All Posts Tagged With: "Bank Failures"
100 Examples That Show Regional Banks are Still Suffering
Community Security Bank, based in New Prague, Minnesota was closed by government regulators Friday, the Federal Deposit Insurance Corp. said. It brought the total number of bank failures in 2010 to 101. It also continues a pattern. Small, regional banks continue to fail, even as conditions improve for many of the nation’s largest banks. Analysts [...]
Regulators Close Another 6 Banks to Bring Total to 15 Already Closed in 2010
In what is running close to most projections, another six banks were closed on Friday by regulators, making it 15 bank closures for the year, running at a pace close to the expected 200 projected to be closed in 2010. States having banks closed by regulators on Friday included Washington, California, Georgia, Florida and Minnesota. [...]
Goldman Sachs (NYSE:GS) Sued By Two Pension Funds Over Bonuses
The divisive issue of bonus payments to investment bankers reared its head again as it was announced that Goldman Sachs (NYSE:GS) is being sued by two pension funds over planned bonuses paid to employees. The plaintiffs in the lawsuit, released on Tuesday, maintain that the company shouldn’t use its normal methods for calculating bonuses in [...]
Horizon Bank of Washington is First Bank Failure of 2010
While the New Year didn’t start off with a bang as far as bank failures go, Horizon Banks’ failure on Friday is the first of what will probably be close to 200 bank failures in 2010; far exceeding the bank failures of 2009. This doesn’t include failed credit unions, which when added to 2009 bank [...]
FDIC Reports One Bank Failure To Start New Year Following The Most Costly Year In History
Following a year of record bank failures, the Federal Deposit Insurance Corporation announced just one bank failure for the first week of 2010. Horizon Bank of Bellingham, WA saw its assets and deposits seized by regulators on Friday and the FDIC was named receiver of the failed bank. The one bank closure to kickoff 2010 [...]
Editorial: Financial Crisis Theater Starring – Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS)
The next production of government sponsored financial crisis theater is set to open this week in Washington DC, and has assembled an all star ensemble cast of Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS). The play stars the Federal Crisis Inquiry Commission in the lead role as [...]
FDIC’s Deposit Insurance Fund Takes Another $1.8 billion Hit With Seven More Bank Closings
With the seven banks seized in the U.S. Friday by regulators, it brought the total for the year to 140, and will cost an estimated $1.8 billion to the FDIC deposit insurance fund, which has been operating in the red already. The seven banks closed on Friday were spread across six states, with California being [...]
Bank Closings for 2009 Surge to 133 as FDIC Seizes Three More
The Federal Deposit Insurance Corp. (FDIC) seized three more banks on Friday, bringing the total for the year to 133, with hundreds more on the problem bank list for next year, which could see a lot more failures going forward. This week, banks in Florida, Kansas and Arizona succomed, costing an estimated $252 million more [...]
FDIC Problem Bank List Surges to 552
In a report from the FDIC that the Deposit Insurance Fund has been operating in the red since the third quarter, down by $8.2 billion, there was other bad news, as the number of banks on the problem list of the FDIC has now risen to 552, which in reality is probably much worse than [...]
FDIC Problem Bank List Surges to 552
In a report from the FDIC that the Deposit Insurance Fund has been operating in the red since the third quarter, down by $8.2 billion, there was other bad news, as the number of banks on the problem list of the FDIC has now risen to 552, which in reality is probably much worse than [...]
FDIC Shutters Three More Banks on Friday the 13th
With the three banks closed on Friday the 13th, the total for the year has now reached 123. The banks taken over by the Federal Deposit Insurance Corporation included unsurprisingly, two in Florida and one in California. The Florida banks were Orion Bank, Naples, Florida, and Century Bank, FSB, Sarasota, Florida. In California Pacific Coast [...]
FDIC Board Unanimously Approves $45 Billion Prepay for Banks to Shore Up Deposit Insurance Fund
In an expected move, the board of the Federal Deposit Insurance Corp. unanimously approved a 3-year prepayment by banks to the tune of $45 billion in order to put liquidity back into the Deposit Insurance Fund, which ran out of money in the third quarter, and has been running at a deficit ever since. The [...]
East West Bancorp (NASDAQ: EWBC) Acquires Failed California Bank ‘United Commercial Bank’
United Commercial Bank, a subsidiary of UCBH Holdings, was shut down on Friday and its assets acquired by East West Bancorp (NASDAQ: EWBC), becoming the 120th bank to fail so far in 2009. United Commercial Bank was based in San Francisco. Four other banks closed on Friday, which were located in Georgia, Minnesota, Missouri and [...]
Small Banks and Credit Unions Ramping Up Marketing Campaigns against Huge Banks like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC)
Sensing an unprecedented opportunity to gain market share against banking behemoths like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC), small banks and credit unions have been diligently pursuing American consumers who have become disgusted and tired of the bailouts and attitudes of big banks toward their customers. Consequently, many small banks and [...]
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession isn’t close to being over, no matter what the mainstream media lapdogs assert and parrot. As far as [...]
Top Female Bankers Defend and Support Their Industry
In celebration of ‘The 25 Most Powerful Women in Banking,’ industry leaders gathered at the Plaza Hotel on Tuesday evening to honor the top women in banking, who were selected by the editors of U.S. Banker and American Banker. While it was enjoyable and celebratory, when the top banking women came to the stage, they [...]
HSBC Holdings (NYSE:HBC): The rise of the East and Demise of the West
There’s no doubt the move last month by HSBC Holdings (NYSE:HBC) to embed their CEO in Hong Kong, moving him from the London office, speaks volumes as to where they see their future growth, and it’s definitely Asia. In a report they released called “The Tipping Point — The rise of the East and Demise [...]
Three More Banks Fail – Bringing Bank Failures to 98 So Far This Year
Three more banks were seized by banking regulators, bringing the number to 98 so far this year. Banks in Minnesota, Michigan and Colorado were the latest casualties. In Minnesota, Jennings State Bank, a family-owned bank in Spring Grove, Minnesots went under, and had assets worth $56.3 million and deposits of $52.4 million as of July [...]
The FDIC is Out of Money – Now What?
Now that the FDIC has effectively admitted they’ve run out of money in the Deposit Insurance Fund, what does that mean to for the banking system in the U.S., and the consumers and businesses using them? First we have to understand that the banking system, the FDIC and the Treasury Department are essentially insolvent. If [...]
Federal Reserve Spending Another $556 billion in Mortgage Market
Although the acquisition of mortgage-backed securities was scheduled to end in December 2009, the Federal Reserve has decided to continue acquiring the securities, with plans to pump another $556 billion into them by April 2010. Since January 2009 the Federal Reserve has already spend $694 billion of taxpayers dollars on them, bringing the end total [...]
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Great post but complicated to understand since I am from Faroe islands ;-) 
What would be your top three tips for anyone new to this topic?