Plantation Federal Bank, Pawleys Island, South Carolina, was closed today by the Office of the Comptroller of the Currency. The FDIC, acting as receiver, sold the failed bank to First Federal Bank of Charleston, South Carolina. Plantation Federal Bank, locally owned and operated, had been in business for over seventeen years. The Bank prided itself […]
Plantation Federal Bank, Pawleys Island, South Carolina, Closed By Regulators
April 27, 2012 By Leave a Comment
Inter Savings Bank of Minnesota (D/B/A Interbank) Closed By Regulators
April 27, 2012 By Leave a Comment
Inter Savings Bank, Maple Grove, Minnesota, was closed today by the Office of the Comptroller of the Currency which appointed the FDIC as receiver. The FDIC sold the failed bank to Great Southern Bank, Reeds Spring, Missouri, which will assume all deposits of failed Inter Savings Bank. Inter Savings Bank, (fsb D/B/A Interbank) which had […]
HarVest Bank of Maryland Collapses – Sold To Sonabank of Virginia
April 27, 2012 By Leave a Comment
The State of Maryland, which has not had a banking failure since November 2010, saw two banks collapse today as regulators closed the HarVest Bank of Maryland and the Bank of the Eastern Shore. Since the start of the banking crisis in 2008, Maryland has had a total of only 8 banking failures compared to […]
Bank of the Eastern Shore, Cambridge, MD, Fails – Uninsured Depositors Out Of Luck As FDIC Fails To Find Buyer
April 27, 2012 By Leave a Comment
Maryland state regulators closed the Bank of the Eastern Shore, Cambridge, MD and the FDIC was appointed as receiver. As has happened on previous occasions, the FDIC was unable to find a buyer for the failed bank, leaving uninsured depositors at risk of loss on their savings. To protect insured depositors and wind down the […]
FDIC Issues 72 Enforcement Actions In March To Problem Banks
April 27, 2012 By Leave a Comment
The FDIC announced in a press release today that a total of 72 enforcement actions were taken against banks and individuals for March 2012. During the previous month, the FDIC had issued a total of 53 enforcement actions. Included in the FDIC enforcement actions were 18 civil money penalties, 1 prompt corrective action notice, 13 […]
30,000 Whistleblowers Report Suspected Bank Fraud To Feds
April 24, 2012 By Leave a Comment
The government agency established to be the watchdog over the Troubled Asset Relief Program (TARP) has been keeping busy. The financial crisis of 2008 resulted in the disbursement of over $400 billion of TARP funds which requires government oversight. In order to prevent waste, fraud and abuse of taxpayer funded TARP disbursements, Congress created the […]
Billon Dollar Bank Failure Caused By “Massive Bank Fraud” At Bank of the Commonwealth
April 24, 2012 By 1 Comment
Four years after the start of the banking crisis, federal investigators are proving what many Americans have long suspected – the root cause of many banking failures was due to fraud. The Office of the Special Inspector General for The Troubled Asset Relief Program (SIGTARP) announced last week that a massive $41 million bank fraud […]
Fort Lee Federal Savings Bank, New Jersey, Closed By Regulators
April 20, 2012 By Leave a Comment
The first bank closing of the year in New Jersey occurred today with the failure of Fort Lee Federal Savings Bank, Fort Lee, New Jersey. The total number of bank failures in New Jersey has been very small since the beginning of the financial crisis in 2008. New Jersey has accounted for only 5 of […]
Bank of America Executives Win, Shareholders Lose – It’s Not Supposed To Work This Way
April 19, 2012 By Leave a Comment
Most shareholders understand that an investment in a public company entails risk – that’s what capitalism is all about. Well managed companies with great products generally wind up enriching shareholders over time and no one begrudges the fact that executives of a successful enterprise are well paid. What a lot of shareholders don’t understand, however, […]
Exponential Increase In Lending Regulations Impede Bank Lending, Provide Lifetime Employment To Government Regulators
April 19, 2012 By Leave a Comment
Has the exponential increase in lending regulations since 2008 contributed to the worst economic decline since the Depression of the 1930’s? Government “solutions” to problems have a long history of failure. In addition, the unanticipated consequences of government “solutions” often result in a plethora of new problems worse than the original ones the government was […]