Insurance News Alerts | Deposit Insurance

FDIC auctions apt to hurt some banks

By ⋅ March 10, 2010 ⋅ Post a comment

(BOSTON) - An FDIC plan to auction more than $1 billion in assets seized from failed banks next month, including a loan to build a W Hotel in Atlanta, may trigger write-downs that weaken lenders nationwide.
Almost half of the loans were originated by Silverton Bank NA, whose collapse in May was the [...]

FPIC Insurance Group, Inc. Reports Fourth Quarter and Year 2009 Results

By ⋅ March 7, 2010 ⋅ Post a comment

(MARKET WATCH) - FPIC Insurance Group, Inc. (”FPIC” or the “Company”) reported for the fourth quarter of 2009:
– income from continuing operations of $7.6 million, or $1.09 per diluted common share, as [...]

F.D.I.C. Needs to Do Some Zombie Hunting

By ⋅ February 24, 2010 ⋅ Post a comment

(THE NEW YORK TIMES) - Killing zombies isn’t just a job for horror movie heroines. It’s also the primary task of Sheila C. Bair, the head of the Federal Deposit Insurance Corporation, Breakingviews says.
Ms. Bair’s challenge has increased as the number of so-called problem banks on the F.D.I.C.’s watch list has spiked. [...]

White House proposes increase in FDIC deposit insurance fund

By ⋅ February 2, 2010 ⋅ Post a comment

(THE WASHINGTON POST) - The Obama administration wants to increase the size of the insurance fund that repays depositors in failed banks, a step that would require all banks to pay larger fees to the Federal Deposit Insurance Corp.
The change, which would require legislation, is part of a broader effort by the [...]

FDIC Looks to Rein In Compensation via Insurance Levy

By ⋅ January 14, 2010 ⋅ Post a comment

(SEEKING ALPHA) - FDIC Chairperson Sheila Bair has released her own proposal to compete with a recently floated proposal for a tax on bank compensation. Her proposal calls for linking compensation with FDIC insurance levies as a means of aligning incentives in the banking industry going forward. In contrast, the competing initiative calls for a [...]

FDIC orders Dallas-based Equity Bank to stop ‘unsafe’ banking practices

By ⋅ December 30, 2009 ⋅ Post a comment

(DALLAS NEWS) - Federal Deposit Insurance Corp. has ordered Dallas-based Equity Bank SSB to halt alleged “unsafe or unsound banking practices.”
In a so-called order to cease and desist, the FDIC told Equity Bank to stop operating with too many delinquent loans, not enough capital and insufficient earnings.
Equity Bank, which had nearly $251 million in assets [...]

FDIC’s need for cash squeezes small banks

By ⋅ December 24, 2009 ⋅ Post a comment

(NJ.com) - Early in the last century, some local businessmen in Warren County tried to open a bank in the little town of Hope, which had a butcher shop and general store but no lending institution.
A federal banking official suggested they hire a consultant, who traveled by train and horse and buggy to reach the [...]

FDIC Boosts 2010 Budget, Staff as Bank Failures Rise

By ⋅ December 17, 2009 ⋅ Post a comment

(Bloomberg) — The Federal Deposit Insurance Corp., overseeing the dissolution of failed banks at the fastest pace in 17 years, today boosted its 2010 budget 56 percent to $4 billion to manage further shutdowns.
The total budget will increase from $2.6 billion and the budget for handling bank failures doubles to $2.5 billion from $1.3 billion [...]

‘Unbanked’ America

By ⋅ December 6, 2009 ⋅ Post a comment

(THE NEW YOUR TIMES) - About one in 13 American households doesn’t use a checking or savings account, according to a new survey from the Federal Deposit Insurance Corporation.
The new survey results come on the heels of policy discussions about the security and exploitation of consumers within the broader financial system.
The survey found that over [...]

FDIC Bank Insurance Fund Plunges Into Red

By ⋅ November 29, 2009 ⋅ Post a comment

(ABC) - The government agency that backs bank deposits announced today that the recent flood of bank failures plunged the insurance fund into the red in late September and more banks are now on the brink of collapse than at any point in the last 16 years.
The Federal Deposit Insurance Corporation said 552 insured institutions [...]

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