BankUnited Q3 profits surge Nov 19, 2009
61 percent of its total loans as of Sept. 30, but booked no reserves to cover any loan losses as a result of its deal with FDIC. The bank reported $1. 08 billion in noncurrent loans, representing 26. (South Florida Business Journal, FL)
FDIC Owns $1.8 Billion in Homes, Buildings Nov 19, 2009
The Federal Deposit Insurance Corp. (FDIC) has turned from an agency that provides insurance on bank deposits to one of the countrys biggest landlords. As the FDIC has seized 150 failed banks in the past two years, it has taken possession of 5,000 houses, subdivisions, buildings, parcels and other foreclosed assets, The Wall Street Journal reports ... The total value of the real estate now owned by the FDIC: $1. (Newsmax)
Traditional bank M&A activity still a year away Nov 19, 2009
For most larger regional and national lenders, acquisitions of tiny banks through the FDIC are too time consuming, and many of the larger regional players thanks to bailouts and aggressive write-offs appear to be survivors. If you re JPMorgan, you ve got to be in the Southeast more than what you already are, Powell said. (Atlanta Business Chronicle, GA)
Senate Hears Calls for Regulation of Overdraft PracticesSen. Dodd calls for a limit on overdraft fees per month and year. Nov 18, 2009
According to the FDIC, by just 14 percent of bank customers. "It's the worst off, people who are struggling the most, who are paying the lion's share of these billions of dollars in fees. It's ridiculous," committee chairman Sen. (ABC News -- Business)
Regions reinstates 401k, merit raises Nov 18, 2009
According to the FDIC, it had $35. 54 million in Triad deposits as of June 30, the latest period reported. (Triad Business Journal, NC)
Flushing Financial Corporation Declares Quarterly Dividend of $0.13 Per Share Nov 18, 2009
Flushing Financial Corporation is the parent holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the FDIC. The Bank serves consumers and businesses by offering a full complement of deposit, loan, and cash management services through its fifteen banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. The Bank also operates an online banking division, iGObanking. (Primezone Releases)
CMS Bancorp, Inc. Announces Improvement in Financial Performance for the Year Ended September 30, 2009 and Continued Growth in Assets Nov 18, 2009
President and CEO John Ritacco stated that "in fiscal 2009 we continued to see improvements in net interest income, non-interest income and better management of our costs." Mr. Ritacco noted that "despite the improvement in income, the Company reported a net loss for the year ended September 30, 2009, which was reflective of an increase in FDIC insurance premiums totaling $331,000, including a special assessment of $110,000, additional operating expenses of $339,000 associated with the new Mount... (Primezone Releases)
OptimumBank ordered to restate earnings Nov 18, 2009
The FDIC s action increased the amount of the bank s impaired loans to $41 ... Despite the overall effect of deeper losses that the restatement would have, OptimumBank said it expects it will maintain capital ratios in excess of the FDIC s well capitalized requirements as of Sept. 30 ... The company noted that it has yet to receive a final report from the FDIC following the examination. (South Florida Business Journal, FL)
"Verify Your Account Info"? It's Phishing Nov 18, 2009
If you have received an e-mail from the Internal Revenue Service or the Federal Deposit Insurance Corporation, chances are it was a phishing attempt. If you received e-mail from your bank, PayPal, or Facebook urging you to immediately verify information or risk having your account suspended, it was undoubtedly phishing. (CBS News)
Commercial valuation company lands plum job Nov 18, 2009
The company s valuation findings will help the FDIC complete its settlement agreement with. which assumed a majority of Montgomery, Ala. (Jacksonville Business Journal, FL)
Atlantic BancGroup loses $2.2M in 3Q Nov 17, 2009
6 million in deposits as of June 30, according to the FDIC.. Most Read Stories. (Jacksonville Business Journal, FL)
Sun American issues receivership warning Nov 17, 2009
The FDIC has notified Sun American Bancorp that it is delinquent on that loan, the company stated. Sun American Bank suffered a net loss of $14. (South Florida Business Journal, FL)
READ: Bernanke's speech Nov 17, 2009
The Federal Reserve sharply increased its provision of short-term liquidity to financial institutions, the U.S. Treasury injected capital into banks, and the Federal Deposit Insurance Corporation (FDIC) guaranteed bank liabilities. The Federal Reserve and the Treasury each took measures to stop a run on money market mutual funds that began when a leading fund was unable to pay off its investors at par value. (USA Today -- Money)
