October 19, 2010 – The FDIC announced today a long term Restoration Plan to return the Deposit Insurance Fund (DIF) to a positive balance. The long term goal of the proposed fund management plan is to maintain a positive fund balance, even “during periods of large fund losses, and maintaining steady, predictable assessment rates throughout economic […]
Restoration of Depleted FDIC Deposit Insurance Fund Could Take 10 Years
October 21, 2010 By Leave a Comment
Pace Of Bank Failures Increase As Regulators Close Six Banks
September 17, 2010 By Leave a Comment
September 17, 2010 – After closing only one bank since August 20th, regulators picked up the pace and closed six banking institutions. With the recent increase in the number of banks on the FDIC’s “Problem Bank List“, regulators should be busy well into 2011 closing institutions that are considered “unsafe and unsound”. As of the […]
FDIC Problem Bank Increase Puts Over 10% Of Banks At Risk Of Failure
August 31, 2010 By Leave a Comment
August 31, 2010 – The latest FDIC Quarterly Banking Profile shows a 7% increase in the number of Problem Banks to 829 at June 30, 2010, up from 775 at March 31, 2010. The number of problem banks is now at its highest level since March 1993 when there were 928. More than 10% of […]
Turnberry Bank of Aventura, Florida Shut Down by Regulators
July 17, 2010 By Leave a Comment
The Office of Thrift Supervision shut down Turnberry Bank of Aventura, Florida, yesterday on July 16, 2010. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Turnberry Bank was a full service community bank which had served South Florida since 1985. Branches were located in Aventura, Coral Gables, Pinecrest, and South Miami, Florida. The […]
Metro Bank of Dade County, Florida Joins Failed Bank List
July 17, 2010 By Leave a Comment
MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year. Metro Bank had a total of six branches […]
Woodlands Bank of Bluffton, South Carolina Closed by Regulators
July 17, 2010 By Leave a Comment
Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office […]
FDIC Deposit Insurance Fund To Remain Underfunded Until 2017
June 22, 2010 By Leave a Comment
The FDIC estimated today that the FDIC Deposit Insurance Fund (DIF), which protects depositors in the case of banking failures, will not return to the statutory minimum level required until the first quarter of 2017. The largest number of banking failures in twenty years has depleted the DIF, even after the FDIC collected $46 billion […]
FDIC Chairman’s Explanation For Housing Bubble And Bust Leaves Big Question Unanswered
June 21, 2010 By 1 Comment
Housing Bubble and Crash Explained – The Common Sense Explanation Thousands of articles have been written explaining how the bubble in housing developed and why it subsequently came crashing down, causing the collapse of some of the biggest financial institutions in the United States. Perhaps most of us are simply worn down or confused by […]
FDIC Problem Banks Increase 10% In First Quarter
May 21, 2010 By Leave a Comment
Problem Banks Increase Again The latest FDIC Quarterly Banking Profile shows a 10% increase in the number of Problem Banks to 775 at March 31, 2010, up from 702 at December 31, 2009. Although industry trends show improvement over previous quarters, almost 19% of all banking institutions reported net losses for the quarter, down from […]