Will The FDIC Finally Shutdown Corus? Will today be the end of the line for Corus Bankshares? The financial difficulties at Corus have been well known and documented for some time now. Corus’s own management as well as their independent accountants have admitted that there is little reason to believe that Corus can survive, given […]
Problem Bank Candidate Citigroup Facing Tougher FDIC Regulation
July 15, 2009 By Leave a Comment
Citigroup Faces Tougher Government Regulation Citigroup, probably the most financially challenged of the major banks, is facing increased regulation by the FDIC. In early June, it was noted that FDIC Chairman Sheila Bair was becoming increasingly frustrated with Citigroup’s management and their inability to implement changes necessary to strengthen the bank. At one point early […]
One Small Failed Bank For July 10, 2009 – $27 Million In Losses For FDIC
July 10, 2009 By Leave a Comment
Failed Banks There was one more failed bank this week on July 10, 2009, as detailed below: 1. Bank of Wyoming, Thermopolis, Wyoming 2009 has now seen a total of 28 more failed banks than occurred for all of 2008. The latest banking closure by the FDIC brings total banking failures for 2009 to 53. […]
$40 Billion In Troubled Bank Assets To Be Purchased Under PPIP
July 9, 2009 By 1 Comment
Joint Statement Issued On PPIP The Treasury, Federal Reserve and the FDIC today released a joint statement on the plan to buy troubled bank assets under the Public-Private Investment Program (PPIP). Nine chosen money management firms will purchase as much as $40 billion in troubled bank assets using mostly taxpayer money. The goal of the […]
FDIC Restricts Private Capital Investments In Failed Banks
July 2, 2009 By Leave a Comment
Qualified Buyers Only Despite 52 failed banks in 2009 and many more to follow, Sheila Bair, FDIC Chairman, has wisely chosen to restrict private capital investments in failed banks to qualified buyers only. In mid May of this year, Ms. Bair had made the following comments: I am particularly concerned with new owners’ ability to […]
7 Failed Banks For July 2, 2009 – $314 Million In Losses To FDIC
July 2, 2009 By Leave a Comment
Failed Banks There were seven more failed banks this week on July 2, 2009 as detailed below: Founders Bank, Worth, IL Millennium State Bank of Texas, Dallas, TX First National Bank of Danville, Danville, IL Elizabeth State Bank, Elizabeth, IL Rock River Bank, Oregon, IL First State Bank of Winchester, Winchester, IL John Warner Bank, […]
FDIC Issues Cease And Desist Orders To 20 Problem Banks – Why Are These Banks Still Open?
June 26, 2009 By 1 Comment
FDIC Cease and Desist Orders The FDIC made public today a list of 20 banking institutions that were recently issued cease and desist orders from the FDIC, as follows: FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b) (Cease-and-Desist) First State Bank, Flagstaff, AZ; FDIC-09-171b; Issued 5/1/09 Golden Security Bank, Rosemead, CA; FDIC-09-108b; […]
5 Failed Banks For June 26, 2009- Quarter Billion Dollar FDIC Loss
June 26, 2009 By Leave a Comment
Failed Banks: Community Bank of West Georgia, Neighborhood Community Bank, Horizon Bank, Metro Pacific Bank and Mirae Bank There were five more failed banks this week on June 26, 2009 as detailed below: Community Bank of West Georgia, Villa Rica, Georgia Neighborhood Community Bank, Newnan, Georgia Horizon Bank, Pine City, Minnesota MetroPacific Bank, Irvine, California […]
More Georgia Banking Failures – Depositors Face Losses Of $1.1 Million
June 26, 2009 By Leave a Comment
Failed Banks: Community Bank of West Georgia and Neighborhood Community Bank, 6/26/2009 Georgia continues to live up to its name as the Failed Bank Capital of the US with two more banking closures today of Community Bank of West Georgia, Villa Rica, GA and Neighborhood Community Bank, Newnan, Georgia. For all of 2009 to date, […]