Financial reformnext for Obama Nov 4, 2009
The effort to create a single, effective financial system czar has degenerated into pure prom-queen cattiness among the contenders for the post in the US Treasury, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC). The proposal for a government agency to protect consumers from deceptive and abusive financial sales practices has floundered upon an industry advertising campaign extolling the virtues of the uniquely American freedom to be bankrupted by your stockbroker's lies. (Asia Times Online)
Thwarting Cyber Criminals Nov 2, 2009
27, 2009) Cyber criminals are using fake messages claiming to be from the Federal Deposit Insurance Corporation to deliver a virus capable of stealing unsuspecting victims' bank passwords and other sensitive. (Jan. (Science Daily)
In 10 mths, 115 US banks go belly up Nov 1, 2009
According to the Federal Deposit Insurance Corporation (FDIC), which insures deposits of over 8,000 American banks, these collapses would cost its Deposit Insurance Fund about USD 2. 5 billion. (India Times)
Chevron production up, but profits decline 51% Nov 1, 2009
The banks closed by the Federal Deposit Insurance Corporation were in California, Illinois, Texas and Arizona. They were divisions of privately held FBOP Corp., a Chicago-based bank holding company. (Honolulu Advertiser)
Federal Government Takes Over San Diego National Bank Oct 31, 2009
As part of the takeover, an insertion team consisting of Federal Deposit Insurance Corporation (FDIC) agents and representatives from U.S. Bank arrived at San Diego National Bank's downtown branch to go over documents and computer systems. By Monday, experts said the bank will be known as U.S. Bank. (TheSanDiegoChannel.com, CA)
Dont fall for e-mail bank scam Oct 31, 2009
The e-mails, to date, are sent to holders of a Federal Deposit Insurance Corporation (FDIC) account, notifying them their account now sits with a failed banking institution. The consumer is directed to click on a hyperlink, which will download a file said to check their deposit insurance coverage. (Wahpeton Daily News, ND)
Federal Regulators Close 9 Banks, Mostly in West Oct 31, 2009
The banks closed on Friday by the Federal Deposit Insurance Corporation were in California, Illinois, Texas and Arizona. They were divisions of privately held FBOP Corp., a bank holding company based in Oak Park. (ABC News -- Business)
Going for Broke (1033) Oct 31, 2009
Astani filed a Chapter 11 petition for the Concerto complex last month after his lender, Corus Bank, was taken over by the Federal Deposit Insurance Corporation. Bankruptcy protection, Astani said, is necessary to close escrow on the 77 units in the finished six-story tower, which were sold in a recent auction. (Los Angeles Downtown News, CA)
Federal Regulators Close 9 Banks Oct 31, 2009
The Federal Deposit Insurance Corporation said U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks. The banks are mostly in the West and had combined assets of $19. (ABC News -- Wire)
An uncelebrated century Oct 30, 2009
There are 416 institutions on the problem list of the Federal Deposit Insurance Corporation (FDIC). CreditSights estimates that more than 600 banks will fail if conditions stay as they are. (The Economist)
Geithner Leads a Fresh Charge on Financial Reform Oct 30, 2009
At Thursday's hearing in the House, Federal Deposit Insurance Corporation chair Sheila Bair said the Administration's plan didn't give enough power to regulators. Graybeards like Paul Volcker have been calling for greater constraints on big banks. (Time.com)
$138,000 stolen from Monroe Township bank account Oct 30, 2009
The money isnt covered by the Federal Deposit Insurance Corporation, he said. Were in the process of working with Fee if we can be made whole, Dwyer said. (Carlisle Sentinel, PA)
Geithner: New Law Won't Mean More Bailouts Oct 30, 2009
The concept was endorsed by Sheila Bair, who chairs the Federal Deposit Insurance Corporation. "The fund should be set up just in case their behavior - their reckless, dangerous and risky behavior - raises its ugly head again," said Gutierrez, D-Ill. (CBS News)
US moves to shift cost of big bail-outs Oct 29, 2009
It will provide new authority for the Federal Deposit Insurance Corporation, which seizes weak commercial banks, to take over other large financial institutions such as insurance companies or hedge funds, when they run into trouble. The legislation was prepared after the revelations of problems at the Securities and Exchange Commission, including its repeated failures to detect the huge Ponzi scheme engineered by Bernard Madoff. (Sydney Morning Herald -- Business)
Obama seeks new powers to dismantle nonbank firms Oct 29, 2009
Meanwhile, banks oppose a provision that puts the Federal Deposit Insurance Corporation in charge of dismantling these failing firms. Banks pay the FDIC to insure deposits, and they don't want their premiums to pay for the FDIC's new power. (Albany Times Union)
