Money transfer options for NRIs Oct 28, 2009
In the case of a wire transfer, you face a tough time trying to locate where your money is held up in the correspondent bank network. Offline methods of sending money to India include mainly mailing cheques and DDs. (India Times, India -- Intl Business)
Nigeria: Sacked Bank Chiefs Gone for Good, Says Sanusi Sep 18, 2009
The CBN Governor refuted alleged withdrawal of credit line by the foreign correspondents' banks of the troubled banks, saying "we have guaranteed these banks and has assured the foreign correspondent banks that the reform in the banking industry was to make the banks strong and reliable. Let me say emphatically that no correspondent bank has shut down its line of credits to these banks and the new managing directors can attest to this. CBN is not managing these banks and has no intention to... (allAfrica.com)
Silverton assets to be auctioned off Sep 11, 2009
Silverton was the country s largest correspondent bank, which means it was a bank to other banks, and was roughly twice the size of the second-largest competitor ... As a correspondent bank, it provided deposit and credit services for other banks, rather than individual customers, and was the largest such bank in the country. (Atlanta Business Chronicle, GA)
Nigeria: Pay Up, Anti-Crimes Body Tells Bank Debtors Aug 20, 2009
He said since the CBN action was taken, no foreign correspondent bank was willing to honour letters of credit from their Nigerian counterpart banks anymore, adding that 'the confidence built up by the era of consolidation has been frittered away over-night. Also speaking at a press conference in Lagos yesterday, Sir Johnson Arumemi-Ikhide, the managing director of Rockson Engineering, one of the companies listed by the CBN as being indebted to Intercontinental Bank to the tune of N36. (allAfrica.com)
FPB Bancorp, Inc. Reports Second Quarter Results Aug 8, 2009
14) per basic and diluted common share for the second quarter of 2008, and included a one-time charge of $548,000 relating to a loss on our investment in the parent company of our primary correspondent bank, Silverton Bank, N.A. Total consolidated assets for the second quarter of 2009 were $262. 4 million, as compared to $239. (Primezone Releases)
Bank of Commerce loses $2.7M in 2Q Jul 29, 2009
During the first part of 2009, a correspondent bank with which we had several loan participations failed and was seized by the , says Wes Sturges, Bank of Commerce chief executive. While we had hoped the FDIC would put the bank s troubled loans back on track quickly, this has not proven to be the case and it appears that final resolution will be slow in coming. (Charlotte Business Journal, NC)
Home Federal Bancorp, Inc. Announces Third Quarter Results Jul 25, 2009
HOME FEDERAL BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, Sept. 30, June 30, 2009 2008 2008 -------- -------- -------- ASSETS Cash and amounts due from depository institutions $ 26,778 $ 23,270 $ 25,187 Certificates of deposit in correspondent bank -- 5,000 5,000 Mortgage-backed securities available for sale, at fair value 169,716 188,787 194,753 FHLB stock, at cost 9,591 9,591 9,591 Loans receivable, net of allowance for loan... (Primezone Releases)
Solera National Bancorp, Inc. Reports Second Quarter 2009 Financial Results Jul 25, 2009
3 million in available unsecured federal fund purchase lines and additional secured borrowing capacity at the Federal Home Loan Bank Topeka, the Federal Reserve Bank, and through a correspondent bank relationship. Stockholders' equity totaled $18. (PR Newswire)
Bank of Florida loss swells with Silverton failure Jul 22, 2009
Silverton was an Atlanta-based correspondent bank, serving as a bank for other banks. It failed in May. (Tampa Bay Business Journal, FL)
Bank flop lures CenterState to Atlanta Jun 23, 2009
The move is a dramatic expansion of CenterState s smaller correspondent banking operations and will be built largely through s failure earlier this spring ... Silverton, unlike the 10 other banks that have failed recently in Atlanta, was a correspondent bank ... Corbett described the move as a management lift-out from the failed bank, and it will be a dramatic expansion for CenterState s nascent correspondent banking operations. (Tampa Bay Business Journal, FL)
Carlyle Group looks to buy Silverton Bank Jun 2, 2009
As a correspondent bank, Silverton provided deposit and credit services for other banks, rather than individual customers, and was the largest such bank in the country. It had more than $4. (Washington Business Journal, DC)
Nigeria: Govt Cautious About Naming Halliburton Suspects May 18, 2009
"On or about March 20, 1995, Madeira Company 3 entered into an agreement with Consulting Company A providing, among other things, that Madeira Company 3 would pay $60 million to Consulting Company A if Joint Venture was awarded a contract, Trains 1 and 2 of the Bonny Island Project. On or about December 15, 1995, Madeira Company 3 wire transferred $1542 million to Consulting Company A, via a correspondent bank account in New York, New York, in payment of Consulting Company A's first invoice... (allAfrica.com)
Coastal Banking Company Reports First Quarter 2009 Earnings May 13, 2009
Known as a ``bankers' bank'' or correspondent bank, Silverton Bank provided credit and deposit services to more than 1,500 banks nationwide. The first quarter 2009 results compare to net income of $387,773, or $0. (Primezone Releases)
Dallas-area bank to manage failed bank May 2, 2009
Irving-based TIB and the seized bank, of Atlanta, both function as bankers banks or correspondent banks, providing services to other banking institutions, but not individual customers ... Given the unique nature of Silverton s balance sheet and operations as a correspondent banking institution, TIB was a logical choice to assist in this critical situation, said TIB President and CEO, Michael O Rourke in a statement issued Friday afternoon ... TIB was Silverton s primary competitor and the second... (Dallas Business Journal, TX)
Silverton Bank fails; 11th and biggest bank failure in Ga. May 2, 2009
Instead, the institution is one of several across the country known as correspondent banks. Founded in the mid-1980 s, it has grown into the country s largest correspondent bank. (Atlanta Business Chronicle, GA)
Silverton Bank fails May 2, 2009
Founded in 1986 as the Georgia Bankers Bank, the institution is one of several across the country known as correspondent banks ... TIB was Silverton s primary competitor and the second largest correspondent bank in the country. (Tampa Bay Business Journal, FL)
U.S. Regulators Seize a Bank to Bankers May 2, 2009
As a so-called correspondent bank, Silverton did not take deposits directly from the general public nor did it make loans to consumers. It was owned by about 400 shareholder banks, described by the FDIC as mostly small, community banks. (ABC News -- Wire)
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)
Correspondent banks hit hard times Apr 11, 2009
Correspondent banks across the nation are struggling and experts say that could affect their primary customers: Community banks. a Birmingham-based correspondent bank, hasn t been immune. (Birmingham Business Journal, AL)
Trade finance shrivels, pushing downturn deeper Mar 4, 2009
In effect, one bank paid the producer of the goods until delivery, at which point the buyer paid the correspondent bank, which remitted the cash, minus a fee, to the original lender. Mechanisms are far more sophisticated today. (International Herald Tribune)
