November 12, 2010 – The number of banking failures in 2010 has climbed past last year’s total of 140, which was the most since 1992. Three additional banking failures this week brings the year’s total to 146 as regulators closed banks in Georgia and Arizona. With over 10% of all FDIC insured institutions on the […]
Three Banking Failures In Georgia and Arizona Push Year’s Total To 146
November 12, 2010 By Leave a Comment
Washington Mutual – Largest Banking Failure In History Turns Out Well For Many But Shareholders Left Fuming
November 9, 2010 By 23 Comments
The collapse of Washington Mutual Bank on September 25, 2008 is officially listed as the largest banking failure in history by the FDIC. The collapse of Washington Mutual occurred after nervous depositors withdrew $16.7 billion in the ten days prior to the bank’s collapse. Fearing a classic run on the bank situation and perhaps a […]
Four More Banking Failures Push Year’s Total Above 2009 Failures
November 6, 2010 By Leave a Comment
November 5, 2010 – The number of banking failures in 2010 now exceeds last year’s total of 140, which was the most since 1992. Four additional banking failures this week brings the year’s total to 143 as regulators closed banks in Maryland, California and Washington. With over 10% of all FDIC insured institutions on the […]
Confidence In Banks Shattered As Wilmington Trust Reports Huge Unexpected Loss – Shareholders Trashed
November 3, 2010 By Leave a Comment
November 2, 2010 – Speculation had been building for the past month over whether troubled Wilmington Trust would sell itself to another bank or be able to raise additional private equity and remain independent. Wilmington Trust received $330 million from the US Treasury in 2008 under the Troubled Asset Relief Program (TARP) and raised another […]
Many Of These Problem Banks Will Fail – FDIC Discloses Enforcement Actions
October 30, 2010 By Leave a Comment
October 30, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks in September, including 30 “Consent Orders” (formerly called “cease and desist consent orders”) and 5 Prompt Corrective Actions. Formal enforcement actions are publicly disclosed by regulators and used to address severe deficiencies or when regulators have […]
7 Banking Failures Hit Arizona, Kansas, Illinois, Georgia and Florida
October 23, 2010 By Leave a Comment
October 22, 2010 – Regulators closed seven banks today in five different States. The total number of banking failures is now only one shy of last year’s total of 139. Banking failures are now at the highest level since 1992 when a large number of banks failed due to the savings and loan crisis. Highlights […]
Hillcrest Bank, Overland Park, Kansas, Collapses Under Bad Loans
October 22, 2010 By Leave a Comment
October 22, 2010 – Hillcrest Bank, Overland Park, Kansas, a $1.6 billion dollar asset institution, became the largest banking failure this week. Regulators also closed six other banking institutions in Florida, Georgia, Illinois and Arizona. Hillcrest Bank was closed by the Kansas Office of the State Banking Commissioner, which appointed the FDIC as receiver. The […]
First Bank of Jacksonville, Florida, Closed By Regulators
October 22, 2010 By 1 Comment
October 22, 2010 – First Bank of Jacksonville, Jacksonville, Florida, which has been under a consent order since November 2009, was closed today by the Florida Office of Financial Regulation. First Bank had been attempting to raise $5 million in a private stock placement to fulfill regulators demands to increase capital, but was unable to […]
Restoration of Depleted FDIC Deposit Insurance Fund Could Take 10 Years
October 21, 2010 By Leave a Comment
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 […]
Three Banking Failures Bring 2010 Total To 132
October 15, 2010 By 1 Comment
October 15, 2010 – With eleven weeks still remaining in the year, the number of banking failures for 2010 is fast approaching last year’s total of 140. Three additional bank closings today bring this year’s total bank failures to 132. Considering the increased number of Problem Banks reported by the FDIC and with eleven […]