US financial sector will pay for failures: bill Oct 28, 2009
Among its other provisions, the bill would subject thrift holding companies to Fed supervision and give the Federal Deposit Insurance Corporation, which insures bank deposits, the ability to unwind a failing firm. "Costs to resolve a failing firm will be repaid first from the assets of the failed firm at the expense of shareholders and creditors, and to the extent of any shortfall, from assessments on all large financial firms," the statement said. (Yahoo! Asia News)
Alliance Bancorp, Inc. of Pennsylvania Reports Third Quarter Results and Regular Quarterly Cash Dividend Oct 28, 2009
The increase in other expenses primarily resulted from increases in salaries and employee benefits, professional fees and Federal Deposit Insurance Corporation ("FDIC") deposit insurance premiums. For the nine months ended September 30, 2009, net income amounted to $1. (Primezone Releases)
Too Big to Fail? We Can Fix ThatHow about goverment 'winding down' troubled companies? Oct 28, 2009
The wind down process would be similar to the one that the Federal Deposit Insurance Corporation currently uses for smaller banks. The committee, chaired by , said in a statement that both the panel and Treasury are "committed to ensuring that the taxpayers are never again called upon to take responsibility for Wall Street's business decisions.". (ABC News -- Business)
Report: New Frontier Had Warnings Before Collapse Oct 27, 2009
The report for the Federal Deposit Insurance Corporation says regulators should have moved more aggressively to protect the bank, which the state banking commissioner closed in April. Information from: Fort Collins Coloradoan. (ABC News -- Wire)
US bank failures hit more than a 100 for year Oct 26, 2009
When a bank fails, the Federal Deposit Insurance Corporation swoops in, usually on a Friday afternoon. It tries to sell off the bank's assets to buyers and cover its liabilities, primarily customer deposits. (Sydney Morning Herald -- Business)
This Year's U.S. Bank Closings Surpass 100 Oct 25, 2009
The Federal Deposit Insurance Corporation took over Partners Bank in Naples, Florida, with $68. 7 million in assets and $63. (13WMAZ.com, GA)
* Business Quick Take Oct 25, 2009
5 million, became the 100th bank shut down in the country since the beginning of the year, the Federal Deposit Insurance Corporation announced. This story has been viewed 245 times. (Taipei Times, Taiwan -- Sports)
Business digest: Investors approve FNB, Panther deal Oct 24, 2009
The bank also has recently received preliminary approval from the Federal Deposit Insurance Corporation. Manufacturers hold new business event. (The News-Press -- Business)
Feds close down 2 Naples banks Oct 24, 2009
According to The Federal Deposit Insurance Corporation, the two banks were closed and Stonegate agreed to buy the deposits and assets of Partners Bank as well as the deposits of Hillcrest Bank Florida. For customers, its still very seamless, said Andrew Gray, spokesman for the FDIC. On Monday the doors will open and it will be business as usual. (The News-Press -- Business)
Two banks in Naples fail; U.S. total now 106 Oct 24, 2009
Hillcrest Bank and Partners Bank will become branches of Fort Lauderdale-based Stonegate Bank, according to an announcement from the Federal Deposit Insurance Corporation. Four other Southwest Florida banks were taken over earlier this year: Riverside Bank of the Gulf Coast, Colonial Bank, Commerce Bank of Southwest Florida and Orion Bank. (The News-Press -- Business)
US bank failures top 100 for year Oct 24, 2009
Bank failures have cost the Federal Deposit Insurance Corporation (FDIC) fund that insures deposits an estimated $25bn this year. More US banks have now failed this year than in any year since 1992. (BBC News -- Americas)
Fed to widen stress tests for banks: Bernanke Oct 24, 2009
He said regulators should have "a new resolution regime for non-banks, analogous to the regime currently used by the Federal Deposit Insurance Corporation for banks", to allow authorities to wind down a systemically important firm. Bernanke stopped short of offering specifics, but said these firms should pay an assessment to cover the costs of regulation. (Sydney Morning Herald -- Business)
Number of U.S. failed banks hits 100 this year Oct 24, 2009
NEW YORK, Oct. 23 (Xinhua) -- Partners Bank of Naples, Florida was closed on Friday, the 100th bank failure of 2009, according to the Federal Deposit Insurance Corporation. The failed bank was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. (Xinhuanet, China)
The pyramid principle Oct 23, 2009
CreditSights, a research firm, reckons 600 to 1,100 of America s 8,200 banks may need help from, or winding down by, the Federal Deposit Insurance Corporation, compared with the 118 that have failed since the beginning of 2008. Right now America s banking system resembles a pyramid. (The Economist)
