Speaking at Bank of America’s first investor conference since 2007, Chief Executive Brian Moynihan told shareholders that he was focused on increasing shareholder returns through share buybacks, special cash dividends and increased regular dividends. Mr. Moynihan also cheered investors on by predicting that Bank of America could earn, under normal business conditions, up to $40 […]
Counterfeit Checks Among Top Ten Consumer Complaints To FTC
March 8, 2011 By Leave a Comment
That official looking bank check you receive in return for the sale of goods or services might actually be worthless. The con men and criminals producing counterfeit bank checks has prompted the FDIC to issue numerous warnings about specific banks that have reported counterfeit checks drawn in their name. The FDIC has noticed explosive growth […]
Who Is To Blame For Borrowers Taking Loans They Can’t Afford?
March 3, 2011 By Leave a Comment
Ever since the mortgage crisis started in 2008, there has been a wide divergence in opinions on who was to blame for borrower defaults. Many blame greedy bankers who abdicated sound underwriting principles for financial gain by approving mortgages for unqualified borrowers. Others blame the borrowers themselves for being irresponsible and taking on debt that […]
Valley Community Bank of Illinois Closed By Regulators
February 25, 2011 By Leave a Comment
Valley Community Bank, St. Charles, Illinois, joined the failed bank list today as the Illinois Department of Financial and Professional Regulation swooped in to close the bank. The FDIC was appointed as receiver to protect depositors and sold the failed bank to First State Bank, Mendota, Illinois, which will assume all deposits of Valley Community. […]
Big Banks Profit As Smaller Banks Join Problem Bank List
February 23, 2011 By Leave a Comment
According to the latest FDIC Quarterly Banking Profile (QBF), the industry recorded profits of $87.5 billion for 2010 compared to a full-year loss of $10.6 billion in 2009. While highlighting a general improvement, the QBF shows that the banking industry still faces major challenges. Revenue growth remains weak, loan balances declined for the ninth time […]
Problem Banks Skyrocket To 18 Year High
February 23, 2011 By 1 Comment
The FDIC cannot close banks fast enough. The latest Quarterly Banking Profile shows an increase in the number of problem banks to 884 at December 31, 2010 up from 860 at the end of September 2010. The number of Problem Banks now totals 12% of all FDIC insured institutions. For the quarter ending December 31, […]
Four Banks Fail In Georgia and California
February 19, 2011 By 1 Comment
Four banking failures in Georgia and California have increased total banking failures for 2011 to 22. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Charter Oak Bank of California Becomes Nation’s 21st Banking Failure
February 19, 2011 By Leave a Comment
California saw its third banking failure this year as regulators closed a small bank that had been overwhelmed by loan losses. Charter Oak Bank of Napa, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold the failed bank to Bank of Marin, Novato, California, […]
San Luis Trust Bank of California Fails And Sold To Bank With Unpaid TARP Loan
February 18, 2011 By Leave a Comment
San Luis Trust Bank, FSB, San Luis Obispo, California, was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC sold the failed bank to First California Bank, Westlake Village, California. First California will assume all deposits of the failed bank. San Luis Trust was beset by a high […]