The FDIC’s Quarterly Banking Profile for the fourth quarter of 2011 shows a modest but steady recovery in the banking industry. Despite the fact that a majority of banks reported improved quarterly earnings, 813 institutions remain on the Problem Bank List, comprising 11% of all FDIC insured banks and savings associations. Highlights of the 2011 […]
Banking Industry Slowly Recovers – 813 Banks Remain On “Problem Bank List”
February 29, 2012 By 3 Comments
Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion
February 25, 2012 By Leave a Comment
Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven. A total of four bank failures have now occurred in Minnesota and Georgia. During all of 2011 a total of only two banks failed in Minnesota. Georgia had a total of 23 bank failures during […]
Home Savings of America Collapses, FDIC Unable To Sell Bank – How Much Will Depositors Lose?
February 24, 2012 By 21 Comments
Home Savings of America, which was established during the depths of the Great Depression, was closed by regulators today. The Bank was established on September 1, 1934 and operated as a federally chartered stock savings and loan association, headquartered in Little Falls, Minnesota. According to Home Savings of America’s website, the Bank’s niche was serving […]
Central Bank of Georgia Fails After Serving Public For 102 Years
February 24, 2012 By Leave a Comment
Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions. The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]
SCB Bank of Indiana Fails Under Weight Of Bad Loans
February 10, 2012 By Leave a Comment
SCB Bank, Shelbyville, Indiana, was closed today by the Office of the Comptroller of the Currency,which appointed the FDIC as receiver. Acting as receiver, the FDIC sold the failed bank to First Merchants Bank, National Association, Muncie, Indiana. SCB Bank had been struggling under the weight of nonperforming loans since 2009. The Bank had a […]
Charter National Bank and Trust of Illinois Closed By Regulators
February 10, 2012 By Leave a Comment
Charter National Bank and Trust, Hoffman Estates, Illinois, was closed today by the Office of the Comptroller of the Currency, becoming the eight banking failure of 2012. Charter National, a small 32 year old community bank, became overwhelmed by bad loans after real estate prices began to collapse in 2008. The latest reports on Charter […]
TARP Lives On – 370 Problem Banks Remain On U.S. Treasury Life Support
February 10, 2012 By Leave a Comment
The $700 billion Troubled Asset Relief Program (TARP) that was authorized in 2008 to bailout failing financial institutions is still in the process of being wound down. The latest report from the Government Accounting Office (GAO) (which is required by law to report on TARP every 60 days) reveals that the U.S. Treasury is still […]
Congress Moves To Prevent FHA Collapse With “FHA Emergency Solvency Act”
February 8, 2012 By Leave a Comment
The latest FHA Single-Family Outlook report from the FHA shows that serious delinquencies continue to plague the FHA. The number of seriously delinquent FHA loans increased by 18.9% from last year to a record number of 711,082 mortgage loans. FHA loans classified as seriously delinquent amount to 9.6% of all FHA insured mortgages. A seriously […]
Four Banks Fail – FDIC Losses Approach $1 Billion On YTD Bank Closings
January 28, 2012 By Leave a Comment
Regulators closed four banks in Tennessee, Minnesota and Florida, bringing the total for the year to seven. Tennessee, with two bank closings, had previously not had a single bank failure since 2002. The combined assets of the two failed banks in Tennessee totaled $1.5 billion. Tennessee Commerce Bank of Franklin, TN, became the first billion […]
BankEast, Knoxville, TN, Closed By Regulators
January 27, 2012 By 1 Comment
Until today, the State of Tennessee, had seemed isolated from the banking crisis. For almost a decade, there were no banking failures in Tennessee, with the last one occurring on November 8, 2002. Tennessee’s luck came to an abrupt halt today with the closing of two banks – Tennessee Commerce Bank of Franklin, TN and […]