Almost 50 and on AARP mailing list Oct 15, 2009
Luckily, I have an emergency fund in certificates of deposit earning a whopping one percent (but it s compounded daily. . (Rockport Pilot, TX)
Stanford beaten in jail Oct 15, 2009
He is accused of operating a Ponzi scheme that paid returns on Caribbean certificates of deposit using money from other investors and funding his lavish lifestyle with siphoned funds. Stanford's lawyer said prison doctors could not explain why his client was ill, but noted that the stress of the case and imprisonment were taking an emotional and physical toll. (iAfrica.com)
Keep inflation in mind when investing Oct 14, 2009
But many bonds, along with other fixed-income vehicles, such as certificates of deposit, are not good inflation fighters because the fixed rate of return they offer simply may not keep up with inflation. However, if you built a bond ladder - a group of bonds with varying maturities - you d have more flexibility in combating inflation, because your longer-term bonds typically offer higher interest rates. (Rockport Pilot, TX)
Stanford Investors Add Chadbourne & Parke as Defendant Oct 13, 2009
The SEC in February charged that Stanford Financial Group, led by Allen Stanford, was conducting a "massive ongoing fraud" that included inflated promises of returns from the sale of $8 billion in high-yield certificates of deposit. The second amended complaint in the Texas class action, filed Friday, also names as a defendant P. Mauricio Alvarado, the former general counsel of Stanford Financial Group. (Law.com)
Insurance agent sentenced to 13 years Oct 13, 2009
Flora encouraged these investors, who ranged in age from 67 to 92 years old, to shift savings from life insurance policies, certificates of deposit and savings accounts, to her short-term, high-return investment. The victims include seniors from Sacramento, Citrus Heights, Elk Grove, Placerville, West Sacramento and Woodland, according to the California Attorney General s Office. (Sacramento Business Journal, CA)
Ups and downs of those revenue collections (280) Oct 12, 2009
Where investors chased big returns only a few years ago in the high technology industry on cutting edge products and services, they are now seeking to protect their money by investing in instruments such as bonds and certificates of deposit. Against a backdrop of a more than 50 percent drop in stock prices from their high in 2007 and slumping housing prices across the nation, investors feel burned and are running for cover. (Lihue Garden Island, HA)
Investment scandal devastates lives Oct 11, 2009
These aren't the golden years he was expecting when he used his $431,000 retirement nest egg to buy certificates of deposit with Stanford Financial. He had planned a comfortable retirement with his wife, but - like thousands of others - in February, he learned it was all a scam and his hard-earned money was gone. (The Clarion-Ledger)
Stanford Can Use Lloyd's Insurance to Pay Defense Lawyers, U.S. Judge Says Oct 10, 2009
Stanford, who faces civil and criminal claims he swindled investors in a scheme involving the sale of certificates of deposit through Antigua-based Stanford International Bank Ltd., was given a federal public defender on Sept. 15 after a U.S. judge hearing his criminal case in Houston found he had no money to pay lawyers. With a reported net worth of $2. (Bloomberg -- US)
What's Ahead for Financial Stocks Oct 9, 2009
I like banks because they're getting core deposit inflows from saving, checking, and money-market accounts for the first time in decades, instead of noncore deposits such as certificates of deposit ... Weaker banks gathered the bulk of deposits by offering higher yields on certificates of deposit. (BusinessWeek)
Money Fund Assets Rose to $3.446T in Latest Week Oct 9, 2009
61 percent on six-month certificates of deposit, down from 0. 62 percent the previous week. (ABC News -- Wire)
Fed Boss Sees No Rush to Boost Rates Oct 9, 2009
The Fed also can set up the equivalent of certificates of deposit for banks at the central bank, another incentive for banks to keep their money at the Fed. 1. (ABC News -- Wire)
MCEDC cuts director spot to save money Oct 8, 2009
Another financial decision was to move both MCEDC s certificates of deposit to Madisonville State Bank for six months with a rate of 1. 9 percent. (Madisonville Meteor, TX)
Portfolio Investments for A Weakening Dollar Oct 8, 2009
Depositors can hold their money either in fully liquid money market accounts or certificates of deposit with a minimum term of three months. The interest rates on foreign currency deposits are based on the interest rate structures of the countries whose currencies an investor chooses to own. (BusinessWeek)
Lawyer running Stanford's firms asks for $9M more Oct 7, 2009
