Bank depositors have long enjoyed the comfort of knowing that their savings are insured by the FDIC and, if necessary, by a $500 billion line of credit from the U.S. Treasury that is available to address systemic risks and unforeseen losses in the banking industry. In times of economic distress, the deposit insurance program has […]
Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013
June 7, 2013 By Leave a Comment
Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank. Originally founded in 1998, Mountain National Bank becomes the first bank failure of […]
1st Commerce Bank, Nevada, Closed By Regulators – Fourth Bank Collapse In A Month for Capitol Bancorp
June 7, 2013 By Leave a Comment
Nevada had its first bank failure in over two years as regulators swooped in to close tiny 1st Commerce Bank, North Las Vegas, Nevada. After closing the bank, the FDIC exercised its powers as receiver and sold the failed bank to Plaza Bank, Irvine, CA. All customer of 1st Commerce will automatically become customers of […]
Banks of Wisconsin, Closed By Regulators, Becomes 14th Bank Failure of 2013
June 1, 2013 By Leave a Comment
Wisconsin had its first bank failure in over two years on Friday when state regulators closed Banks of Wisconsin, Kenosha, Wisconsin. The FDIC, appointed as receiver, sold the failed bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all deposits of Banks of Wisconsin. Banks of Wisconsin, established in June 2000, had two […]
FDIC Problem Bank List Includes Almost 9% of All Banks
May 29, 2013 By 1 Comment
The number of problem banks declined slightly during the first quarter of 2013. According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks. Although profits for the overall banking industry have increased for the past 15 […]
Two U.S. Banks Included In “The World’s 20 Strongest Banks”
May 15, 2013 By Leave a Comment
A short number of years ago the “too big to fail banks” had to be bailed out with trillions of dollars in financial aid from both the taxpayers and the Federal Reserve. At one point there were serious discussions about nationalizing the entire U.S. banking industry. As a sign of how rapidly America’s largest banks […]
Central Arizona Bank Fails – Third Bank Failure In A Week For Capitol Bancorp, Ltd
May 14, 2013 By Leave a Comment
In an unusual weekday action, state regulators closed Central Arizona Bank, Scottsdale, AZ, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Western State Bank, Devils Lake, North Dakota, which will assume all deposits of Central Arizona Bank. With only $31.6 million in assets, the failure of Central […]
Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp
May 10, 2013 By Leave a Comment
Regulators closed the second bank of the day controlled by Capitol Bancorp, the troubled holding company that holds 11 different banks in nine different states. Sunrise Bank, Valdosta, GA, was closed by state regulators while earlier in the day, regulators closed Pisgah Community Bank, N.C., also owned by Capitol Bancorp. The FDIC, acting as receiver, […]
Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?
May 10, 2013 By Leave a Comment
Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]
Fannie Mae Is Suddenly The Most Profitable Company on Planet Earth
May 10, 2013 By 7 Comments
In early April Fannie Mae announced blockbuster profits of $17.2 billion for 2012 and $7.6 billion for the fourth quarter. The profits reported for 2012 represented the largest annual and quarterly net profits in the company’s history. The financial position of Fannie Mae had improved dramatically since 2011 when Fannie Mae reported a loss of […]