GMAC CEO Alvaro De Molina Steps Down Nov 17, 2009
The FDIC also took the rare step earlier this year of allowing the junk-rated company to gain access to its debt-guarantee program, called the Temporary Liquidity Guarantee Program. It agreed to guarantee up to $7. (ABC News -- Wire)
IberiaBank expands into Florida Nov 17, 2009
The company entered into a loss sharing agreement with FDIC on $499 million of CapitalSouth s assets. Iberia is considered one of the most financially sound banks in the nation and was the first bank to repay the U.S. Treasury s capital investment provided through its Troubled Asset Relief Program, or TARP.. (Birmingham Business Journal, AL)
Regulators slow real estate recovery, critics say Nov 17, 2009
FDIC sales illustrate the chasm between how banks are valuing nonperforming loans and what investors will pay for them. Nationally, the FDIC has auctioned 3,768 performing and nonperforming loans for commercial properties this year. (Charlotte Business Journal, NC)
Frank, Dodd Will Fix Banking Regulation But Good: Caroline Baum Nov 16, 2009
Lest anyone forget, , or the Federal Deposit Insurance Corporation Improvement Act, was a tough new piece of banking legislation enacted in 1991 following the savings and loan crisis. Yet 17 years later the banking system was on the ropes. (Bloomberg -- Columnists)
Bank of England's Tucker Says Riskier Banks May Need Higher Insurance Levy Nov 16, 2009
I am struck that, in the U.S., the FDIC now requires troubled banks to demonstrate that they could report each day the relevant details of derivative portfolios, Tucker said. The Bank of England plans to consider whether or not something like that might be warranted in the U.K.. (Bloomberg -- UK)
Local lenders post respectable deposit gains in tough climate Nov 16, 2009
The top 10 lenders in terms of local deposit market share, according to the most recent FDIC report, are, in descending order: USAA, , , Wells Fargo and Broadway Bank. These same lenders commanded the same ranking in last year s FDIC report ... (USAA s numbers include deposits from customers all over the country, which skews any comparison to other San Antonio-area lenders, which report only local deposits for the FDIC report. (San Antonio Business Journal, TX)
Regulators close Century, Orion banks Nov 15, 2009
The FDIC entered a purchase and assumption agreement with IberiaBank to assume all the deposits of both banks. The FDIC accepted a 1 ... IberiaBank and the FDIC have a loss-share agreement on $656 million of assets of Century Bank and on $1. (Tampa Bay Business Journal, FL)
FDIC boss: Big banks still aren't lending enough Nov 15, 2009
FDIC Chairman Sheila Bair said the FDIC's upcoming quarterly report would show that "not many large institutions are doing a very good job of lending." Instead, she said, some are taking advantage of near-zero interest rates by borrowing dollars cheaply to buy higher-yielding assets like stocks or commodities a move known as the "carry trade." ... Addressing the rash of bank failures, Bair said the FDIC had enough funds to shut down troubled banks and would tap its line of credit with the... (The Augusta Chronicle)
Cow dung to power more Dutch homes Nov 15, 2009
Compare Rates From FDIC Insured Banks. Free 3-bureau Credit Report includes Transunion, Equifax, Experian. (Yahoo News)
EDITORIAL: Oversight an issue at bank Nov 15, 2009
But to make those depositors good, the Federal Deposit Insurance Corporation had to pay $1. 4 billion from its already overdrawn insurance fund. (Fresno Bee)
123 US banks failed so far in '09 Nov 15, 2009
The Federal Deposit Insurance Corp (FDIC), which was named the receiver of the failed banks, took over Orion Bank, with about USD 2 ... In addition, FDIC had entered into a purchase and assumption agreement with Iberia Bank of Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.. (India Times, India)
Hawaii's famed white sandy beaches are shrinking Nov 15, 2009
AP Photo - FILE - In this Oct. 14, 2009 file photo, Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, testifies on Capitol Hill in Washington. U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators. (Fresno Bee -- Nation)
Feds Shut 3 Banks in Florida, Calif. Nov 15, 2009
FDIC Takeovers Raise Number of Bank Closures This Year to 123 ... To find out if your money is fully protected, check out the FDIC's online calculator ... The FDIC will retain the rest for eventual sale. (CBS News)
Martime to 'bolster' capital position Nov 15, 2009
11 percent, according to filings with the (FDIC) ... Maritime Bank officials said that deposits are safe at Maritime, which continues to provide full FDIC coverage. (Milwaukee Business Journal, WI)
Regulators Shut 2 Banks in Fla., 1 in Calif. Nov 15, 2009
