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, […]
Security Savings Bank, Olathe, Kansas, Shut Down By Feds
October 15, 2010 By Leave a Comment
October 15, 2010 – Security Savings Bank, F.S.B., Olathe, Kansas, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Security Savings Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits and purchase all assets of the failed bank. Security Savings Bank, […]
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 […]
IMF – Risks To Real Estate And Banking Sector Remain Elevated
October 7, 2010 By Leave a Comment
October 6, 2010 – The International Monetary Fund warned of elevated risks to global economies, real estate and the banking sector in its latest World Economic and Financial Survey. The IMF’s pessimistic outlook for economic recovery zeroed in on the risks associated with excessive levels of sovereign, commercial and household debt in an environment of […]
Majority Of Americans Lack Confidence In Stability of US Banking System
October 6, 2010 By Leave a Comment
October 6, 2010 – It has been almost two years since the banking system nearly imploded in 2009, requiring a massive government bailout. The biggest banks in the country have now repaid government bailout funds and raised billions of dollars to strengthen capital ratios. The stock prices of Bank of America, Wells Fargo and Citigroup […]
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 […]
FDIC Issues Consent Orders & Prompt Corrective Actions To 26 Banks
October 1, 2010 By 1 Comment
October 1, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks, including 22 “Consent Orders” (formerly called “cease and desist consent orders”) and 4 Prompt Corrective Actions. A cease and desist order (consent order) is issued when the FDIC has “determined that it had reason to believe […]
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 […]
Shoreline Bank, Shoreline, Washington, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Shoreline Bank, Shoreline, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, California, to assume all deposits and a portion of failed Shoreline’s assets. According to GBC’s website, […]