The FDIC estimated today that the FDIC Deposit Insurance Fund (DIF), which protects depositors in the case of banking failures, will not return to the statutory minimum level required until the first quarter of 2017. The largest number of banking failures in twenty years has depleted the DIF, even after the FDIC collected $46 billion […]
FDIC Chairman’s Explanation For Housing Bubble And Bust Leaves Big Question Unanswered
June 21, 2010 By 1 Comment
Housing Bubble and Crash Explained – The Common Sense Explanation Thousands of articles have been written explaining how the bubble in housing developed and why it subsequently came crashing down, causing the collapse of some of the biggest financial institutions in the United States. Perhaps most of us are simply worn down or confused by […]
Nevada Security Bank Closed By Regulators
June 18, 2010 By 4 Comments
June 18, 2010 – Nevada saw its third banking failure of 2010 with the closing of Nevada Security Bank, Reno, Nevada. Failed Nevada Security was acquired by Umpqua Bank of Roseburg, Oregon, in a purchase and assumption transaction with the FDIC. Since the FDIC was able to find a buyer for Nevada Security Bank, all […]
Washington First International Bank, Seattle, WA Closed By State Regulators
June 11, 2010 By Leave a Comment
June 11, 2010 – The Washington Department of Financial Institutions closed today Washington First International Bank, Seattle, Washington. Washington First, a half billion dollar asset bank, became the nation’s 82 banking failure and the seventh in Washington state. Failed Washington First was acquired by East West Bank of Pasadena, CA in a purchase and assumption […]
Nebraska Rocked By Closing Of $3 Billion TierOne Bank, Lincoln, NE
June 4, 2010 By Leave a Comment
Shareholders Facing 100% Loss On Investment June 4, 2010 – Nebraska’s first bank closing of 2010 was the giant TierOne Bank of Lincoln, Nebraska. TierOne was one of the largest publicly held thrifts in the Midwest and had 69 branches located in Nebraska, Iowa and Kansas. According to the bank’s website, TierOne was originally organized […]
FDIC Finds No Buyer For Failed Arcola Homestead Savings of Illinois
June 4, 2010 By Leave a Comment
June 4, 2010 – Arcola Homestead Savings Bank, Arcola, IL became the 80th banking failure of 2010 after the bank was closed by the Illinois Department of Financial Professional Regulation. Illinois has now had 12 banking failures this year, trailing only Florida with 13 banking failures. The FDIC, appointed as receiver for the failed bank, […]
First National Bank, Rosedale, MS Fails – First Banking Failure In Ten Years For Mississippi
June 4, 2010 By Leave a Comment
Mississippi Sees First Banking Failure In 2010 The Office of the Comptroller of the Currency closed First National Bank, Rosedale, MS, and appointed the FDIC as receiver. The Jefferson Bank, Fayette, MS took over First National and agreed to assume all deposits and purchase essentially all of the assets of the failed bank. First National, […]
Granite Community Bank Closed By Regulators
May 28, 2010 By Leave a Comment
May 28, 2010 – Granite Community Bank, N.A. of Granite Bay, California was closed by the Comptroller of the Currency. The FDIC, appointed as receiver, sold Granite Community to Tri Counties Bank, Chico, CA under a purchase and assumption agreement. Tri Counties Bank will assume all of the deposits and purchase essentially all of […]
Bank Of Florida – Southeast, Bank Of Florida – Southwest, and Bank Of Florida – Tampa Bay, Closed by Regulators
May 28, 2010 By 1 Comment
May 28, 2010 – Bank of Florida – Southeast, Fort Lauderdale, Florida, Bank of Florida – Southwest, Naples, Florida and Bank of Florida – Tampa Bay, Tampa Florida were all closed today by the Florida Office of Financial Regulation. All three banks were owned by the same holding company – Bank of Florida Corporation. […]