November 2, 2010 – Speculation had been building for the past month over whether troubled Wilmington Trust would sell itself to another bank or be able to raise additional private equity and remain independent. Wilmington Trust received $330 million from the US Treasury in 2008 under the Troubled Asset Relief Program (TARP) and raised another […]
Confidence In Banks Shattered As Wilmington Trust Reports Huge Unexpected Loss – Shareholders Trashed
November 3, 2010 By Leave a Comment
FDIC Sells 3 Failed Banks To Bailed Out Banks With Unpaid TARP Loans
October 23, 2010 By 2 Comments
October 22, 2010 – There has been much discussion in the press lately about the increased competition among buyers for failed banks. The theory is that buyers see a looming economic recovery that will result in huge gains by purchasing failed banks at bargain prices. This week’s sale of failed banks by the FDIC, however, […]
First Bank of Jacksonville, Florida, Closed By Regulators
October 22, 2010 By 1 Comment
October 22, 2010 – First Bank of Jacksonville, Jacksonville, Florida, which has been under a consent order since November 2009, was closed today by the Florida Office of Financial Regulation. First Bank had been attempting to raise $5 million in a private stock placement to fulfill regulators demands to increase capital, but was unable to […]
Over 600 Small Banks May Default On Bailout Loans
July 15, 2010 By Leave a Comment
July 15, 2010 – The Congressional Oversight Panel’s report on TARP loans to small banks has determined that many small banks may find it difficult or impossible to repay funds borrowed from the U.S. Treasury. The Treasury program to bailout banks, formally known as the Capital Purchase Program (CPP), was established during the height of the […]