Insurance News Alerts | Deposit Insurance

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 [...]

NY Insurance regulator tells FGIC not to pay claims

By ⋅ November 25, 2009 ⋅ Post a comment

(Reuters) - New York’s insurance regulator has told bond insurer Financial Guaranty Insurance Co to suspend paying claims as of Tuesday, because it is in violation of the state’s minimum capital requirements, the company said.
FGIC, a smaller rival to bond insurers Ambac Financial Group (ABK.N) and MBIA Inc (MBI.N), said it would cease to make [...]

Century Bank, the lastest failed financial institution

By ⋅ November 17, 2009 ⋅ Post a comment

(EXAMINER) - Century Bank, Federal Savings Bank, Sarasota officially closed its doors for good last Friday, November 13th, 2009.
The Office of Thrift Supervision closed the Sarasota-based banking institution and had placed it into Federal Deposit Insurance Corporation (FDIC) receivership. The public was not given advance notice of last Friday’s financial institution closing.
In a purchase and assumption agreement [...]

9 banks fail in 1 day; $2.5 billion hit to FDIC insurance fund

By ⋅ November 2, 2009 ⋅ One comment

(MarketWatch) — Federal regulators have shut the doors on part of a small banking empire built by through a string of 28 acquisitions over the past two decades.
Nine banks, all owned by the same troubled Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would [...]

Banks Have Us Flying Blind on Depth of Losses: Jonathan Weil

By ⋅ October 1, 2009 ⋅ Post a comment

(Bloomberg) — There was a stunning omission from the government’s latest list of “problem” banks, which ran to 416 lenders, a 15-year high, as of June 30. One outfit not on the list was Georgian Bank, the second-largest Atlanta-based bank, which supposedly had plenty of capital.
It failed last week.
Georgian’s clean-up will be unusually costly. The [...]

F.D.I.C. Sells Failed Bank’s Troubled Mortgages to Private Investor

By ⋅ September 20, 2009 ⋅ Post a comment

(THE NEW YORK TIMES) - Offering the lure of cheap government-guaranteed financing, the Federal Deposit Insurance Corporation moved on Wednesday to push its efforts to have private investors buy distressed mortgages from troubled banks.
Agency officials announced that they had reached a deal to sell $1.3 billion in mortgages from Franklin Bank, a Houston-based lender that [...]

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