All Posts Tagged With: "FDIC"
BB&T (NYSE: BBT), PNC Financial Services (NYSE: PNC), and U.S. Bancorp (NYSE: USB) Show the Opportunity and Challenge of Acquiring Troubled Banks
Fortune Magazine’s recent Street Sweep column profiled three “super regional” banks: BB&T (BBT), PNC Financial Services Group (PNC) and U.S. Bancorp (USB) who represent hope and challenge for the U.S. banking system. The issue is money. Or in this case … a willingness to spend it. As Street Sweep reported, these super regional banks could [...]
Big Banks Like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) Still Quietly Using Government Money
Big banks like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) are still using free government money, in the form of low interest loans from the Temporary Liquidity Guarantee Program (TLGP), guaranteed by the FDIC. So while CEOs and industry spokespeople decry the government for its “interference” despite the fact they’ve paid back their TARP [...]
Bank Closures in 2010 Begin in Earnest: Three More Closed, One with No Buyer
Three more banks in the U.S. were closed on Friday, and the FDIC wasn’t able to find a buyer for the largest of them all, forcing them to create what they call a bridge bank, which will exist temporarily for the purpose of customers to transfer their money somewhere else. Although the year has started [...]
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 [...]
FDIC Receives Welcome News – Mulitple Bidders For Troubled Loan Portfolio
The FDIC has received bids from over a dozen investors for a $1.1 billion dollar package of commercial real-estate loans that they acquired from various failed banks. The portfolio consists of mostly nonperforming commercial property loans. Demand for these assets, at a discounted price, has grown intense. Investors have amassed billions of dollars to buy [...]
2009 Bank Failures Hit 140 As Seven More Close; FDIC Unable To Find Buyers For All
The Federal Deposit Insurance Corporation (FDIC) announced Friday it was named receiver of seven more banks that were shutdown by the Office of Thrift Supervision (OTS). The closures now bring the 2009 failed bank list to 140. Georgia, which continues to lead the country in bank failures, saw RockBridge Commercial Bank, in Atlanta GA, shutdown. [...]
FDIC Postpones Capital Requirements for Wells Fargo (NYSE:WFC), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM)
Blaming former rules which allowed banks to effectively keep assets and liabilities off of their books and look stronger than they actually were, the Financial Accounting Standards Board changed that to where billions of assets and liabilities would now be forced to be listed on the books of banks like Wells Fargo (NYSE:WFC), Citigroup Inc. [...]
FDIC Chairman Sheila Bair Wants to Create Fund Forcing Banks to Contribute: Would Protect Against Big-bank Failures She Says
The U.S. government and its representative workers like FDIC chairman Sheila Bair, still don’t get why they should leave the market alone and let it work out its own problems and challenges. In Bair’s case, the latest potential interference is to force banks (and other secured creditors) to create a fund in order to protect [...]
FDIC Shutters Six More Banks, Total ’09 Failures Hit 130
The Federal Deposit Insurance Corporation announced Friday it shuttered six more banks, bringing total bank failures in 2009 to 130. The FDIC did not report any bank closures a week ago, November 27. Georgia, which has seen a large share of bank failures this year, saw three banks taken over by regulators Friday. Those included [...]
FDIC Study Shows One In Four U.S. Households Are Not Using Banks
The Federal Deposit Insurance Corporation (FDIC) released the findings from its FDIC National Survey of Unbanked and Underbanked Households on Wednesday. Results from the study showed that about one of every four U.S. households is either using banking services on a very limited basis or not at all. The survey was conducted by the U.S. [...]
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 [...]
Deposit Insurance Fund in Red by $8.2 Billion
As of the end of the third quarter, the Deposit Insurance Fund, the fund that backs up the guarantee that deposits in bank are secure up to $250,000, has dropped into the red to the tune of $8.2 billion. This is no surprise, as the numbers have been suggesting this for months, but the FDIC [...]
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 [...]
Battle Over Who Will Supervise American Banking System Heating Up
In what seems to be a political move to build up his political capital after being perceived as too friendly with the major banks, Senate Banking Committee Chairman Christopher Dodd (D., Conn.), has been preparing legislation which would dramatically change how the banking system in the U.S. would be supervised. But opposition has already been [...]
Editorial: Obama Administration Under Attack from All Quarters Over Attempt to Institutionalize ‘Too Big to Fail’
Saying it would give the executive branch far too much “unprecedented power,” both Republicans and Democrats struck out at the bill introduced to battle against financial risk in the economy. Responses were it would not only institutionalize “too big to fail,” but would also offer “permanent, unlimited bailout authority,” to the executive branch. What it [...]
Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) See Protesters on Monday
The Chicago offices of both Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) saw picketers and protesters on Monday morning, as reported by the Wall Street Journal. The protest was part of a larger multi-day protest that focused on the American Bankers Association (ABA) annual meeting. Individuals carried signs and chanted slogans voicing their [...]
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 [...]
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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?