Law Blog - WSJ.com (Free subscription) | 05/11/2009
In January, the Federal Deposit Insurance Corp. will limit the interest rates paid by banks that don't have strong capital, like New South Federal Savings Bank, of Irondale, Ala., First Federal Bank of California, of Santa Monica, and Royal Palm Bank of Florida, the Ft. Lauderdale subsidiary of Mercantile Bancorp Inc. of Quincy, Ill.
The Street (Free subscription) | 05/11/2009
BOSTON () -- With the bankruptcy of lender CIT Group(), which counted a million small and medium-sized businesses as customers, and the unrelated failure of nine banks this week, companies and consumers need to adapt to protect themselves. More on CIT Market Activity | | CIT filed for Chapter 11 bankruptcy protection earlier this week to restructure its debt. Two days earlier, the Federal Deposit...
Bloomberg (Free subscription) | 02/11/2009
Nov. 2 (Bloomberg) -- The Federal Deposit Insurance Corp., replenishing funds after the worst financial crisis since the Great Depression, faces additional strains on its resources after spending $2.5 billion to shut nine banks last week.
Star Tribune (Free subscription) | 03/11/2009
Bank of New York Mellon and U.S. Bancorp both said they will opt out of a six-month extension of the Transaction Account Guarantee Program. The program, part of the wider effort to shore up banks during the height of last year's crisis, offers Federal Deposit Insurance Corp. coverage for non-interest bearing accounts, like checking accounts, with balances above $250,000.
Examiner (Free subscription) | 8 hours ago
Regulators have shut small banks in Georgia and Michigan, bringing the number of bank failures this year to 117 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. on Friday took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in...
Seattle Times (Free subscription) | yesterday
WASHINGTON — Regulators have shut small banks in Georgia and Michigan, bringing the number of bank failures this year to 117 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. on Friday took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings...
San Fransisco Chronicle (Free subscription) | yesterday
Regulators have shut small banks in Georgia and Michigan, bringing the number of bank failures this year to 117 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. on Friday took over United Security Bank, based... Georgia - Federal Deposit Insurance Corporation - Bank failure - Michigan - Business
Market Watch (Free subscription) | yesterday
The latest banks to be taken over were United Security Bank of Sparta, Ga.; Home Federal Savings Bank of Detroit, according to the Federal Deposit Insurance Corp.
Market Watch (Free subscription) | yesterday
SAN FRANCISCO (MarketWatch) -- United Security Bank of Sparta, Ga, became the 116th U.S. bank of the year to fail, according to the Federal Deposit Insurance Corp. on Friday. Ameris Bank of Moultrie, Ga. will purchase the bank's assets and assume all of the deposits at a 0.36% premium. As of Sept., United Security had total assets of $157 million and total deposits...
Examiner (Free subscription) | 4 hours ago
Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp...
Examiner (Free subscription) | 7 hours ago
Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal...
kansascity.com (Free subscription) | yesterday
CHARLOTTE, N.C Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.
The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits,...
Daily Advance - Business (Free subscription) | 3 hours ago
Banks in Ga., Mich., Minn., Mo., Calif. closedCHARLOTTE, N.C — Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in...
The Charlotte Business Journal (Free subscription) | yesterday
First Citizens BancShares Inc. gained more than just two acquisitions when it bought two failed West Coast banks during the third quarter. Thanks to arrangements with the Federal Deposit Insurance Corp. on the deals, First Citizens gained 320 percent in profit for the quarter, which ended Sept. 30. (FCNCA)
Reuters (Free subscription) | 3 hours ago
East West agreed to assume $10.2 billion of United Commercial Bank's assets and entered a loss-share transaction with the Federal Deposit Insurance Corp on approximately $7.7 billion of the assets. FDIC estimated the bank closure will cost its deposit insurance fund $1.4 billion.
