Just when it appears that the banking system is beginning to stabilize, a new ominous threat to financial stability has become a serious concern among the nation’s top bankers. In a speech at a Berlin conference, Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, talked about the serious threat of cyber attacks against […]
Banks Are Powerless Against The Biggest Threat To The Financial System
November 28, 2012 By Leave a Comment
Hometown Community Bank, Georgia, Closed By Regulators
November 16, 2012 By 1 Comment
Hometown Community Bank, established at the peak of the real estate lending mania in 2005, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, protected depositors by selling the failed bank to CertusBank, National Association, Easley, South Carolina, which will assume all deposits of Hometown Community Bank. According […]
The FDIC Will Eliminate Deposit Insurance On $1.4 Trillion Of Bank Deposits
November 6, 2012 By Leave a Comment
In the aftermath of the banking meltdown that began in 2008 many large depositors with balances in excess of the standard deposit insurance limit of $250,000 became very concerned about losing money in a bank failure. In an effort to instill confidence in the banking system, the Dodd-Frank Act instituted temporary unlimited deposit insurance on […]
Citizens First National Bank, IL, Founded In 1865, Closed By Regulators
November 2, 2012 By 1 Comment
One of the country’s oldest banks, Citizens First National Bank, Princeton, IL, was closed today by the Comptroller of the Currency. The FDIC, acting as receiver, sold the failed bank to Heartland Bank and Trust Company, Bloomington, IL. Citizens First National, a large bank with 21 branches and almost $1 billion in assets, becomes the […]
Heritage Bank of Florida Closed By Regulators
November 2, 2012 By Leave a Comment
Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation and the FDIC was appointed as receiver. The failed bank was taken over by Centennial Bank, Conway, Arkansas, under a purchase and assumption agreement with the FDIC. Heritage Bank of Florida, which was established on August 3, 1999, had […]
Secrets of The Federal Reserve Visually Explained
October 29, 2012 By Leave a Comment
The Federal Reserve has virtually unlimited power over the economic future of America yet few people know much about it. Is the Fed saving or destroying America? Here’s a neat history of the Federal Reserve published by Mint.com. by Mint.com.Learn about infographic design.
Is The Federal Reserve Destroying Us Or Saving Us?
October 29, 2012 By 2 Comments
Most Americans have only a very limited understanding of how the Federal Reserve affects every aspect of our lives. Neither the Chairman of the Federal Reserve nor the twelve members of the Board of Governors are elected by the American public. The Federal Reserve operates independently in secret and has the power to make financial […]
FDIC Issues 67 Enforcement Actions In September Against Banks and Individuals
October 26, 2012 By 2 Comments
A total of 67 enforcement actions were taken by the FDIC against banks and individuals in September, down from 80 in the prior month. The September enforcement actions included the following: 8 consent orders 13 civil money penalties 20 section 19 orders 19 removal and prohibition orders 8 orders terminating consent orders and cease and […]
NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer
October 26, 2012 By 1 Comment
Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank. The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]
Excel Bank, Sedalia, MO, Closed By Regulators
October 19, 2012 By Leave a Comment
The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri. The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]