The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, permanently increases the deposit insurance limit to a maximum of $250,000. Deposit insurance limits had previously been temporarily increased from $100,000 to $250,000 effective from October 3, 2008, through December 31, 2010. The higher insurance coverage […]
Woodlands Bank of Bluffton, South Carolina Closed by Regulators
July 17, 2010 By Leave a Comment
Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office […]
Over 600 Small Banks May Default On Bailout Loans
July 15, 2010 By Leave a Comment
July 15, 2010 – The Congressional Oversight Panel’s report on TARP loans to small banks has determined that many small banks may find it difficult or impossible to repay funds borrowed from the U.S. Treasury. The Treasury program to bailout banks, formally known as the Capital Purchase Program (CPP), was established during the height of the […]
Senate Passage of Regulatory Reform Bill Hailed As Milestone By FDIC
July 15, 2010 By Leave a Comment
July 15, 2010 – New regulations for Wall Street and banks as well as broad new lending protection for consumers now awaits the President’s signature to become law. On a 60-39 vote, the Senate today passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad new powers given to regulators by the new bill was in response […]
Bay National Bank, Baltimore, Maryland – Banking Failure Number 87
July 9, 2010 By Leave a Comment
July 9, 2010 – Bay National Bank, Baltimore, Maryland, became the nation’s 87th banking failure this year and the second banking failure in Maryland this week. Bay National, which had been classified as “critically undercapitalized” by regulators, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The […]
Home National Bank, Blackwell, Oklahoma Closed By OCC
July 9, 2010 By Leave a Comment
July 9, 2010 – Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Home National Bank of Blackwell, Oklahoma with $644.5 million in assets was the week’s largest banking failure. Home National was acquired by RCB Bank, Claremore, Oklahoma, and […]
Four Banks Closed In Maryland, New York And Oklahoma
July 9, 2010 By Leave a Comment
July 9, 2010 – Regulators closed four banks today – two in Maryland and one in New York and Oklahoma. The four banks had a total of 19 branches and $1.1 billion in assets. The estimated loss to the FDIC Deposit Insurance Fund for the four banking failures amounted to $159.9 million. Three of the […]
Negative Equity Causes Half Of All Mortgage Defaults
June 29, 2010 By Leave a Comment
June 29, 2010 – Anecdotal evidence has been suggesting for some time that many mortgage borrowers will deliberately chose to default when the mortgage exceeds the value of the property. Empirical research released by the Federal Reserve Board now shows exactly how big a problem strategic mortgage defaults have become for the banking industry. The […]