The SEC has accused Stanford and some of his top executives of running a $7 billion scheme by promising inflated returns to more than 20,000 investors on certificates of deposit at his bank in Antigua. Instead of investing the money, Stanford paid off old investors with deposits from new investors, according to the government. (USA Today -- Money)
Do you have enough to retire? Oct 4, 2009
Certificates of deposit. Retired couple Jackie and Bob Walter now have most of their money in a certificate of deposit rather than the stock market or bonds. (Gillette News-Record, WY)
Kohn: Fed is developing new exit tools Oct 1, 2009
Those new techniques include selling mortgage-backed securities from its portfolio with an agreement to buy them back later and setting up the equivalent of certificates of deposit for banks at the Fed, he said. . (Muscatine Journal, IO)
BillShrink adds savings, CD picking tools Sep 30, 2009
on Tuesday added a tool that helps consumers find the best combination of savings accounts and certificates of deposit. The Redwood City startup previously helped find the cheapest cell phone plans, as well as the lowest gas prices and credit card rates. (San Jose Business Journal, CA)
College costs Sep 30, 2009
Nearly 60% of parents have at least part of their college savings in bank savings accounts, money market accounts or certificates of deposit. College savings vehicle. (USA Today -- Money)
Rich Senator, ‘Poor’ Senator Sep 30, 2009
The Census Bureau report tallied assets including interest-earning bank accounts; certificates of deposit; bonds, stocks and mutual funds; rental properties; primary and vacation homes; retirement accounts; and vehicles and subtracted for liabilities including mortgages, vehicle loans, credit card debt, medical bills and education loans. The report did not include assets such as equity in pension plans, cash value of life insurance policies, home furnishings or jewelry. (Roll Call)
Stanford treated after prison fight Sep 26, 2009
Stanford, who has been in custody since being indicted in June, faces 21 felony charges for allegedly paying investors "improbable if not impossible" returns by taking funds from later investors in certificates of deposit at Antigua-based Stanford International Bank Ltd. ... Stanford, who has been in custody since being indicted in June, faces 21 felony charges for allegedly paying investors "improbable if not impossible" returns by taking funds from later investors in certificates of deposit at... (New York Post -- Business)
Allen Stanford Gets Medical Treatment After Texas Jail Fight, Marshal Says Sep 26, 2009
Stanford, who has been in custody since being indicted in June, faces 21 felony charges for allegedly paying investors improbable if not impossible returns by taking funds from later investors in certificates of deposit at Antigua-based Stanford International Bank Ltd.. The guard who answered the phone at the Joe Corley Detention Center in Conroe, north of Houston, where Stanford is being held without bail, declined to comment on Stanfords condition or whereabouts, citing the... (Bloomberg -- US)
Investors don't feel like taking chances with stocks, spending Sep 25, 2009
Investors spooked by the near collapse of the financial system are also less willing to risk money in stocks, preferring safer investments such as certificates of deposit and money market mutual funds, says Robert Cohen, a New Jersey-based financial planner at Financial Strategies & Wealth Management. There was $1. (USA Today -- Money)
Stanford's Wife Susan Sues Her Ex-Divorce Lawyer for $200 Million in Texas Sep 25, 2009
Susan Stanford filed for divorce in November 2007, more than a year before the U.S. Securities and Exchange Commission seized the financiers assets on accusations he ran a $7 billion scheme involving the sale of certificates of deposit through his Antiguan bank. When the divorce was filed, Stanford was considered a billionaire and ranked 205th on Forbes 2008 list of richest Americans. (Bloomberg -- US)
Receiver wants to sell Allen Stanford's 112-foot yacht Sep 24, 2009
2 billion by Forbes magazine in 2008, is accused of masterminding a $7 billion scheme involving fraudulent certificates of deposit issued by his offshore bank in Antigua. In August, Janvey filed a motion seeking approval to sell Stanford's smaller 50-foot yacht, the Little Eagle, to a buyer from Oklahoma for $150,000. (USA Today -- Money)
Meltdown Gives Consumers a New Money Mindset Sep 23, 2009
9 percent when certificates of deposit were earning more than 12 percent ... Most bank money-market accounts offer a return of less than 2 percent, and even long-term certificates of deposit offer little more than 2 percent. (ABC News -- Wire)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Socialist People’s Libyan Arab Jamahiriya Sep 22, 2009
Directors welcomed the intention of the Central Bank of Libya (CBL) to extend the maturities range of its certificates of deposit and develop an auction mechanism for them. The ongoing efforts to modernize the CBL and enhance the payments system will establish the infrastructure to support the design and implementation of monetary policy. (IMF News)
