Banking Failures – 69 and Counting 2009 has now seen a total of 44 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 69. The latest five failed banks on July 31, 2009 had total assets of $2.7 billion and total […]
Archives for July 2009
7 Failed Banks For July 24, 2009 – FDIC Losses Mount
July 24, 2009 By Leave a Comment
Banking Failures – 64 And Counting 2009 has now seen a total of 39 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 64. The six banks closed in Georgia this week were all bank subsidiaries of Security Bank Corp, Macon, […]
Problem Bank Guaranty Financial Seen As Next Failed Bank – Maybe
July 24, 2009 By 1 Comment
FDIC Should Close Guaranty Financial But Will It? There were numerous news reports today that Guaranty Financial (GFG) will be the next large bank to collapse into the arms of the FDIC. Guaranty Financial’s management has admitted that they have run out of options and cannot comply with an April cease and desist order from […]
FDIC’s Bair Says Problem Banks Not Viable Should Fail
July 23, 2009 By Leave a Comment
Failure Should Not Be Rewarded FDIC Chairman Sheila Bair set forth guidelines today for establishing a Financial Company Resolution Fund (FCRF) to deal with the failure of systemically significant institutions. Regulations alone are insufficient to control risk in a complex and dynamic financial system. Events of the past two years have shown, despite extensive regulatory […]
FDIC Loan Guarantees Under TLGP Level Off – GE Exits Program
July 22, 2009 By Leave a Comment
FDIC Debt Guarantees Decline Slightly The FDIC Temporary Loan Guarantee Program (TLGP) was instituted late last year. The program’s stated purpose and goals, according to the FDIC, is as follows: The FDIC has created this program to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, […]
Why You Can’t Trust A Cashier’s Check
July 21, 2009 By 9 Comments
Counterfeit Cashier’s Checks Flooding The Country Many consumers assume that a cashier’s check is equivalent to cash. That belief is now dangerous to your financial health as a tidal wave of counterfeit cashier’s checks are now flooding the country. The counterfeit cashier checks can be very similar to authentic teller checks. The average consumer would […]
Failed Banks For July 17, 2009
July 17, 2009 By 1 Comment
Banking Failures – 57 and Counting There were four more failed bank this week: First Piedmont Bank, Winder, Georgia Bank First, Sioux Falls, South Dakota Vineyard Bank, National Association, Rancho Cucamonga, CA Temecula Valley Bank, Temecula, CA 2009 has now seen a total of 32 more failed banks than occurred for all of 2008. The […]
Problem Bank Candidate Citigroup Facing Tougher FDIC Regulation
July 15, 2009 By Leave a Comment
Citigroup Faces Tougher Government Regulation Citigroup, probably the most financially challenged of the major banks, is facing increased regulation by the FDIC. In early June, it was noted that FDIC Chairman Sheila Bair was becoming increasingly frustrated with Citigroup’s management and their inability to implement changes necessary to strengthen the bank. At one point early […]