In the 1930’s the collapse of the banking system propelled the world into an economic collapse. Depositors lost their savings, confidence was shattered, companies starved for capital went out of business overnight, borrowers defaulted en masse and unemployment soared. A collapsed banking system guarantees an instant economic depression. A mere generation later, the world is […]
Number of Banks on FDIC Problem Bank List Remains Historically High
March 1, 2013 By 1 Comment
The number of banks on the FDIC Problem Bank List declined for the seventh consecutive quarter. According to the latest FDIC Quarterly Banking Profile, the number of problem banks as of December 31, 2012, declined to 651 from 694 in the previous quarter. Despite significant recovery in the banking industry, the number of problem banks […]
2012 Bank Failures Lowest Since 2008 As Regulators Close 51 Banks
December 31, 2012 By Leave a Comment
During the past five years we have witnessed the greatest financial turmoil since the Great Depression. Hundreds of giant bank failures rocked the nation, real estate values crashed, trillions of dollars of wealth vanished overnight and millions of Americans lost their jobs. Although a relative calm has been restored due to unprecedented actions by both […]
Bank Earnings Soar To Six Year High But Bank Stocks Still Off 50% From Pre Crisis Levels
December 4, 2012 By Leave a Comment
According to the latest FDIC Quarterly Banking Profile, the banking industry recorded its 13th consecutive quarterly year-over-year increase in profits. Total net income for all FDIC-insured institutions rose to $37.6 billion in the third quarter of 2012, a 6.6% increase from the third quarter of last year. Most of the increase in net earnings were […]
FDIC Issues 67 Enforcement Actions In September Against Banks and Individuals
October 26, 2012 By 2 Comments
A total of 67 enforcement actions were taken by the FDIC against banks and individuals in September, down from 80 in the prior month. The September enforcement actions included the following: 8 consent orders 13 civil money penalties 20 section 19 orders 19 removal and prohibition orders 8 orders terminating consent orders and cease and […]
NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer
October 26, 2012 By 1 Comment
Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank. The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]
Excel Bank, Sedalia, MO, Closed By Regulators
October 19, 2012 By Leave a Comment
The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri. The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]
GulfSouth Private Bank, Florida, Closed By Regulators
October 19, 2012 By Leave a Comment
The state of Florida had its sixth banking failure of the year today when regulators closed GulfSouth Private Bank, Destin, Florida. The FDIC, acting as receiver, sold the failed bank to SmartBank, Pigeon Forge, Tennessee. All four branches of GulfSouth will reopen as branches of SmartBank on Monday. All depositors of failed GulfSouth will have […]
FDIC Issues 80 Enforcement Actions In August Against Banks and Individuals
September 28, 2012 By Leave a Comment
The FDIC announced today that a total of 80 enforcement actions were issued against banks and individuals in August. In the previous month, the FDIC issued 56 enforcement actions. Enforcement actions taken during August included the following: 19 civil money penalties 12 consent orders 19 orders terminating consent and cease and desist orders 18 section […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]