In what can only be described as cruel irony, the number of jobs in the mortgage industry continue to disappear as rates hit all time lows. Traditionally, all time lows in mortgage rates have resulted in a refinance boom, increased hiring by mortgage companies and hefty paychecks for mortgage loan originators. This time, things are […]
Counterfeit Cashier’s Checks Continue To Flood The Banking System
August 6, 2010 By 1 Comment
Don’t Be A Victim Of Financial Fraud Involving Cashier’s Checks The increasing number of counterfeit cashier’s checks flooding the country continues to cause major problems for both banks and consumers. The FDIC is routinely issuing special alerts on 15 to 40 banks per month that report counterfeit checks bearing their name. Counterfeit cashier’s checks represent […]
Ravenswood Bank of Chicago Closed By State Of Illinois
August 6, 2010 By 4 Comments
August 6, 2010 – Ravenswood Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking. The FDIC was appointed as receiver and entered into an agreement with Northbrook Bank and Trust Company, Northbrook, Illinois, to take over the failed bank. All deposits of failed Ravenswood Bank […]
FDIC Sells Mortgage Backed Bonds – Is A Taxpayer Bailout Next?
August 1, 2010 By Leave a Comment
July 30, 2010 – The FDIC today raised $400 million by selling bonds backed by performing residential mortgages. The mortgages are part of $39 billion in assets acquired by the FDIC from failed banks (see FDIC’s Mountain Of Failed Bank Assets Grow). The securities are guaranteed by the FDIC and were sold at a coupon […]
LibertyBank, Eugene, Oregon, Closed By Regulators
July 30, 2010 By 2 Comments
July 30, 2010 – The Oregon Division of Finance and Corporate Securities closed LibertyBank, Eugene, Oregon, and appointed the FDIC as receiver. The deposits and a portion of the failed bank’s assets were acquired by Home Federal Bank, Nampa, Idaho, under a purchase and assumption agreement with the FDIC. LibertyBank had 15 branches in Oregon, […]
The Cowlitz Bank, Longview, Washington, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – The Cowlitz Bank, Longview, Washington, was closed today by the Washington Department of Financial Institutions. The FDIC, as receiver, entered into an agreement with Heritage Bank, Olympia, Washington, to assume all deposits and some of the assets of failed Cowlitz Bank. The Cowlitz Bank had a total of nine branches, including […]
Coastal Community Bank, Florida, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – Coastal Community Bank, Panama City Beach, Florida, was closed today by the Florida Office of Financial Regulation. Coastal Bank, the third oldest bank in Florida, was originally started as the Apalachicola State Bank in 1906. In 2002, Apalachicola State Bank was acquired by Coastal Community Bank, a newly chartered bank. At […]
Bayside Savings Bank, Florida, Closed By Office Of Thrift Supervision
July 30, 2010 By Leave a Comment
July 30, 2010 – Bayside Savings Bank, Port Sainte Joe, Florida, becomes the nation’s 105th banking failure. Bayside Savings Bank was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC entered into an agreement with Centennial Bank, Conway, Arkansas, to acquire all of the deposits and assets of […]