September 17, 2010 – Maritime Savings Bank, West Allis, Wisconsin, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Maritime Bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all the deposits but only about half of the failed bank’s assets. Maritime Savings […]
Maritime Savings Bank, West Allis, Wisconsin, Closed By Regulators
September 17, 2010 By Leave a Comment
Bramble Savings Bank, Milford, Ohio, Seized By Regulators
September 17, 2010 By 1 Comment
September 17, 2010 – Bramble Savings Bank, Milford, Ohio, was closed today by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Bramble Savings Bank to Foundation Bank, Cincinnati, Ohio, which will assume all deposits and purchase essentially all assets of failed Bramble Bank. Bramble Savings Bank was a […]
ISN Bank, Cherry Hill, New Jersey, Closed By Regulators
September 17, 2010 By Leave a Comment
September 17, 2010 – The nation’s 120th banking failure of 2010 occurred today with the closing of ISN Bank, Cherry Hill, New Jersey. ISN Bank was closed by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. The FDIC sold the failed one branch bank to New Century Bank (doing […]
Big Banks Accused Of Promoting Predatory Payday Lending
September 16, 2010 By Leave a Comment
September 15, 2010 – Big banks seem to be on the nation’s list of most hated institutions. After being blamed for causing the financial crash of 2008 through reckless lending, banks are now taking heat for prolonging the recession with excessively stringent lending standards. One industry to which banks have aggressively extended credit is now […]
Government Requests Banks To Buyback $30 Billion Of Defaulted Mortgages
September 15, 2010 By Leave a Comment
September 15, 2010 – Defaulted mortgage loans sold to Fannie Mae and Freddie Mac during the peak years of the mortgage boom are now resulting in billion dollar losses for some of the largest banks in the country. Fannie Mae and Freddie Mac, now under the conservatorship of the Federal Housing Finance Agency (FHFA), are […]
Future Banking Industry Losses On Bad Loans Estimated At $268 Billion
September 14, 2010 By Leave a Comment
September 14, 2010 – Despite the fact that banks have already taken huge losses on bad loans, Moody’s Investor Service estimates that the US banking industry still needs to recognize an additional $268 billion in losses on defaulted loans. According to Moody’s, banks will write off a total of $744 billion in bad loans through […]
Horizon Bank, Bradenton, FL, Closed By Regulators
September 10, 2010 By 2 Comments
September 10, 2010 – Horizon Bank, Bradenton, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits and essentially […]