January 21, 2010 – United Western Bank, Denver, Colorado, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all deposits of the failed bank. United Western had 8 branches […]
Failed Bank of Asheville, NC, Sold By FDIC To Bank Owing TARP Money
January 22, 2011 By 1 Comment
January 21, 2011 – The Bank of Asheville, Asheville, NC,was closed today by the North Carolina Office of Commissioner of Banks, which named the FDIC as receiver. The FDIC sold the failed bank to First Bank, Troy, North Carolina, which assumed all deposits. The Bank of Asheville had five branches which will all reopen on […]
CommunitySouth Bank and Trust, SC, Closed By Regulators
January 21, 2011 By Leave a Comment
January 21, 2011 – CommunitySouth Bank and Trust, Easley, South Carolina, was closed today by the South Carolina State Board of Financial Institutions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to CertusBank, N.A., Easley, South Carolina. CertusBank is a newly chartered bank subsidiary of Blue Ridge Holdings, Inc., Charlotte, […]
Enterprise Banking Company Fails And Depositors Facing Losses
January 21, 2011 By 1 Comment
January 21, 2011 – Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over […]
Enterprise Banking Co Failure Exposes Inequity of FDIC Deposit Insurance – Uninsured Depositors Out Of Luck
January 21, 2011 By Leave a Comment
January 21, 2011 -Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over the […]
FDIC Chief Condemns Mortgage Servicers While Ignoring FDIC Role In Mortgage Crisis
January 19, 2011 By 3 Comments
In a strongly worded speech at the Summit On Residential Mortgage Servicing For the 21st Century, FDIC Chief Sheila Bair condemned the mortgage servicing industry for their role in extending the mortgage crisis. Ms. Bair stated that the housing industry has been stabilized by emergency measures but that the effects of the housing bust and […]
Impact Of Weak Housing Markets On Economy Overstated
January 19, 2011 By Leave a Comment
Many analysts believe that the overall economy cannot improve as long as residential housing prices remain weak and/or continue to decline. Schwab’s chief investment strategist, Liz Ann Sonders, who always provides incisive commentary, offers some compelling insights on why a weak housing market will not impede economic growth. In her latest commentary, Ms. Sonders says […]
Independent Bank’s Stock Price Soars – Is A Takeover Looming?
January 17, 2011 By 1 Comment
After hitting a low of $1 per share in mid December, the stock price of Independent Bank (IBCP) has soared to almost $4 per share. On Friday, IBCP rose $.63 to $3.80, a 20% gain on the day. Volume of the normally thinly traded stock has also increased dramatically since mid December. Trading volume for […]
Oglethorpe Bank of Georgia Closed By Regulators And Sold To Bank of the Ozarks
January 14, 2011 By Leave a Comment
January 14, 2010 – The Georgia Department of Banking and Finance closed Oglethorpe Bank, Brunswick, Georgia, today and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Bank of the Ozarks to assume all deposits of Oglethorpe Bank. The two branches of Oglethorpe Bank will reopen on Saturday as […]
Big Banks Say Mortgage Crisis Is Over
January 14, 2011 By 1 Comment
The latest financial results from the banking industry point to a resolution of the mortgage crisis that nearly resulted in the nationalization of the country’s biggest banks three years ago. In a dramatic turnaround the country’s largest banks have repaid government loans, often with large profits to the government. Billions of dollars in new capital […]