August 27, 2010 – The FDIC today released a list of orders of administrative enforcement actions taken against banks, including 30 cease and desist consent orders. A cease and desist order is issued when the FDIC has “determined that it had reason to believe that the Bank engaged in unsafe or unsound banking practices and […]
One Third Of All Americans Unqualified For A Mortgage
August 24, 2010 By Leave a Comment
August 24, 2010 – According to research from Deutsche Bank, the number of Americans with credit scores below 600 has increased to 26% from only 15% prior to the start of the recession. Further examination of credit data reveals that 9% of all Americans have a credit score in the 600-649 range. Based on current […]
Consumers Delinquent On $1.3 Trillion Of Debt
August 23, 2010 By Leave a Comment
August 23, 2010 – Banks nationwide have seen a staggering increase in delinquencies and nonperforming loans as the result of a severe economic recession and housing collapse. Although delinquency rates and defaults are still at horrendous levels, the Federal Reserve Bank of New York’s quarterly report on household debt and credit offers hope that defaults […]
8 Banks With $4.4 Billion In Assets Fail – August 20, 2010
August 22, 2010 By Leave a Comment
August 22, 2010 – The latest week’s 8 banking failures brought the total for 2010 to 118 banks across 26 States. The eight banks closed by regulators on August 20, 2010 were located in California, Illinois, Virginia and Florida. The 8 banks closed by regulators along with their total assets and estimated loss to the […]
Sonoma Valley Bank Of California One Of Eight Banking Failures For The Week
August 21, 2010 By Leave a Comment
August 20, 2010 – Sonoma Valley Bank, Sonoma, California, was closed today and the FDIC appointed as receiver. To protect depositors, the FDIC sold failed Sonoma Valley Bank to Westamerica Bank, San Rafael, California, which will assume all deposits and purchase essentially all assets of Sonoma Valley Bank. <!– /* Font Definitions */ @font-face {font-family:Calibri; […]
Los Padres Bank Of California Collapses – Total Of 8 Failures For The Week
August 21, 2010 By Leave a Comment
August 20, 2010 – Los Padres Bank, Solvang, California, was closed today and the FDIC appointed as receiver. To protect depositors, the FDIC sold failed Los Padres Bank to Pacific Western Bank, San Diego, California, which will assume all deposits and purchase essentially all assets of Los Padres. All 14 branches of Los Padres will […]
Butte Community Bank and Pacific State Bank Closed By State of California
August 21, 2010 By 1 Comment
August 20, 2010 – Butte Community Bank, Chico, California, and Pacific State Bank, Stockton, California, were closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. Both failed banks with a total of 23 branches were acquired by Rabobank, N.A., El Centro, California which agreed to assume all deposits and […]
Imperial Savings and Loan, Martinsville, Virginia, Closed By Regulators
August 20, 2010 By Leave a Comment
August 20, 2010 -Imperial Savings and Loan Association, Martinsville, Virginia, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. Imperial Savings was purchased by another local bank, River Community Bank, N.A., Martinsville, Virginia, which will assume all deposits and purchase essentially all assets of the failed bank. Imperial Savings, […]