The latest Fannie Mae National Housing Survey shows that Americans remain remarkably optimistic about the future of the housing market as well as their personal financial situation. The Fannie Mae survey polls a nationally representative sample of 1,001 adults and compares the results to a previous poll conducted a year earlier. Home Prices The survey […]
Americans Remain Remarkably Optimistic About Housing And Their Personal Finances
July 25, 2012 By Leave a Comment
Five Bank Failures Bring Year’s Total To 38 – FDIC Losses Top $1.9 Billion
July 21, 2012 By Leave a Comment
Regulators had a busy week closing five banks in four different states on Friday. Although bank failures have been proceeding at a slower pace than last year, the total losses to the FDIC Deposit Insurance Fund now top $1.9 billion and the number of problem banks remains very high considering that we are four years […]
Second Federal Savings and Loan Association Of Chicago, IL, Closed By Feds
July 20, 2012 By Leave a Comment
Second Federal Savings and Loan Association of Chicago, Chicago, IL, was closed today by the Officer of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Hinsdale Bank & Trust Company, Hinsdale, IL. All three branches of Second Federal will reopen on Saturday as branches of Hinsdale Bank & […]
Heartland Bank, Leawood, KS, Closed By Regulators
July 20, 2012 By 1 Comment
The State of Kansas had its first bank failure of the year today when state regulators closed the Heartland Bank, Leawood, Kansas. The FDIC, appointed as receiver, sold the failed bank to Metcalf Bank, Lees Summit, Missouri, which will assume all deposits of the failed bank. The history of Heartland Bank extends over a century […]
First Cherokee State Bank, GA, Closed By Regulators
July 20, 2012 By Leave a Comment
Georgia, which had the most bank failures of any state during 2011, looks like it may retain this dubious record for 2012. Regulators closed two banks in Georgia today, bringing the year to date total of bank failures in the State to eight, representing 22% of bank failures this year. During 2011, Georgia accounted for […]
Georgia Trust Bank Fails – Feds Sell Bank To Community & Southern Bank
July 20, 2012 By Leave a Comment
Georgia continues to lead the nation with bank failures as regulators closed two more failed banks in Georgia. The latest bank to fail in the State was the Georgia Trust Bank, Buford, GA. For the year a total of eight banks have failed in Georgia, making the State the capital of U.S. bank failures and […]
The Royal Palm Bank of Florida Closed By Regualtors
July 20, 2012 By Leave a Comment
The Royal Palm Bank of Florida, Naples, FL, was closed today by the Florida Office of Financial Regulation which appointed the FDIC as receiver. Opened in 2001, The Royal Palm Bank had served all of Southwest Florida through three offices in Collier & Lee counties, offering full service commercial banking services. In 2006, The Royal […]
Non Stop Banking Scandals Are Dangerously Eroding Public Trust In The Financial System
July 17, 2012 By Leave a Comment
I am old enough to remember when most people considered banks to be rock solid bastions of financial strength and integrity. That was then, this is now, and a long running, non stop series of banking scandals seems to be dangerously eroding public confidence in the entire financial system. In recent weeks we have seen […]
Peregrine Financial CEO Confesses To 20 Year Undetected Fraud
July 14, 2012 By Leave a Comment
Russell Wasendorf, Sr., CEO of Peregrine Financial Group (aka PFG Best) admitted in a suicide note that he had embezzled millions of dollars from customers for the past 20 years. The reason the financial fraud was able to continue undetected for so long was due to a comedy of errors and omissions on the part […]
Glasgow Savings Bank, Oldest Bank In Missouri, Closed By Regulators
July 13, 2012 By Leave a Comment
Glasgow Savings Bank, Glasgow, Missouri, the oldest bank in the state, was closed down today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed bank to Regional Missouri Bank, Marceline, Missouri. Glasgow Savings Bank opened in April 1852. Despite a 160 year history of operations, the bank remained very small […]