Regulators order Orion Bank to fire CEO Jerry Williams Nov 14, 2009
The Federal Reserve also gave Orion until Nov. 20 to increase its equity in order to be adequately capitalized and to sell itself or merge with another depository institution. Orion Bank had $2. (Tampa Bay Business Journal, FL)
Richard Rahn: Currency that Kills Nov 12, 2009
As noted above, an electronic wallet can be a credit, debit or smart card - a cell phone or a PC. The electronic money can be held in an electronic chip within the cell phone or other device or in a depository account that can be in a bank, telecom company or some other depository institution ... The political class is also increasingly requiring banks and other depository institutions to spy on their customers and reveal all transactions to government officials - which gives individuals about... (Newsmax)
Vantus parent preparing capital plan for regulators Aug 6, 2009
The contingency would include detailed actions to ''achieve either a merger or acquisition with another depository institution or a voluntary liquidation'' of the bank, according to the SEC filing. For the most recent quarter, ending March 31, First Federal reported losses of nearly 3 million. (Sioux City Journal, IO)
OC approves budget Jul 29, 2009
Trustees also approved Compass Bank as the college depository institution and approved a bid from Grounds for Play to mainly build some ADA-compliant padding under the playground of the Children s Center. The project is planned for completion the third week of September. (Odessa American, TX)
Federal Judge Finds Bailout Act Voids Citigroup's Bid for Wachovia Jul 16, 2009
8503, was the first by a federal judge interpreting 126(c), which renders unenforceable an agreement restricting the ability to acquire any insured depository institution where the FDIC exercises its authority under Federal Deposit Insurance Act 11 or 13. The ruling came on Citigroup's motion for partial judgment on the pleadings and both parties agreed there was no legislative history on the emergency measure to guide the judge. (Law.com)
Regulator to InterBank: Boost capital or else Jul 10, 2009
If the association doesn t meet regulators requirements, it must come up with a capital contingency plan that would include either a merger with or acquisition by another federally insured depository institution. or. (Twin Cities Business Journal, MN)
First Financial Bancorp Announces Two Transactions with Irwin Union Bank and Trust Company Jul 2, 2009
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, management's ability to effectively execute its business plan; the risk that the strength of the United States economy in general and the strength of the local economies in which First Financial conducts operations continue to deteriorate, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the... (PR Newswire)
Bleak financial future predicted for schools Jul 2, 2009
The committee recommended board approval of adding Unity Bank as an approved depository institution. Board member Reed Campbell abstained from the vote. (Brainerd Daily Dispatch)
Report: Carlyle eyes First Republic Bank Jun 18, 2009
On May 22, Carlyle Group, along with Blackstone Group, and WL Ross & Co., invested $900 million in a new depository institution acquiring the operations of Coral Gables-based BankUnited, which was seized by government regulators the previous day. Reader Comments. (South Florida Business Journal, FL)
Neighborhood Community Bank must sell May 29, 2009
It also was ordered make a deal to be bought by a depository institution holding company or combine with another bank. Neighborhood Community Bank cannot accept, renew or rollover deposits bearing an interest rate that exceeds the prevailing effective yields on insured deposits of comparable maturity in its market area without prior approval from the Federal Reserve. (Atlanta Business Chronicle, GA)
Carlyle Group buys BankUnited May 23, 2009
Carlyle, along with Blackstone Group, Centerbridge Partners and WL Ross & Co., have invested $900 million in a new depository institution acquiring the operations of BankUnited, which was seized by government regulators Thursday evening. The new bank will remain headquartered in Coral Gables and continue to operate under the BankUnited name,Carlyle said in a statement. (Washington Business Journal, DC)
Community Bank of West Georgia must sell May 22, 2009
It also must make a deal to be bought by a depository institution holding company or combine with another bank. Community Bank of West Georgia cannot accept, renew or rollover deposits bearing an interest rate that exceeds the prevailing effective yields on insured deposits of comparable maturity in its market area without prior approval from the Federal Reserve. (Atlanta Business Chronicle, GA)
Bursa looking at exchange traded bonds May 8, 2009
He also proposed that transaction costs be set at a nominal value based on the number of transactions and not as a percentage of the trade, and that Bursa should also be the central depository institution to maintain the ownership register to further minimise transaction cost. In good times, equities are certainly a draw for most investors. (The Star Online, Malaysia -- Business)
Citigroup's $60 Billion Suit Over Failed Merger Back in State Court Mar 24, 2009
The complaint also claimed the merger violated 126(c) of the Emergency Economic Stabilization Act, which makes unenforceable agreements limiting the ability to acquire "any insured depository institution" in a transaction in which the Federal Deposit Insurance Corp. exercises its authority to confront "systemic risk" under the Federal Deposit Insurance Act. That same day, Wells Fargo and Wachovia removed the action to federal court. (Law.com)
Job Losses High but Probably Not Peaked Mar 8, 2009
In 2008, 25 banks failed, including mortgage lender IndyMac and the sixth-largest "depository institution," Washington Mutual. Bloomberg devotes some coverage to the auto dealer industry with a story on meetings held yesterday between the over aid to cut financing costs for retailers. (Slate)