The FDIC will retain the rest for eventual sale. In addition, the FDIC and IberiaBank agreed to share losses on roughly $1 ... To replenish the fund, the FDIC on Thursday mandated the roughly 8,100 insured banks and savings institutions pay about $45 billion in premiums in advance that would have been due over the next three years. (ABC News -- Wire)
Regulators Close Two More Banks Nov 14, 2009
The FDIC will retain the rest for eventual sale. More Stories. (KWTX.com, TX)
Related: Obama says base issue must be solved quickly Nov 14, 2009
Compare Rates From FDIC Insured Banks. Featured. (Yahoo News)
Semi-Annual Changes to the NASDAQ Biotechnology Index Nov 14, 2009
IShares are not FDIC Insured. Have No Bank Guarantee. (Primezone Releases)
FDIC pushes for bank flexibility on commercial real estate Nov 14, 2009
Area brokers mixed on FDIC policys impact ... Nashville real estate professionals don t necessarily agree on what it all means, but the FDIC got everyone s attention when it recently issued new guidance on commercial real estate loan workouts ... Depending who you ask, it will either force banks to identify bad loans on their books, jettisoning struggling properties into the hands of opportunists, or it will postpone a recovery in the commercial real estate market while the FDIC clears other... (Nashville Business Journal, TN)
Banks Q3 results give no respite from gloom Nov 14, 2009
Oakdale-based made its final report to the FDIC in the third quarter before being shuttered by state banking regulators and taken over by Grand Forks, N.D.-based Alerus Financial. It showed a year-to-date loss of $13 million combined with negative capital ratios, meaning it was insolvent. (Twin Cities Business Journal, MN)
U.S. Regulators Squeeze Banks on Future Tax Assets Nov 14, 2009
"As long as the FDIC is looking at this, writedowns will be much more widespread," said Jim Goeller, a partner at tax firm Perry-Smith in San Francisco, which audits over 60 banks in California. An FDIC spokesman said the agency looks at all assets on the balance sheets and expects banks to follow accounting rules. (ABC News -- Wire)
Imperial Capital hits deadline to raise capi... Nov 14, 2009
The amount of delinquent loans on which the bank is no longer accruing interest increased by $109 million in the quarter, according to documents filed with the FDIC. ... Moreover, potential buyers tend to wait until the FDIC steps in ... -based FBOP the parent of San Diego National Bank earlier this month, the FDIC paid U.S. Bank $500 million as part of the deal. (San Diego Union-Tribune)
FAA: Procedures reinforced for alerting military Nov 14, 2009
Compare Rates From FDIC Insured Banks. No account or investment minimums. (Yahoo News -- Politics)
Texas billionaire Beal seeks failed Florida bank Nov 14, 2009
They buy loans from existing banks and the FDIC. They don t make loans to consumers and don t offer checking accounts. The directors of Beal s proposed Florida bank would be. (Jacksonville Business Journal, FL)
Anchor BanCorp Wisconsin Inc. Announces Second Quarter Results, Significant Reduction in Charge-Offs Nov 14, 2009
2 million for the same period in the prior year, this increase was substantially attributable to credit-related expenses (meaning expenses associated with collection efforts and carrying non-performing assets) as well as an increase in FDIC insurance premiums. Excluding these factors, non-interest expenses would have been down slightly over the previous year. (Primezone Releases)
More Florida banks fail Nov 14, 2009
The FDIC said the branches would continue to operate normally with the usual deposit insurance. The FDIC estimated the cost to taxpayers of Orion's failure will be $615 million ... The FDIC and Iberiabank entered into a loss-sharing agreement for both banks. (South Florida Business Journal, FL)
Cape Coral Mailbag Nov 14, 2009
6 month CD- FDIC Insured- 6. 01% APY with $20,000 Minimum. (The News-Press -- Opinion)
Fed limits debit, ATM overdraft fees Nov 14, 2009
1 billion total for all of 1999, the FDIC tally shows. Under former Chairman Alan Greenspan, the Federal Reserve had maintained a hands-off attitude toward regulations designed to protect consumers, with Greenspan arguing that free-market competition would work to benefit the public. (Honolulu Advertiser)
Iberiabank Buys Two U.S. Banks as Failure Tally Increases to 123 This Year Nov 14, 2009
It will share losses with the FDIC on abut $2 ... The three failures cost the FDICs deposit-insurance fund more than $980 million. (Bloomberg -- US)
FDIC encourages banks to restructure CRE loans Nov 14, 2009
FDIC pushes for bank flexibility on commercial real estate - Nashville Business Journal ... FDIC pushes for bank flexibility on commercial real estate ... Area brokers mixed on FDIC policys impact. (Nashville Business Journal, TN)
NY Fed president: Crisis can teach finance system Nov 14, 2009
