October 15, 2010 – Security Savings Bank, F.S.B., Olathe, Kansas, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Security Savings Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits and purchase all assets of the failed bank. Security Savings Bank, […]
FDIC’s Bair Says Real Estate Crucial To Entire Economy – $3.5 Trillion In Mortgages At Risk Of Default
October 14, 2010 By 1 Comment
October 13, 2010 – Can the economy improve without a recovery in real estate values? This question was addressed today by FDIC Chairman Sheila Bair, in a speech to the Urban Land Institute in Washington, D.C. Despite optimistic forecasts by various analysts, Ms. Bair cited the daunting challenges that must be overcome in order to […]
IMF – Risks To Real Estate And Banking Sector Remain Elevated
October 7, 2010 By Leave a Comment
October 6, 2010 – The International Monetary Fund warned of elevated risks to global economies, real estate and the banking sector in its latest World Economic and Financial Survey. The IMF’s pessimistic outlook for economic recovery zeroed in on the risks associated with excessive levels of sovereign, commercial and household debt in an environment of […]
My Bank Just Failed – Should I Hit The Panic Button?
October 6, 2010 By Leave a Comment
October 6, 2010 – The sudden news that your bank just failed can cause justifiable confusion and anxiety. Typically the issues of primary importance to depositors will be “are my savings at risk and how long will it be before I have access to my money”. In addition to these primary concerns, depositors of failed […]
Shoreline Bank, Shoreline, Washington, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Shoreline Bank, Shoreline, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, California, to assume all deposits and a portion of failed Shoreline’s assets. According to GBC’s website, […]
Wakulla Bank, Crawfordville, Florida, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Wakulla Bank, Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Centennial Bank, Conway, Arkansas, acquired the failed bank under a purchase and assumption agreement with the FDIC. Centennial Bank will assume all the deposits and purchase essentially all of the assets […]
Haven Trust Bank Florida, Ponte Vedra Beach, Florida, Closed By Regulators
September 24, 2010 By Leave a Comment
September 24, 2010 – Florida has experienced more banking failures than any other state in the nation. Today’s failure of Haven Trust Bank Florida becomes the nation’s 126th banking failure and the twenty-fourth in Florida. Almost 20% of the nation’s total banking failures have now occurred in Florida. The only two other states with […]
Pace Of Bank Failures Increase As Regulators Close Six Banks
September 17, 2010 By Leave a Comment
September 17, 2010 – After closing only one bank since August 20th, regulators picked up the pace and closed six banking institutions. With the recent increase in the number of banks on the FDIC’s “Problem Bank List“, regulators should be busy well into 2011 closing institutions that are considered “unsafe and unsound”. As of the […]