Shrinking Money Supply Dampens Inflation Fears Sep 22, 2009
It includes cash, checking and savings accounts, certificates of deposit, savings and loan deposits, and money-market funds. In an interview on Sept. 21, Ashworth said the new information "basically legitimizes the approach the Federal Reserve has taken" by making it clear that, so far anyway, there's little risk of breaking out from too much money. (BusinessWeek)
Allen Stanford Gets Champagne Legal Defense on Beer Budget as Public Pays Sep 19, 2009
The SEC accused them of issuing $7 billion in certificates of deposit through Antigua-based Stanford International Bank Ltd. while misleading investors about the nature and oversight of the securities. In June, federal prosecutors indicted Stanford and four others on similar claims. (Bloomberg -- US)
Judge appoints public defender for Stanford Sep 16, 2009
Stanford and other executives of the now defunct Houston-based Stanford Financial Group are accused of orchestrating a massive scheme by advising clients to invest more than $7 billion in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua. Investors were promised their investments were safe and were scrutinized by Antigua's bank regulator and an independent auditor. (USA Today -- Money)
Billionaire Stanford has no money to pay for lawyer Sep 16, 2009
Prosecutors say Stanford and others sold fraudulent certificates of deposit to clients through his offshore bank in Antigua. He has denied any wrongdoing. (Sydney Morning Herald -- World)
MB Financial girds itself with $175M equity offer Sep 15, 2009
1 billion are high-priced Internet certificates of deposit that MB will redeem right away. Core depositslocally based, low-rate fundsmake up at least $1. (Crain's Chicago Business)
First-Rate Offshore Banking Services Offered by Energy Investments Experts at World Energy Research Sep 14, 2009
Interest Bearing Accounts and Certificates of Deposit. Effecting investments Abroad. (PR Newswire)
Condo loans up for grabs as Corus fails Sep 13, 2009
The Corus branches were all in the Chicago area, but it attracted most of its deposits from high-rate certificates of deposit over the Internet. This helped it to raise money to lend out from all corners of the country. (South Florida Business Journal, FL)
Scandal stings town Sep 12, 2009
Davis' access to capital dried up in February, when he and four other SFG executives came under federal scrutiny for illegality surrounding the sale of certificates of deposit by Stanford International Bank Ltd.. Personal and corporate assets were frozen and now a court-appointed receiver supervises legions of lawyers and accountants who are trying to figure out where all the investors' money went. (The Clarion-Ledger)
Ex-Stanford Security Chief Seeks Speedy Trial Sep 12, 2009
Prosecutors allege the investment empire founded by R. Allen Stanford was a massive Ponzi scheme that capitalized on the sale of certificates of deposit from his Caribbean-based bank. Stanford is in jail in Texas awaiting trial on fraud charges. (Law.com)
Second Florida Stanford employee indicted Sep 11, 2009
the SEC accused Robert Allen Stanford and three of his companies including one with operations in South Florida of perpetuating an $8 billion scheme that involved the fraudulent sale of certificates of deposit. Thursday's indictment alleges that after a receiver was appointed to oversee Stanford's operations, a court ordered that all documents be preserved. (South Florida Business Journal, FL)
Former Global Director of Security for Stanford Financial Group Indicted for Obstructing A Federal Investigation Sep 11, 2009
According to the superseding indictment, SIBL, an offshore SFG bank affiliate located in St. John's, Antigua, allegedly lured U.S. investors to buy into its certificates of deposit (CDs) by touting high investment returns not available through domestic banks. SIBL is alleged to have misrepresented that it held $8 billion in client funds that had been invested primarily in its CDs. (PR Newswire)
Former Miami DEA Chief Indicted in Stanford Probe Sep 11, 2009
A business offshoot, Antigua-based Stanford International Bank, attracted billions of dollars for investment in high-yield certificates of deposit. Investigators charge the bank was nothing more than a Ponzi scheme paying old investors with money from new ones. (Law.com)
Looking back at Lehman: 1 year later, financial world still reeling Sep 11, 2009
As a result, many investors in search of a good night's sleep are parking their money in safe places, such as certificates of deposit and money market funds, even though they're getting little, if any, return. According to data compiled by the Investment Company Institute and the Federal Reserve, there is now $9. (USA Today -- Money)