50% Still Lack Confidence In U.S. Banks Oct 22, 2009
The Federal Deposit Insurance Corporation guarantees each depositors account up to $250,000. Women are slightly more confident in the banking system than men. (Newsmax)
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
Federal Deposit Insurance Corporation ("FDIC") insurance increased $0. 8 million compared to the comparable prior year period, as the FDIC raised the deposit insurance premiums during 2009. (Primezone Releases)
Consumer advocates may join overseers Oct 21, 2009
Under the current bill, the oversight board consists of the chairmen of eight federal agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation, the Federal Trade Commission, and the Department of Housing and Urban Development. Waters and other liberal Democrats argue that the current proposed board is weighted toward federal regulators who allowed last year s Wall Street collapse in the first place. (Boston Globe)
Toss Or Not To Toss Oct 20, 2009
WASHINGTON, DC (WUSA) -- When it comes to keeping your papers in order for tax time, the Federal Deposit Insurance Corporation offers tips on what to keep and what to toss. Hold on to income tax records for up to six years after you've filed your return. (W-USA News, DC)
Guaranty Federal Bancshares, Inc. Announces Third Quarter 2009 Financial Results Oct 16, 2009
The most impacting reason is the significant increase in the Federal Deposit Insurance Corporation insurance premiums on all insured institutions. For the quarter, these assessment premiums increased $248,000, or 300%, over the prior year quarter. (Primezone Releases)
Bank Regulators: Real Estate Loans Biggest Concern Oct 15, 2009
FILE - In this April 27, 2009 file photo, Sheila Bair, Chairman of the Federal Deposit Insurance Corporation, listens to a question after speaking at the Economic Club of New York, in New York. The smaller, community banks are especially exposed to commercial real estate loans, which now pose the biggest challenge for many financial institutions and their overseers, Federal Deposit Insurance Corp. Chairman Sheila Bair told lawmakers at a Senate hearing Wednesday Oct. 14, 2009. (ABC News -- Wire)
Citigroup hires Washington 'insider' Oct 12, 2009
Quoting sources, the report further said Hohlt was also hired to advise Parsons on ways to blunt the demands of the Federal Deposit Insurance Corporation, one of the bank's primary regulators. Hohlt was the longtime lobbyist for Washington Mutual, which collapsed in 2008, becoming the biggest bank failure in history. (India Times)
US: Crisis takes out more banks Oct 5, 2009
Jennings State Bank and Warren Bank were closed by state regulators and the Federal Deposit Insurance Corporation was named receiver, it said at the weekend. Regulators this year have shut the most banks since the "savings-and-loan" crisis of the 1980s as lenders struggle with mounting losses on property loans. (Business Report, South Africa)
US bank failures nears 100-mark Oct 4, 2009
The Federal Deposit Insurance Corporation, the agency which insures the deposits in more than 8,000 banks, said the three failures would cost its fund about USD 293. 3 million. (India Times, India)
Ex-NBA star Rumeal Robinson swindled mom out of her Cambridge home Oct 3, 2009
They allegedly operated with Community State Bank, a financial institution insured by the Federal Deposit Insurance Corporation in Iowa, under the suspected guise of funding the real estate development in Jamaica. Benzan said he is going to work with the FBI on the case, but plans to seek relief from the courts so Ford s house cannot be sold. (Cambridge Chronicle, MA)
READ: Text of Bernanke's prepared remarks Oct 2, 2009
A new resolution regime for nonbanks, analogous to the regime currently used by the Federal Deposit Insurance Corporation for banks, would provide the government the tools to restructure or wind down a failing systemically important firm in a way that mitigates the risks to financial stability and the economy and thus protects the public interest ... Information about the proposed guidance is available at Board of Governors of the Federal Reserve System, Office of the Comptroller of the... (USA Today -- Money)
LA-based bank strikes deal in discrimination case Oct 1, 2009
American Principle's board of directors announced Beene's hiring this week after receiving approval from the state Department of Financial Institutions and the Federal Deposit Insurance Corporation. Gerry Beckers has been named to replace Beene on an interim basis as Visalia Community Bank's president and CEO. Beckers, currently a vice president and commercial loan officer, has worked for Visalia Community Bank for more than 12 years. (Fresno Bee -- Business)
