October 6, 2010 – It has been almost two years since the banking system nearly imploded in 2009, requiring a massive government bailout. The biggest banks in the country have now repaid government bailout funds and raised billions of dollars to strengthen capital ratios. The stock prices of Bank of America, Wells Fargo and Citigroup […]
Majority Of Americans Lack Confidence In Stability of US Banking System
October 6, 2010 By Leave a Comment
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 […]
Monterey County Bank, Monterey California, Cited By FDIC For Deceptive Practices
October 5, 2010 By 1 Comment
October 5, 2010 – Monterey County Bank, Monterey, California, agreed to pay $3 million under a Consent Order with the FDIC for deceptive practices under the Fair Debt Collection Practices Act. The terms of the settlement were announced in an FDIC Press Release. The Federal Deposit Insurance Corporation (FDIC) announced a settlement with Monterey County […]
FDIC Issues Consent Orders & Prompt Corrective Actions To 26 Banks
October 1, 2010 By 1 Comment
October 1, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks, including 22 “Consent Orders” (formerly called “cease and desist consent orders”) and 4 Prompt Corrective Actions. A cease and desist order (consent order) is issued when the FDIC has “determined that it had reason to believe […]
Florida and Washington Hit By Banking Failures – 10% Of All Banks At Risk Of Failure
October 1, 2010 By 2 Comments
October 1, 2010 – In an exact repeat of last week’s failed bank activity, Florida and Washington both experienced banking failures, bringing the nation’s total of failed banks for the year to 129. Considering the increased number of Problem Banks reported by the FDIC and with three months still remaining in 2010, this year’s banking […]
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 […]
Banking Failures In Washington and Florida Bring Year’s Total To 127
September 24, 2010 By Leave a Comment
September 24, 2010 – Banking failures in Washington and Florida brought the nation’s total number of banking failures to 127. The State of Florida remains unchallenged as the nation’s top state for banking failures. With this week’s failure of Haven Trust Bank Florida, Florida now accounts for nearly 20% of the total banking failures for […]
North County Bank, Arlington, Washington, Failed Bank #127
September 24, 2010 By Leave a Comment
September 24, 2010 – North County Bank, Arlington, Washington, a four branch bank founded in 2001, 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 Whidbey Island Bank, Coupeville, Washington, to assume all deposits and purchase all 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 […]