Welcome to Banking Update, a roundup of articles and news from around the Internet. The Bank of America situation just keeps getting worse with another large fine for BofA, foreclosures are weighing down the balance sheets of banks, Nevada home prices just keep on dropping after a 63% delcine, home equity borrowings have collapsed, the […]
Banking Update – Daily Banking News
December 20, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Business at pawn shops is booming. Bargains for buyers and easy credit for borrowers has resulted in pawn shops taking over the role of traditional banks and retailers for many consumers. The average loan amount […]
Banking Update – Daily Banking News
December 19, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Runs on the bank are intensifying in Europe – fragile confidence in the banking system is being shattered. Banking holidays and capital controls may be necessary which would fuel the panic further. Chinese homeowners go […]
Western National Bank of Phoenix, AZ, Closed By Regulators
December 16, 2011 By Leave a Comment
Western National Bank, Phoenix, AZ, was closed today by the Comptroller of the Currency and the FDIC was appointed as receiver. The FDIC entered into a purchase and assumption agreement with Washington-Federal , Seattle, Washington, to assume all deposits of failed Western National Bank. Western National had three branches, all of which will reopen on […]
Premier Community Bank of the Emerald Coast Closed By Regulators
December 16, 2011 By Leave a Comment
The Premier Community Bank of the Emerald Coast, Crestview, Florida, was closed today by state regulators and the FDIC was named as receiver. The FDIC sold the failed bank to Summit Bank, N.A., Panama City. All deposits of failed Premier Community Bank were assumed by Summit Bank and depositors will have immediate access to their […]
Banking Update – Daily Banking News
December 16, 2011 By 1 Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. The credit ratings of eight major banks were downgraded by Fitch. The eight global trading and universal banks (GTUB) that saw their credit ratings lowered were Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Credit […]
Banking Update – Daily Banking News
December 15, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Kyle Bass, one of the sharpest investment minds in the world, gives an interview on the worldwide debt crisis. Mr. Bass expects Japan, one of the most indebted nations in the world, to be forced […]
Banking Update – Daily Banking News
December 14, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the internet. News Highlights of the Day: The European banking and sovereign debt crisis continues to confound the ability of policy makers to contain the crisis and the risk of financial contagion to the U.S. banking system remains a serious concern. Did Fed […]
2011 Bank Failures Decline For First Time In Three Years
December 14, 2011 By Leave a Comment
For the first time in three years, the number of U.S. banking failures should total less than 100. Total bank closings for 2011 currently total 90. The FDIC has been giving their closing teams some time off, with the last bank closing occurring on November 18, 2011. Bank closings usually occur on Friday and unless […]
Banking Update – Daily Banking News
December 13, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the internet. The FDIC settles a civil lawsuit against Washington Mutual executives for a fraction of the $900 million originally sought. Virtually none of the settlement money came from the three WAMU executives but rather from insurance policies covering professional misconduct. The three […]