Troubled Premier Bank of Wilmette, IL, was closed today by state regulators. The FDIC, named as receiver, sold the failed bank to International Bank of Chicago, Chicago, IL, which will assume all deposits of failed Premier Bank. Premier’s two branches will reopen Saturday as branches of International Bank and all Premier depositors will automatically become […]
Premier Bank, Wilmette, IL, Closed by Regulators, 15th Banking Failure of 2012
March 23, 2012 By Leave a Comment
Global Commerce Bank, Doraville, GA, Becomes Third Georgia Banking Failure of 2012
March 2, 2012 By Leave a Comment
Georgia was the epicenter of banking failures last year and the trend seems to be continuing in 2012 as regulators close another failed Georgia bank. During 2011 Georgia had 23 bank failures, accounting for 25% of all 92 bank failures that occurred last year. Of the 12 failed banks this year, three have been in […]
Banking Industry Slowly Recovers – 813 Banks Remain On “Problem Bank List”
February 29, 2012 By 3 Comments
The FDIC’s Quarterly Banking Profile for the fourth quarter of 2011 shows a modest but steady recovery in the banking industry. Despite the fact that a majority of banks reported improved quarterly earnings, 813 institutions remain on the Problem Bank List, comprising 11% of all FDIC insured banks and savings associations. Highlights of the 2011 […]
Not All Banks Made Poor Lending Decisions During The Bubble Years – 5 Banks Worth Buying
February 27, 2012 By Leave a Comment
With hundreds of bank failures over the past four years and the Problem Bank List at a 20 year high, it is sometimes easy to get the impression that all banks were engaged in reckless lending during the real estate bubble years. While virtually all of the “Too Big To Fail Banks” engaged in highly […]
Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion
February 25, 2012 By Leave a Comment
Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven. A total of four bank failures have now occurred in Minnesota and Georgia. During all of 2011 a total of only two banks failed in Minnesota. Georgia had a total of 23 bank failures during […]
Home Savings of America Collapses, FDIC Unable To Sell Bank – How Much Will Depositors Lose?
February 24, 2012 By 21 Comments
Home Savings of America, which was established during the depths of the Great Depression, was closed by regulators today. The Bank was established on September 1, 1934 and operated as a federally chartered stock savings and loan association, headquartered in Little Falls, Minnesota. According to Home Savings of America’s website, the Bank’s niche was serving […]
Problem Bank List At 20 Year High As Regulators Let Zombie Banks Remain Open
January 23, 2012 By Leave a Comment
The number of banks on the confidential FDIC Problem Bank List is at a 20 year high. As of September 30, 2011, there were 844 institutions on the Problem Bank List, the largest number since 1992 when the total was 1,066. Since the beginning of the financial crisis in 2008, a total of 417 banks […]
Banking Update – Daily Banking News
December 16, 2011 By 1 Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. The credit ratings of eight major banks were downgraded by Fitch. The eight global trading and universal banks (GTUB) that saw their credit ratings lowered were Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Credit […]
FDIC Issues 56 Enforcement Actions In September
November 4, 2011 By Leave a Comment
A total of 56 administrative enforcement actions were taken by the FDIC against problem banks in September, up from 53 in August. The most serious September enforcement actions taken by the FDIC included 10 consent orders, 3 prompt corrective actions and 16 civil money penalties. Please see the complete list of enforcement actions taken below. […]
Four Bank Failures In Four States Brings Year’s Total To 80
October 14, 2011 By Leave a Comment
Regulators across the nation had a busy Friday evening, closing four banks in four different states. This week’s banking failures increase the total number of failed banks for 2011 to 80. During 2010, regulators closed a total of 157 banks across the nation. The FDIC is optimistically predicting a much lower number of banking failures […]