January 28, 2011 – The First State Bank, Camargo, OK, was closed today by the Oklahoma State Banking Department which appointed the FDIC as receiver. To protect depositors, the FDIC sold First State to Bank 7, Oklahoma, City, OK. Bank 7 will assume all deposits and also agreed to purchase all of the assets of […]
Bailout Funds To Fannie and Freddie Come At High Cost
January 27, 2011 By Leave a Comment
Despite the public uproar over the bailout of the financial industry, the U.S. Treasury is no pushover when it comes to demanding stiff terms on its loans. The returns on some of the loans made to various banks and financial institutions would make a payday lender blush. For example, when the U.S. completes the sale […]
Housing Market On Critical List As Sales Plunge and Strategic Defaults Loom
January 27, 2011 By 2 Comments
The latest news on housing remains distressing and points to continued depreciation in home values. New Home Sales Plunge Again – The Census Bureau and the Department of Housing and Urban Development released figures showing that the number of new homes sold in 2010 totaled only 321,000 – the lowest reading in 47 years. The […]
Four Banking Failures In Four States Cost FDIC $455 Million
January 22, 2011 By Leave a Comment
January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. […]
United Western Bank, Colorado, Closed By Regulators
January 22, 2011 By Leave a Comment
January 21, 2010 – United Western Bank, Denver, Colorado, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all deposits of the failed bank. United Western had 8 branches […]
Failed Bank of Asheville, NC, Sold By FDIC To Bank Owing TARP Money
January 22, 2011 By 1 Comment
January 21, 2011 – The Bank of Asheville, Asheville, NC,was closed today by the North Carolina Office of Commissioner of Banks, which named the FDIC as receiver. The FDIC sold the failed bank to First Bank, Troy, North Carolina, which assumed all deposits. The Bank of Asheville had five branches which will all reopen on […]
CommunitySouth Bank and Trust, SC, Closed By Regulators
January 21, 2011 By Leave a Comment
January 21, 2011 – CommunitySouth Bank and Trust, Easley, South Carolina, was closed today by the South Carolina State Board of Financial Institutions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to CertusBank, N.A., Easley, South Carolina. CertusBank is a newly chartered bank subsidiary of Blue Ridge Holdings, Inc., Charlotte, […]
Enterprise Banking Company Fails And Depositors Facing Losses
January 21, 2011 By 1 Comment
January 21, 2011 – Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over […]
Enterprise Banking Co Failure Exposes Inequity of FDIC Deposit Insurance – Uninsured Depositors Out Of Luck
January 21, 2011 By Leave a Comment
January 21, 2011 -Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over the […]
FDIC Chief Condemns Mortgage Servicers While Ignoring FDIC Role In Mortgage Crisis
January 19, 2011 By 3 Comments
In a strongly worded speech at the Summit On Residential Mortgage Servicing For the 21st Century, FDIC Chief Sheila Bair condemned the mortgage servicing industry for their role in extending the mortgage crisis. Ms. Bair stated that the housing industry has been stabilized by emergency measures but that the effects of the housing bust and […]