The FDIC cannot close banks fast enough. The latest Quarterly Banking Profile shows an increase in the number of problem banks to 884 at December 31, 2010 up from 860 at the end of September 2010. The number of Problem Banks now totals 12% of all FDIC insured institutions. For the quarter ending December 31, […]
Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14
February 5, 2011 By Leave a Comment
Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses. The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]
Failed Community First Bank of Chicago Sold To Wintrust Corp
February 4, 2011 By Leave a Comment
February 4, 2011 – Community First Bank, Chicago, Illinois, was closed today by the Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Northbrook Bank and Trust Company, Northbrook, Illinois, which will assume all deposits of Community First. Community First was a small one branch […]
American Trust Bank, Roswell, GA, Collapses Under Bad Loans
February 4, 2011 By Leave a Comment
February 4, 2011 – Georgia, one of the epicenters of bank failures last year, continues to lead the nation again this year. Four out of the thirteen banking failures thus far in 2011 have occurred in Georgia. American Trust Bank, Roswell, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the […]
Banking Failures Increase To Eleven As Regulators Seize Four Banks
January 28, 2011 By Leave a Comment
Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses. The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]
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 […]
FDIC Warns About Withdrawn Deposit Insurance Scam
January 12, 2011 By Leave a Comment
January 12, 2011 – The FDIC reported today that they received numerous reports from consumers who had received emails allegedly sent to them by the FDIC. The email attempts to solicit sensitive personal financial information from the recipient by claiming that FDIC insurance on their deposit accounts had been withdrawn. The email is a scam […]
Failed United Americas Bank, Atlanta, GA, Purchased By State Bank & Trust
December 17, 2010 By Leave a Comment
December 17, 2010 – United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas […]
FDIC 2010 Third Quarter Banking Profile
November 23, 2010 By Leave a Comment
Today, the FDIC released its latest quarterly banking profile, which highlighted an increase in earnings for FDIC-insured institutions. For the third quarter of 2010, commercial banks and savings institutions insured by the FDIC reported aggregate profits of $14.5 billion compared to only $2 billion in the year ago period. However, the results did represent a […]