June 17, 2010 – Lawmakers have agreed to make permanent the temporary increase on depositor insurance by the FDIC. To avoid depositor panic during the height of the financial crisis in the fall of 2008, the government temporarily increased deposit insurance limit from $100,000 to $250,000. The increased deposit insurance was due to expire on […]
FDIC Deposit Insurance Limits To Permanently Increase – Savers Finally Win One
June 17, 2010 By Leave a Comment
Washington First International Bank, Seattle, WA Closed By State Regulators
June 11, 2010 By Leave a Comment
June 11, 2010 – The Washington Department of Financial Institutions closed today Washington First International Bank, Seattle, Washington. Washington First, a half billion dollar asset bank, became the nation’s 82 banking failure and the seventh in Washington state. Failed Washington First was acquired by East West Bank of Pasadena, CA in a purchase and assumption […]
Nebraska Rocked By Closing Of $3 Billion TierOne Bank, Lincoln, NE
June 4, 2010 By Leave a Comment
Shareholders Facing 100% Loss On Investment June 4, 2010 – Nebraska’s first bank closing of 2010 was the giant TierOne Bank of Lincoln, Nebraska. TierOne was one of the largest publicly held thrifts in the Midwest and had 69 branches located in Nebraska, Iowa and Kansas. According to the bank’s website, TierOne was originally organized […]
FDIC Problem Banks Increase 10% In First Quarter
May 21, 2010 By Leave a Comment
Problem Banks Increase Again The latest FDIC Quarterly Banking Profile shows a 10% increase in the number of Problem Banks to 775 at March 31, 2010, up from 702 at December 31, 2009. Although industry trends show improvement over previous quarters, almost 19% of all banking institutions reported net losses for the quarter, down from […]
Regulators Close Banks In 4 States – Bank Failures Up 100% Over 2009
May 7, 2010 By Leave a Comment
Four Banks Fail In Four States May 7, 2010 – The Federal Deposit Insurance Corporation (FDIC) closed four more banks in Florida, Arizona, Minnesota and California. The total number of failed banks for the year is now 68, double the number of failures at this point during 2009. During 2009, 140 banks failed in the United States, […]
One Fourth Of Puerto Rico’s Banking Industry Collapses
April 30, 2010 By Leave a Comment
Losses on 7 Banking Failures Total $7.3 Billion Regulators turned their attention this week to Puerto Rico whose banking industry has been devastated by collapsing property values, poor lending decisions and a depressionary economy. The basic facts on this week’s banking failures in Puerto Rico all indicate a banking system failure of epic proportions. The […]
Illinois Rocked By 7 Banking Failures
April 24, 2010 By Leave a Comment
Illinois Rocked By 7 Banking Failures – Coincidence or FDIC Strategy? Regulators focused on Illinois this week as seven failed banks in that state were closed. An FDIC spokesman suggested that multiple bank closings in one particular state enhanced the bidding process for the failed banks, thus reducing FDIC losses. Whether or not this explanation […]
Eight Banks Fail – Florida Now Leads Nation In Banking Failures
April 17, 2010 By Leave a Comment
8 Bank Failures – Loss To FDIC Insurance Fund Almost $1 Billion Regulators closed eight more failed banks in 5 states today resulting in an estimated cost to the FDIC Insurance Deposit Fund (DIF) of $984.7 million. The eight failed banks for April 16, 2010 had total assets of $6.25 billion and total deposits of […]
Insiders Reap Huge Profits On Purchase Of Failed South Carolina Bank
April 10, 2010 By Leave a Comment
Myrtle Beach Bank Failure Results In Fast Profits For Insiders South Carolina saw its first banking failure since 1999 as regulators closed the failed Beach First National Bank of Myrtle Beach. The failed bank had total assets of $585.1 million and total deposits of $516.0 million. The cost to the FDIC Deposit Insurance Fund (DIF) […]