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FDIC Slashes Operating Budget By 11% Citing Recovery In Banking Industry
The continuing recovery of the U.S. banking industry means less work for the agency primarily responsible for the safety and soundness of the nation’s banks and savings associations. Due to the...
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Texas Community Bank, The Woodlands, Texas, Becomes 24th Bank Failure of 2013
Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver for the failed bank, sold Texas...
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DuPage National Bank of Illinois First Bank Failure of 2014
DuPage National Bank, West Chicago, IL, was closed by the Office of the Comptroller on Friday, becoming the first bank to fail in 2014. Acting as receiver and to protect depositors, the FDIC sold the...
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The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world...
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Syringa Bank, Idaho, Becomes Third Banking Failure of 2014
Idaho state banking regulators closed Syringa Bank, Boise, Idaho, and appointed the FDIC as receiver for the failed bank. The FDIC sold Syringa Bank to Sunwest Bank, Irvine, CA, which will assume all...
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FDIC Says Problem Banks Still Six Times Higher Than in 2007
The FDIC Quarterly Banking Profile for the fourth quarter of 2013 shows a continued reduction in the number of problem banks. The total number of banks on the FDIC Problem Bank List decreased for the...
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Increased Bank Profits Mainly Due to Lower Loan Loss Provisions – When Will...
On the surface the latest FDIC Quarterly Banking Profile reflects a recovering banking industry with robust profit growth. For the fourth quarter of 2013 banks collectively reported net income of...
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Millennium Bank, Sterling, VA, Closed By Regulators
Millennium Bank, Sterling, Virginia, was close today by the Office of the Comptroller. The failed bank which was established in 1999 was placed into receivership with the FDIC. To protect depositors...
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Vantage Point Bank, Horsham, PA, Becomes Fifth Banking Failure of 2014
Vantage Point Bank, Horsham, PA, became the fifth banking failure of 2014 as regulators swooped in to close the insolvent bank. Established in December 2007 as real estate values were already...
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Bank ATMs Are Easy Target for Criminals
As if banks didn’t have enough problems to worry about, a recent government report reveals that theft from ATM machine was become a widespread problem. The alarm bell on ATM fraud was sounded by an...
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Most Americans Still Don’t Trust Banks and Here’s Why
Six years after the near melt down of the United States banking industry in 2008, more than half of all Americans still lack confidence in both the banking system and the government. Interestingly the...
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Allendale County Bank, Fairfax, SC, Closed by Regulators, Sixth Bank Failure...
South Carolina state regulators closed Allendale County Bank, Fairfax, SC, and appointed the FDIC as receiver. In order to protect depositors the FDIC sold the failed bank to Palmetto State Bank,...
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FDIC Issues 40 Enforcement Actions
The FDIC issued a list of 40 enforcement actions taken against banks and individuals during March 2014. The enforcement actions include the following: 4 consent orders 1 prompt corrective action...
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Counterfeit Cashier’s Checks Are Becoming a Major Problem
You just sold your car to what appeared to be a regular guy. After some back and forth negotiations the buyer agreed to accept what you considered a fair price. You sign over the title to the buyer,...
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Will Banks Get Burned on Huge Holdings of U.S. Treasuries?
With loan demand still tepid after over five years of unprecedented monetary stimulus by the Federal Reserve, banks need to invest trillions of dollars of deposits that they can’t lend out. Just as...
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Oops! My Calculator was Broken – Red Faces for both Bank of America and the Fed
One “tiny little error” resulted in red faces at both Bank of America (BAC) and the Federal Reserve when bank officials disclosed they had incorrectly calculated capital levels required for the annual...
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AztecAmerica Bank, Berwyn, Illinois, Seventh Bank Failure of 2014
AztecAmerica Bank, Berwyn, Illinois was closed today by state regulators and the FDIC was named as receiver. Founded in September 2005 at the height of the real estate boom, AztecAmerica remained a...
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Housing Recovery Stalls as Old Rules for Recover No Longer Apply
The old rules for a strong housing market appear to have changed in a fundamental manner frustrating traditional analysts who have been predicting a housing recovery. In the latest Economic and Housing...
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Mortgage Default Rates Soar for Senior Citizens as Feds Loosen Mortgage Rules...
The Consumer Financial Protection Bureau (CFPB) is concerned about the rapidly increasing default rate on mortgages held by senior citizens. A study done by the CFPB shows that the number of senior...
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Columbia Savings Bank, Ohio, Eighth Bank Failure of 2014 – Hundreds of Zombie...
State regulators shuttered a small Ohio bank which became the eighth banking failure of the year. The Ohio Division of Financial Institutions closed Columbia Savings Bank, Cincinnati, Ohio, and...
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