October 15, 2010 -Premier Bank, Jefferson, Missouri, was shut down by the Missouri Division of Finance, which appointed the FDIC as receiver. The Missouri Division of Finance was particularly blunt in its assessment of Premier Bank’s failure. “There will be no interruption of services for customers of the former Premier Bank,” said Richard J. Weaver, […]
FDIC’s Bair Says Real Estate Crucial To Entire Economy – $3.5 Trillion In Mortgages At Risk Of Default
October 14, 2010 By 1 Comment
October 13, 2010 – Can the economy improve without a recovery in real estate values? This question was addressed today by FDIC Chairman Sheila Bair, in a speech to the Urban Land Institute in Washington, D.C. Despite optimistic forecasts by various analysts, Ms. Bair cited the daunting challenges that must be overcome in order to […]
My Bank Just Failed – Should I Hit The Panic Button?
October 6, 2010 By Leave a Comment
October 6, 2010 – The sudden news that your bank just failed can cause justifiable confusion and anxiety. Typically the issues of primary importance to depositors will be “are my savings at risk and how long will it be before I have access to my money”. In addition to these primary concerns, depositors of failed […]
Florida and Washington Hit By Banking Failures – 10% Of All Banks At Risk Of Failure
October 1, 2010 By 2 Comments
October 1, 2010 – In an exact repeat of last week’s failed bank activity, Florida and Washington both experienced banking failures, bringing the nation’s total of failed banks for the year to 129. Considering the increased number of Problem Banks reported by the FDIC and with three months still remaining in 2010, this year’s banking […]
Wakulla Bank, Crawfordville, Florida, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Wakulla Bank, Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Centennial Bank, Conway, Arkansas, acquired the failed bank under a purchase and assumption agreement with the FDIC. Centennial Bank will assume all the deposits and purchase essentially all of the assets […]
Banking Failures In Washington and Florida Bring Year’s Total To 127
September 24, 2010 By Leave a Comment
September 24, 2010 – Banking failures in Washington and Florida brought the nation’s total number of banking failures to 127. The State of Florida remains unchallenged as the nation’s top state for banking failures. With this week’s failure of Haven Trust Bank Florida, Florida now accounts for nearly 20% of the total banking failures for […]
Haven Trust Bank Florida, Ponte Vedra Beach, Florida, Closed By Regulators
September 24, 2010 By Leave a Comment
September 24, 2010 – Florida has experienced more banking failures than any other state in the nation. Today’s failure of Haven Trust Bank Florida becomes the nation’s 126th banking failure and the twenty-fourth in Florida. Almost 20% of the nation’s total banking failures have now occurred in Florida. The only two other states with […]
Pace Of Bank Failures Increase As Regulators Close Six Banks
September 17, 2010 By Leave a Comment
September 17, 2010 – After closing only one bank since August 20th, regulators picked up the pace and closed six banking institutions. With the recent increase in the number of banks on the FDIC’s “Problem Bank List“, regulators should be busy well into 2011 closing institutions that are considered “unsafe and unsound”. As of the […]
Big Banks Accused Of Promoting Predatory Payday Lending
September 16, 2010 By Leave a Comment
September 15, 2010 – Big banks seem to be on the nation’s list of most hated institutions. After being blamed for causing the financial crash of 2008 through reckless lending, banks are now taking heat for prolonging the recession with excessively stringent lending standards. One industry to which banks have aggressively extended credit is now […]
Future Banking Industry Losses On Bad Loans Estimated At $268 Billion
September 14, 2010 By Leave a Comment
September 14, 2010 – Despite the fact that banks have already taken huge losses on bad loans, Moody’s Investor Service estimates that the US banking industry still needs to recognize an additional $268 billion in losses on defaulted loans. According to Moody’s, banks will write off a total of $744 billion in bad loans through […]