December 22, 2010 – FDIC Issues Alerts On Counterfeit Cashier’s Checks The reason why counterfeit official checks continue to appear is because they produce huge profits for criminals. An unwary consumer, trained to believe that a cashier’s check is equivalent to cash, can be an easy mark for con men and criminals. The increasing number […]
$2.3 Trillion In Uninsured Bank Deposits Cause For Concern
December 22, 2010 By Leave a Comment
December 22, 2010 – The latest FDIC Quarterly highlights the ongoing concern about the FDIC’s ability to protect depositors in the event of a large number of banking failures. Without the explicit backing of the FDIC by the US Treasury, the FDIC lacks the resources to adequately protect the $5.4 trillion in deposits that it […]
First Southern Bank, Batesville, Arkansas Fails & Purchased By Bank With Outstanding TARP Loan
December 17, 2010 By Leave a Comment
December 17, 2010 – First Southern Bank, Batesville, Arkansas, a two branch locally owned bank, was closed today by the Arkansas State Bank Department, which appointed the FDIC as receiver. The FDIC sold the failed bank to Southern Bank, Poplar Bluff, Missouri, which will assume all deposits of First Southern. Depositors will have access to […]
FDIC Issues October Enforcement Actions On Problem Banks
November 28, 2010 By 3 Comments
November, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks in October, including 1 cease and desist order, 16 consent orders (formerly called “cease and desist consent orders”), 18 civil money penalties and 1 Prompt Corrective Action. Formal enforcement actions are publicly disclosed by regulators and used […]
FDIC 2010 Third Quarter Banking Profile
November 23, 2010 By Leave a Comment
Today, the FDIC released its latest quarterly banking profile, which highlighted an increase in earnings for FDIC-insured institutions. For the third quarter of 2010, commercial banks and savings institutions insured by the FDIC reported aggregate profits of $14.5 billion compared to only $2 billion in the year ago period. However, the results did represent a […]
FDIC Problem Bank List Increases Again To Highest Level Since 1993
November 23, 2010 By Leave a Comment
November 23, 2010 – The third quarter 2010 FDIC Quarterly Banking Profile showed an increase in the number of Problem Banks from 829 to 860. The number of banks on the Problem Bank List now represents 11% of all FDIC insured institutions. Total assets of Problem Banks decreased slightly from $403 billion to $379 billion […]
Banking Failures In Wisconsin, Pennsylvania and Florida Bring Year’s Total To 149
November 19, 2010 By Leave a Comment
November 19, 2010 – Three additional banking failures this week brings the year’s total to 149 as regulators closed banks in Wisconsin, Pennsylvania and Florida. In 2009 a total of 140 banks were closed. This year has now seen the largest number of bank failures since 1992 when 181 banks were closed. During all of […]
90 Year Old First Banking Center, Burlington, WI, Closed By Regulators
November 19, 2010 By 2 Comments
November 19, 2010 – First Banking Center, Burlington, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. To protect depositors, the FDIC sold First Banking to First Michigan Bank, Troy, Michigan, which will assume all deposits and purchase all assets of failed First Banking. First Banking Center […]
Tougher Standards By Banks For Mortgage Approval Requires Credit Education
November 18, 2010 By Leave a Comment
November 18, 2010 – Several years ago, the mortgage underwriting standards of banks were so liberal that nearly anyone could get an approval, regardless of income levels or credit scores. The subsequent real estate crash and huge number of mortgage defaults since those easy lending days has resulted in much tougher underwriting standards. Many borrowers […]
Three Banking Failures In Georgia and Arizona Push Year’s Total To 146
November 12, 2010 By Leave a Comment
November 12, 2010 – The number of banking failures in 2010 has climbed past last year’s total of 140, which was the most since 1992. Three additional banking failures this week brings the year’s total to 146 as regulators closed banks in Georgia and Arizona. With over 10% of all FDIC insured institutions on the […]