Peoples State Bank, Hamtramck, MI, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to First Michigan Bank, Troy, Michigan, which will assume all deposits of Peoples State. The ten branches of Peoples State will reopen as usual on Saturday […]
Sunshine State Community Bank, Port Orange, Florida, Collapses
February 11, 2011 By Leave a Comment
Sunshine State Community Bank, Port Orange, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Sunshine was a five branch bank which opened in mid 2000. During the real estate boom of the early 2000’s, the Bank rapidly expanded its assets, growing from $20 million in 2000 […]
Five Year Treasury Notes Zoom Ahead Of Bank CD Rates
February 8, 2011 By Leave a Comment
Longer term CD rates have been gradually climbing since last December as the long end of the yield curve has moved up. Abused savers, who have seen yields plunge to microscopic levels due to the Federal Reserve’s zero interest rate policy (ZIRP) are justifiably hoping to see an increase in interest income from savings. The […]
FDIC Warns Banks On Potential Losses By Depositors
February 8, 2011 By Leave a Comment
The ultimate nightmare for a bank customer is to have uninsured funds in a failed bank. Depositor losses at FDIC insured institutions occur more frequently than most people realize. Twice already in 2011, depositors at two failed banks have lost money on uninsured deposits. When a bank fails, the FDIC as receiver, will typically find […]
Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14
February 5, 2011 By Leave a Comment
Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses. The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]
Failed Community First Bank of Chicago Sold To Wintrust Corp
February 4, 2011 By Leave a Comment
February 4, 2011 – Community First Bank, Chicago, Illinois, was closed today by the Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Northbrook Bank and Trust Company, Northbrook, Illinois, which will assume all deposits of Community First. Community First was a small one branch […]
North Georgia Bank Fails Under Crush of Defaulting Loans
February 4, 2011 By 1 Comment
February 4, 2011 – The Georgia Department of Banking and Finance closed troubled North Georgia Bank, Watkinsville, Georgia, and appointed the FDIC as receiver. The failed bank was sold by the FDIC to BankSouth, Greensboro, Georgia, which assumed all deposits of North Georgia Bank. North Georgia Bank was put under regulatory oversight with the issuance […]
American Trust Bank, Roswell, GA, Collapses Under Bad Loans
February 4, 2011 By Leave a Comment
February 4, 2011 – Georgia, one of the epicenters of bank failures last year, continues to lead the nation again this year. Four out of the thirteen banking failures thus far in 2011 have occurred in Georgia. American Trust Bank, Roswell, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the […]
Decade Low On Homeownership Rates Merely A Return To Normalcy
February 1, 2011 By Leave a Comment
The Census Bureau reports that the level of homeownership has declined to 66.5% for the last quarter of 2010. The number of Americans owning a home is now at the lowest level since 1998 when the rate of ownership was slightly lower at 66.4%. The lower rate of homeownership is not a disaster, as portrayed […]
HAMP Foreclosure Program Called “A Colossal Failure”
January 29, 2011 By 2 Comments
Republican Representative Jim Jordan of Ohio has introduced legislation to end the Home Affordable Modification Program (HAMP), calling it a “colossal failure.” The HAMP program was the showcase of the Obama administration’s plan to stop foreclosures by modifying mortgages to a payment level that was affordable for distressed homeowners. It was originally estimated that HAMP […]