Today May 21, 2010, Pinehurst Bank of St. Paul Minnesota was closed by the Minnesota Department of Commerce, with the Federal Deposit Insurance Corporation appointed as receiver. All deposits of the bank were assumed by Coulee Bank of La Crosse, Wisconsin though a purchase and assumption agreement. Pinehurst Bank was formed in 2003 and opened […]
The FDIC’s Secret Bank Bailout Program
May 13, 2009 By 1 Comment
From TARP to TLGP The original $750 billion TARP program created last year to bailout the banking industry caused a public uproar. The Treasury, the Federal Reserve and the President all predicted massive banking failures and economic collapse if the TARP bill was not passed. Congress finally passed the TARP legislation against the will of […]
Expert Predicts Up To 500 Failed Banks In 2009 – Is The FDIC Ready?
May 11, 2009 By 2 Comments
Can The FDIC Handle 500 Bank Failures? The former head of the Resolution Trust Company, William Seidman, recently provided commentary on the ability of the FDIC to handle its many critical assignments. According to Mr. Seidman, the successful execution of the FDIC’s new duties is critical to ensuring a recovery of the US financial system. […]