January 28, 2011 – In a speech before the Native Sons and Daughters of Kansas, FDIC Chief Sheila Bair discussed a wide range of topics including her role as a public servant, causes of the housing bust and suggestions on how to prevent another financial crisis. Ms. Bair noted that she has spent most of […]
Banking Failures Increase To Eleven As Regulators Seize Four Banks
January 28, 2011 By Leave a Comment
Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses. The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]
First Community Bank of New Mexico Fails
January 28, 2011 By 2 Comments
January 28, 2010 – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Divisions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to U.S. Bank, N.A., Minneapolis, Minnesota, a subsidiary of US Bancorp. First Community was started in 1922. With $2.3 billion in assets […]
FirsTier Bank of Colorado Fails – Depositors Facing Losses
January 28, 2011 By 2 Comments
January 28, 2010 – Large depositors at failed FirsTier Bank of Colorado are shocked to learn that they potentially face the loss of all deposits held in excess of the FDIC deposit insurance limits. This is the second time in two weeks that the FDIC was unable to find a purchaser for a failed bank, […]
Evergreen State Bank Of Wisconsin Fails Despite Bank President’s Optimism
January 28, 2011 By Leave a Comment
January 28, 2011 – Evergreen State Bank, Stoughton, WI, was closed today by the Wisconsin State Department of Financial Institutions, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with McFarland State Bank, McFarland, WI, to assume all deposits of failed Evergreen. All four branches of Evergreen will […]
The First State Bank, Camargo, OK, Closed By Regulators
January 28, 2011 By Leave a Comment
January 28, 2011 – The First State Bank, Camargo, OK, was closed today by the Oklahoma State Banking Department which appointed the FDIC as receiver. To protect depositors, the FDIC sold First State to Bank 7, Oklahoma, City, OK. Bank 7 will assume all deposits and also agreed to purchase all of the assets of […]
Bailout Funds To Fannie and Freddie Come At High Cost
January 27, 2011 By Leave a Comment
Despite the public uproar over the bailout of the financial industry, the U.S. Treasury is no pushover when it comes to demanding stiff terms on its loans. The returns on some of the loans made to various banks and financial institutions would make a payday lender blush. For example, when the U.S. completes the sale […]
Housing Market On Critical List As Sales Plunge and Strategic Defaults Loom
January 27, 2011 By 2 Comments
The latest news on housing remains distressing and points to continued depreciation in home values. New Home Sales Plunge Again – The Census Bureau and the Department of Housing and Urban Development released figures showing that the number of new homes sold in 2010 totaled only 321,000 – the lowest reading in 47 years. The […]
Four Banking Failures In Four States Cost FDIC $455 Million
January 22, 2011 By Leave a Comment
January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. […]