Most people would probably assume that a bank that can stay in business for almost one hundred years would be The Rock of Gibraltar from a financial standpoint. This was not the case today as state regulators closed 95 year old The Freedom State Bank located in Freedom, Oklahoma. Founded in 1919 The Freedom State […]
Valley Bank, Fort Lauderdale, FL, Closed by Regulators, 11th Banking Failure of 2014
June 20, 2014 By Leave a Comment
Valley Bank of Fort Lauderdale, Florida, was one of two banks shuttered by regulators today. The other banking failure was Valley Bank, Moline, Illinois. Both failed banks were owned by the same holding company, River Valley Bancorp, Inc., Davenport, IA. The holding company was not included in the bank closings or the receivership. Florida state […]
Valley Bank, Moline, IL, Closed by Regulators, Tenth and Largest Bank Failure of 2014
June 20, 2014 By Leave a Comment
The Illinois Department of Financial and Professional Regulation closed the Valley Bank, Moline, Illinois, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Great Southern Bank, Reeds Spring, Missouri, which will assume all deposits of Valley Bank. Valley Bank was founded by a group of local bankers and […]
Slavie Federal Savings Bank, MD, Closed by Regulators, Ninth Bank Failure of 2014
May 30, 2014 By Leave a Comment
Slavie Federal Savings Bank, Bel Air, Maryland, became the ninth banking failure of 2014 as the Office of the Comptroller of the Currency closed the insolvent bank. The FDIC, appointed as receiver, sold the failed bank to Bay Bank, FSB, Lutherville, Maryland, which will assume all deposits of failed Slavie Federal. The severe banking crisis […]
FDIC Reveals That Over 400 Banks Remain on the Problem Bank List
May 30, 2014 By Leave a Comment
The recently released Quarterly Banking Profile from the FDIC reveals that over 400 banks remain on the Problem Bank List more than six years after the start of the biggest banking crisis since the 1930s. As of March 31, 2014, the FDIC’s confidential Problem Bank List contains the names of 411 banking institutions that have […]
Banking Industry Profits Decline On Plunge in Mortgage Demand
May 30, 2014 By Leave a Comment
The banking industry has made a dramatic recovery since the depths of the financial crisis when many of the country’s biggest banks survived only after receiving trillions of dollars in government support. After losing a record $37.8 billion during the fourth quarter of 2008, banking industry profits rebounded to a record high of $40.3 billion […]
Columbia Savings Bank, Ohio, Eighth Bank Failure of 2014 – Hundreds of Zombie Banks Remain Open for Business
May 24, 2014 By Leave a Comment
State regulators shuttered a small Ohio bank which became the eighth banking failure of the year. The Ohio Division of Financial Institutions closed Columbia Savings Bank, Cincinnati, Ohio, and appointed the FDIC as receiver. To protect depositors the FDIC sold the failed bank to United Fidelity Bank, fsb, Evansville, Indiana, which assumed all deposits. Although […]
Mortgage Default Rates Soar for Senior Citizens as Feds Loosen Mortgage Rules for Seniors
May 20, 2014 By 1 Comment
The Consumer Financial Protection Bureau (CFPB) is concerned about the rapidly increasing default rate on mortgages held by senior citizens. A study done by the CFPB shows that the number of senior citizens with mortgage debt has increased, the amount of debt owed has increased, and default rates have risen. According to the CFPB since […]
Housing Recovery Stalls as Old Rules for Recover No Longer Apply
May 19, 2014 By Leave a Comment
The old rules for a strong housing market appear to have changed in a fundamental manner frustrating traditional analysts who have been predicting a housing recovery. In the latest Economic and Housing Market Outlook report, Freddie Mac examines three fundamental areas in the housing market that have not behaved as expected which has contributed to […]