The failure of Washington Mutual Bank on September 28, 2008 was the largest banking failure in U.S. history. After nervous depositors starting withdrawing billions of dollars, regulators feared that a run on the Bank would cause a nationwide panic and decided to close the bank. The FDIC, acting as receiver, sold Washington Mutual to JP […]
157 Bank Failures In 2010 Highest Since 1992 – Why Next Year Will Be Worse
December 31, 2010 By Leave a Comment
December 31, 2010 – Banking failures for 2010 were at the highest level since 1992 as 157 financial institutions collapsed, the victims of collapsing real estate prices, a weak economy and poor lending decisions. The depth and breath of the current banking crisis makes the savings and loan crisis of the late 1980’s and early […]
Washington Mutual – Largest Banking Failure In History Turns Out Well For Many But Shareholders Left Fuming
November 9, 2010 By 23 Comments
The collapse of Washington Mutual Bank on September 25, 2008 is officially listed as the largest banking failure in history by the FDIC. The collapse of Washington Mutual occurred after nervous depositors withdrew $16.7 billion in the ten days prior to the bank’s collapse. Fearing a classic run on the bank situation and perhaps a […]
FDIC Says Dodd-Frank Act Ends “Too Big To Fail” Era
September 3, 2010 By Leave a Comment
September 3, 2010 – FDIC Chairman Sheila Bair, in testimony before the Financial Crisis Inquiry Commission discussed how future systemic risks can be better managed and reduced under provisions of the Dodd-Frank Act. Chairman Bair also said that new liquidation authority under the Act is a fundamental factor that will allow the U.S. to end […]
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 […]
One Fourth Of Puerto Rico’s Banking Industry Collapses
April 30, 2010 By Leave a Comment
Losses on 7 Banking Failures Total $7.3 Billion Regulators turned their attention this week to Puerto Rico whose banking industry has been devastated by collapsing property values, poor lending decisions and a depressionary economy. The basic facts on this week’s banking failures in Puerto Rico all indicate a banking system failure of epic proportions. The […]
Eight Banks Fail – Florida Now Leads Nation In Banking Failures
April 17, 2010 By Leave a Comment
8 Bank Failures – Loss To FDIC Insurance Fund Almost $1 Billion Regulators closed eight more failed banks in 5 states today resulting in an estimated cost to the FDIC Insurance Deposit Fund (DIF) of $984.7 million. The eight failed banks for April 16, 2010 had total assets of $6.25 billion and total deposits of […]
AmTrust Bank – Fourth Largest Banking Failure Of 2009
December 5, 2009 By Leave a Comment
AmTrust And 5 Other Banks Closed By Regulators Regulators closed an additional six banks today, bringing total banking failures for the year to 130 compared to 25 bank failures during 2008. Three of the failed banks were located in Georgia, and one each in Illinois, Ohio and Virginia. The failure of Ohio’s AmTrust Bank was […]
5 Banking Failures For November 6, 2009 Include 4th Largest Bank Failure Of 2009
November 7, 2009 By Leave a Comment
120 Banking Failures In 2009 Regulators closed 5 additional failed banks today in California, Missouri, Minnesota, Michigan and Georgia. Four of the five failed banks were relatively insignificant, having only 8 branches and total assets of $400 million. The largest failed bank of the week was United Commercial Bank, San Francisco, CA which had $11.2 […]