Bidding Deadline Set For Corus – Closure Expected In September Reuters is reporting a bidding deadline for problem bank Corus Bankshares of September 3, 2009. The disclosure of a bidding deadline followed shortly by a bank closure follows the procedure recently observed with the closing of Guaranty Financial Group last week. The closing of Corus […]
Corus Bankshares – September Closing Would Be In Top Five Banking Failures For 2009
August 25, 2009 By Leave a Comment
Analyst Predicts Up To 200 More Banking Failures
August 25, 2009 By Leave a Comment
Banking Failures Continue Banks are facing numerous problems in the current banking crisis. Mortgage defaults continue to rise to unprecedented levels, commercial loans are forecast to be the next black hole in bank balance sheets and loan volume continues to contract. The FDIC has been closing banks at what appears to be a leisurely pace […]
Depositors Lose $4.2 Million In Failed Bank – Is My Cash Safe In The Bank?
August 20, 2009 By 3 Comments
Depositors Face Loss Of $4.2 Million On Bank Failure The closing of Community Bank of Nevada last week came as a very unpleasant surprise to some depositors. The FDIC estimates that there was approximately $4.2 million of uninsured deposits in the bank at the time of closing. The uninsured depositors had savings in the bank […]
5 Failed Banks For August 14, 2009 Include 6th Biggest Banking Failure In U.S. Histroy
August 14, 2009 By Leave a Comment
Banking Failures – 77 And Counting 2009 has now seen a total of 52 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 77. The latest five failed banks on August 14, 2009 had total assets of $26.8 billion and total […]
Colonial BancGroup – Is There Any Reason For Not Closing This Failed Bank?
August 14, 2009 By Leave a Comment
What Are The Regulators Waiting For? Recent events at Colonial BancGroup Inc present a picture of a bank beyond any hope of financial recovery. Colonial has been under FDIC and Alabama Banking Department oversight since June when it was obvious that Colonial could not survive without additional capital. A possible merger or sale has been […]
Counterfeit Cashier’s Checks Big Problem For Consumers and Banks
August 14, 2009 By 1 Comment
FDIC Warnings On Counterfeit Cashier’s Checks The large number of counterfeit cashier’s checks flooding the country continues to cause major problems for both banks and consumers. The prevalence of counterfeit cashier’s checks represents a major risk to consumers who can be held liable by their bank for the full amount of a deposited counterfeit check […]
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 […]
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 […]