September 17, 2010 – The Peoples Bank, Winder, Georgia, was closed today by the Georgia Department of Banking and Finance and the FDIC was named as receiver. The Peoples Bank was acquired by Community & Southern Bank, Carrollton, Georgia under a purchase and assumption agreement with the FDIC. Community & Southern will assume all deposits […]
Banking Giants Control 90% Of Industry Assets
September 6, 2010 By Leave a Comment
September 7, 2010 – The vast majority of banking industry assets are controlled by a small minority of large banking institutions. As the number of banks has declined sharply over the past twenty years (see US Loses 7,300 Banks), banking assets have been concentrated into the hands of the banking giants. Banks with more than $10 […]
US Asked To Bailout Foreign Bank
September 3, 2010 By Leave a Comment
September 3, 2010 – In an audacious request, a major shareholder of Afghanistan’s largest bank is asking the United States to provide funds to prevent the collapse of the Kabul Bank. According to the Wall Street Journal, a run on the Kabul Bank has brought the bank to the brink of insolvency. KABUL—A top shareholder […]
Delinquency Report Suggests Future Increase In Mortgage Defaults
August 27, 2010 By Leave a Comment
August 28, 2010 – The newly released Delinquencies and Foreclosure report by the Mortgage Bankers Association (MBA) largely mirrors the Federal Reserve Bank of New York’s quarterly report on household debt and credit. The mortgage delinquency rate for one to four unit residential properties decreased slightly to 9.85% and the percentage of loans in foreclosure […]
Butte Community Bank and Pacific State Bank Closed By State of California
August 21, 2010 By 1 Comment
August 20, 2010 – Butte Community Bank, Chico, California, and Pacific State Bank, Stockton, California, were closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. Both failed banks with a total of 23 branches were acquired by Rabobank, N.A., El Centro, California which agreed to assume all deposits and […]
Banking Failures Hit 25 States Across The Nation
August 13, 2010 By Leave a Comment
August 13, 2010 – Despite a nationwide drop in real estate values and all time high rates of mortgage defaults and foreclosures, 25 States have not had a banking failure in 2010. States that would seem to be obvious candidates for a large number of bank failures have actually experienced a small number of failures. […]
FDIC Sells Mortgage Backed Bonds – Is A Taxpayer Bailout Next?
August 1, 2010 By Leave a Comment
July 30, 2010 – The FDIC today raised $400 million by selling bonds backed by performing residential mortgages. The mortgages are part of $39 billion in assets acquired by the FDIC from failed banks (see FDIC’s Mountain Of Failed Bank Assets Grow). The securities are guaranteed by the FDIC and were sold at a coupon […]
Home Valley Bank, Cave Junction, Oregon, Closed By State Regulators
July 24, 2010 By Leave a Comment
July 23, 2010 – Home Valley Bank – Banking Failure #103 See analysis of this week’s bank closings at – Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Home Valley Bank, Cave Junction, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit […]
SouthwestUSA Bank of Las Vegas Closed By Regulators
July 24, 2010 By Leave a Comment
July 23, 2010 – SouthwestUSA Bank – Banking Failure #102 See analysis of this week’s bank closings at – Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – SouthwestUSA Bank, Las Vegas, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. […]
Community Security Bank of Minnesota Closed By Regulators
July 24, 2010 By Leave a Comment
July 23, 2010 – Community Security Bank – Banking Failure #101 See analysis of this week’s bank closings at – Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Community Security Bank, New Prague, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) […]