What Are The Regulators Waiting For? Recent events at Colonial BancGroup Inc present a picture of a bank beyond any hope of financial recovery. Colonial has been under FDIC and Alabama Banking Department oversight since June when it was obvious that Colonial could not survive without additional capital. A possible merger or sale has been […]
Colonial BancGroup – Is There Any Reason For Not Closing This Failed Bank?
August 14, 2009 By Leave a Comment
Counterfeit Cashier’s Checks Big Problem For Consumers and Banks
August 14, 2009 By 1 Comment
FDIC Warnings On Counterfeit Cashier’s Checks The large number of counterfeit cashier’s checks flooding the country continues to cause major problems for both banks and consumers. The prevalence of counterfeit cashier’s checks represents a major risk to consumers who can be held liable by their bank for the full amount of a deposited counterfeit check […]
3 Failed Banks For August 7, 2009
August 8, 2009 By 1 Comment
Banking Failures – 72 and Counting 2009 has now seen a total of 47 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 72. The latest three failed banks on August 7, 2009 had total assets of $769 million and total […]
5 Failed Banks For July 31, 2009
July 31, 2009 By Leave a Comment
Banking Failures – 69 and Counting 2009 has now seen a total of 44 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 69. The latest five failed banks on July 31, 2009 had total assets of $2.7 billion and total […]
7 Failed Banks For July 24, 2009 – FDIC Losses Mount
July 24, 2009 By Leave a Comment
Banking Failures – 64 And Counting 2009 has now seen a total of 39 more failed banks than occurred for all of 2008. The latest banking closures by the FDIC bring total banking failures for 2009 to 64. The six banks closed in Georgia this week were all bank subsidiaries of Security Bank Corp, Macon, […]
Problem Bank Guaranty Financial Seen As Next Failed Bank – Maybe
July 24, 2009 By 1 Comment
FDIC Should Close Guaranty Financial But Will It? There were numerous news reports today that Guaranty Financial (GFG) will be the next large bank to collapse into the arms of the FDIC. Guaranty Financial’s management has admitted that they have run out of options and cannot comply with an April cease and desist order from […]
FDIC’s Bair Says Problem Banks Not Viable Should Fail
July 23, 2009 By Leave a Comment
Failure Should Not Be Rewarded FDIC Chairman Sheila Bair set forth guidelines today for establishing a Financial Company Resolution Fund (FCRF) to deal with the failure of systemically significant institutions. Regulations alone are insufficient to control risk in a complex and dynamic financial system. Events of the past two years have shown, despite extensive regulatory […]
FDIC Loan Guarantees Under TLGP Level Off – GE Exits Program
July 22, 2009 By Leave a Comment
FDIC Debt Guarantees Decline Slightly The FDIC Temporary Loan Guarantee Program (TLGP) was instituted late last year. The program’s stated purpose and goals, according to the FDIC, is as follows: The FDIC has created this program to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, […]
Why You Can’t Trust A Cashier’s Check
July 21, 2009 By 9 Comments
Counterfeit Cashier’s Checks Flooding The Country Many consumers assume that a cashier’s check is equivalent to cash. That belief is now dangerous to your financial health as a tidal wave of counterfeit cashier’s checks are now flooding the country. The counterfeit cashier checks can be very similar to authentic teller checks. The average consumer would […]
Failed Banks For July 17, 2009
July 17, 2009 By 1 Comment
Banking Failures – 57 and Counting There were four more failed bank this week: First Piedmont Bank, Winder, Georgia Bank First, Sioux Falls, South Dakota Vineyard Bank, National Association, Rancho Cucamonga, CA Temecula Valley Bank, Temecula, CA 2009 has now seen a total of 32 more failed banks than occurred for all of 2008. The […]