Bernanke May Compromise on Regulatory Powers Oct 1, 2009
Council members would include the Treasury Secretary, the chairman of the Federal Reserve, the chairman of the Securities and Exchange Commission, the chairman of the Federal Deposit Insurance Corporation and other regulators. But under the plan, the Fed would be the governments power player -- the council would only advise the Fed in identifying large, interconnected financial holding companies like Citigroup (C), Bank of America (BAC) and American International Group (AIG) that could... (Fox News)
Governments' contingent liabilities: Fiscal iceberg Oct 1, 2009
A Federal Deposit Insurance Corporation (FDIC) guarantee for new bank debt is due to end in October. This week Bank of America said it would pay $425m to end a loss-sharing agreement with the federal government. (The Economist)
US banking insurer in cash call Sep 30, 2009
The Federal Deposit Insurance Corporation (FDIC), which controls the US banking sector, is calling for more cash to insure against failing banks. The FDIC wants banks to pre-pay fees for the next three years upfront, boosting its coffers by $45bn (28bn). (BBC News -- Americas)
Skewed up recovery Sep 30, 2009
The Federal Deposit Insurance Corporation, the Treasury Department, Congress and two White House administrations have been deeply involved. You already know this and it has been exhaustively reported. (Asia Times Online)
Large-loan bank losses triple to $53 billion... Sep 26, 2009
The report, called the Shared National Credits Review program, is prepared and jointly released by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The report defines a "shared national credit" as any loan or formal loan commitment of at least $20 million that was financed by three or more banks. (The Drudge Report)
Newsweek: Why the FHA may need a bailout Sep 25, 2009
Last October, first respondersthe Federal Reserve, the Treasury Department, the Federal Deposit Insurance Corporation, Congressflooded into the financial sector. They deployed every weapon in their arsenal, and invented some new ones, to stanch the panic: loans, subsidies, direct bailouts, free money, the TARP. In so doing, they exposed taxpayers to massive immediate and potential liabilities. (MSNBC -- Business)
Bank of America Terminates Asset Guarantee Term Sheet Sep 22, 2009
Under terms of the agreement, Bank of America will pay $425 million to the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation. "We are pleased to resolve this matter and move forward," said Kenneth D. Lewis, chief executive officer and president. (PR Newswire)
Idea of a weakened Fed gaining traction in D.C. Sep 22, 2009
In private deliberations with the administration and other senators, Dodd, a Connecticut Democrat, has advocated since spring an alternative plan that would strip the Fed and Federal Deposit Insurance Corporation of their roles in helping regulate state-chartered banks and replace them with a single federal prudential regulator. Dodd also is expected to reject Obama's suggestion that the Fed monitor systemwide risk and decide whether an institution's existence threatens the economy. (MSNBC -- Politics)
How to Deal with Your Banking Pet Peeves Sep 22, 2009
Gibbons sited an Federal Deposit Insurance Corporation (FDIC) study that found that a $27 overdraft fee a customer repays in two weeks on a $20 debit purchase would incur an annual percentage rate of 3,520 percent. By contrast, penalty interest rates on credit cards generally run about 30 percent. (CBS News)
Post-Crisis Financial Watchdogs: A New Push for Reform Sep 22, 2009
Congress cant go back to the American people and say business as usual," countered Elizabeth Warren, the Harvard University professor who chairs the Congressional Oversight Panel of the Troubled Asset Relief Program, the $700 billion financial bailout Congress approved in October. Hearing It Out On Wednesday, the House Financial Services Committee kicks off a run of 11 hearings over three weeks on regulation reform. At the first hearing, Treasury Secretary Timothy Geithner will make his... (Fox News)
Number of failed US banks hits 94 Sep 21, 2009
The Federal Deposit Insurance Corporation (FDIC), which controls the banking sector, has shut Irwin Union Bank & Trust and Irwin Union Bank. The move comes after their parent firm - Irwin Financial - was unable to meet an FDIC demand to boost their capital. (BBC News -- Americas)
Dodd to Push for Single U.S. Bank Regulator: Report Sep 20, 2009
The Times said the Obama administration had considered, then rejected, the idea of combining the Federal Reserve, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation and the Comptroller of the Currency into one "superagency.". The Obama administration wants to put the Fed in charge of overseeing large, interconnected firms and systemic risk in the economy. (ABC News -- Business)
First Bank Failures Announced in Indiana; Kentucky Sep 19, 2009
The Federal Deposit Insurance Corporation announced it was appointed receiver for Louisville, Kentucky-based Irwin Union Bank, F.S.B., and Columbus, Indiana-based Irwin Union Bank and Trust Co., by the Office of Thrift Supervision and the Indiana Department of Financial Instutions, respectively. The two failed banks have a total of 27 bank branches and are subsidiaries of the Columbus, Indiana-based Irwin Financial Corporation. (Fox News)
Integra Bank Corporation Announces Suspension of Dividend Sep 19, 2009
Factors that might cause such a difference include, but are not limited to: (1) the effects of the current recession in the markets in which we primarily do business; (2) changes in the interest rate environment that reduce our net interest margin; (3) unanticipated additional loan charge-offs and loan loss provisions; (4) our ability to maintain required capital levels and adequate sources of funding and liquidity; (5) additional declines in value of our investment securities portfolio,... (Primezone Releases)
•Irwin Union Bank and Trust closes Sep 19, 2009
Regulators have named the Federal Deposit Insurance Corporation as receiver for the banks. To protect depositors, the FDIC agreed to assume all deposits from the two banks. (The Daily Journal)
First Financial Bank, N.A. Acquires the Banking Operations of Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. Sep 19, 2009
First Financial Bancorp (Nasdaq: ) announced tonight that its wholly owned subsidiary, First Financial Bank, N.A., has purchased the banking operations of Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. (collectively, Irwin), subsidiaries of Irwin Financial Corporation (NYSE: ), through agreements with the Federal Deposit Insurance Corporation (FDIC). The Indiana Department of Financial Institutions and the Office of Thrift Supervision declared Irwin closed today and appointed... (PR Newswire)
US bank failures rise to 94 in 2009 Sep 19, 2009
41 billion), the Federal Deposit Insurance Corporation (FDIC) said in a statement on Friday. In the same group, the Kentucky-based Irwin Union Bank failed with assets of $US493 million ($A565 million) dollars and total deposits of about $US441 million ($A505 million). (Sydney Morning Herald -- Business)
Politics of the financial crisis Sep 17, 2009
Small banks continue to fail, burdening the Federal Deposit Insurance Corporation with having to ask the Treasury for more money, for which the Treasury in turn has to ask the Fed to provide by buying more Treasury bills to add to its balance sheet. That critical observation is the essence of the Congressional Oversight Panel (COP) report in August. (Asia Times Online)
Flushing Financial Corporation Announces Pricing of Common Stock Offering Sep 17, 2009
Flushing Financial Corporation is the parent holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers and businesses by offering a full complement of deposit, loan, and cash management services through its fifteen banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. (Primezone Releases)
Jacksonville Bancorp, Inc. Declares Dividend Sep 16, 2009
Jacksonville Savings Bank is an Illinois-chartered savings bank headquartered in Jacksonville, Illinois, whose deposits are insured by the Federal Deposit Insurance Corporation. SOURCE Jacksonville Bancorp, Inc.. (PR Newswire)
Patti graduates from Leadership Institute Sep 15, 2009
All deposits at Reading Co-operative Bank are insured in full through the Federal Deposit Insurance Corporation and Share Insurance Fund. The Bank has received the highest Bauer Financial Five Star rating for the past 70 consecutive quarters and has five full-service banking locations Reading, North Reading, Woburn and 2 locations in Wilmington; the Bank also offers an educational school branch at the Reading Memorial High School. (Reading Advocate, MA)
First Citizens Bank Acquires Venture Bank of Washington Sep 12, 2009
First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) effective today to purchase substantially all of Venture Bank's assets and assume the majority of its liabilities. The FDIC serves as Receiver of the institution. (Primezone Releases)
Center City Council briefs.... Sep 11, 2009
The Department of Commerce appointed the Federal Deposit Insurance Corporation as receiver of the bank that began in 1906 in Center City as County Bank of Center City. The FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater. (Lindstrom Chisago County Press, MN)
From Huffington Post Sep 10, 2009
He eventually found a co-author, Joseph Mason, an associate Professor of Finance at Drexel University LeBow College of Business, a senior fellow at the Wharton School, and a visiting scholar at the Federal Deposit Insurance Corporation. But the pair could only land their papers with the conservative Hudson Institute. (Harper's Magazine)