Senate bill to overhaul financial regulation would strip Fed, FDIC of some powers. A key Senate committee chairman unveiled a sweeping 1,136-page bill Tuesday that, if enacted, would mandate the most comprehensive overhaul of financial regulation since the Great Depression. (Fresno Bee -- Business)
FDIC's Bair Says Using TARP to Shore Up Bank Capital Fueled Public Outrage Nov 14, 2009
Chairman Barney Frank and Senate Banking Committee Chairman have proposed legislation that would give the FDIC the power to dissolve failing large firms whose collapse would destabilize the financial system. The FDIC already has that authority over commercial banks and thrifts. (Bloomberg -- US)
Bracing for Advanta bankruptcy fallout Nov 14, 2009
Advanta didn t include the bank in its bankruptcy filing because troubled banks are dealt with by regulators, such as the FDIC, not by bankruptcy courts. In the press release announcing its bankruptcy filing, Advanta said it decided not to provide Advanta Bank with the money that would enable the bank to meet FDIC capital requirements in order to preserve value for its noteholders and other stakeholders ... But Advanta also said that, over time, it may turn the bank over to an FDIC receivership,... (Philadelphia Business Journal, PA)
Feds shut Naples-based Orion Bank Nov 14, 2009
The FDIC and IberiaBank agreed to share losses on about $1 ... Customers will have access to their funds and borrowers should continue making payments, according to a statement from the FDIC. ... Orion Bank is the 122nd FDIC-insured institution to fail in the nation this year, and the 11th in Florida. (The News-Press -- Business)
First Advantage Bancorp Announces 2009 Third Quarter Earnings Nov 13, 2009
"We are very proud that the recent FDIC Market Share Report indicated that the Bank gained substantial market share from June 30, 2008 to June 30, 2009. This is reflective of our relentless commitment to provide remarkable customer service," said Earl O. Bradley, III, Chief Executive Officer of the Company. "During 2009 we have continued to prudently grow loans at an annualized rate of about 17.8%, while maintaining solid asset quality. We have also experienced steady deposit growth of about... (Primezone Releases)
Banks to prepay $45b in insurance fees Nov 13, 2009
To address concerns of small banks in weak financial condition, the FDIC also set up an exemption process for those that prove the prepaid fees would be a hardship. The FDIC expects the cost of bank failures to grow to about $100 billion over the next four years ... Unlike a one-time fee, the prepaid premiums won t affect banks earnings during these difficult times, FDIC chairwoman Sheila Bair said before the vote. (Boston Globe)
Banks will prepay $45B in FDIC premiums to raise cash Nov 13, 2009
The FDIC would not be able to use the money to bring up the balance of the insurance fund that safeguards bank deposits, but it would have operating liquidity. The prepayment has been described as an alternative to imposing another hefty emergency fee on the still-recovering industry, or having the FDIC tap its line of credit with the Treasury Department ... "Many institutions are only beginning to recover," said FDIC Chairman. (USA Today -- Money)
Barton - Bertschmann Nov 13, 2009
He is currently employed as a software engineer contractor with the Federal Deposit Insurance Corporation (FDIC) in Arlington, Va. A June 2010 wedding is planned. (Wellesley Townsman, MA)
Coastal Banking Company Reports Third Quarter 2009 Earnings Nov 13, 2009
The comparative increase was due largely to increased compensation expenses incurred by the company's wholesale mortgage banking division on increased lending levels and, to a lesser extent, an increase in the FDIC's premium expense ... FDIC insurance premiums. (Primezone Releases)
Local banks begin to topple Nov 13, 2009
Two weeks ago Friday, the FDIC closed the 14-branch Pacific National Bank and reopened it the next day under the ownership of US Bank. Last Friday, the FDIC closed the 63 U.S. branches of United Commercial Bank, which was taken over and reopened by East West Bancorp of Los Angeles ... A spokeswoman for East West Bank said the FDIC has written off United Commercial's TARP commitment. (San Francisco Chronicle -- Business)
FDIC mandates prepaid fees to restore fund Nov 13, 2009
To address concerns of small banks in weak financial condition, the FDIC also set up an exemption process for those that prove the prepaid fees would be a hardship. The FDIC expects the cost of bank failures to grow to about $100 billion over the next four years ... Unlike a one-time fee, the prepaid premiums won't affect banks' earnings "during these difficult times," FDIC Chairman Sheila Bair said before the vote. (San Francisco Chronicle -- Business)
Your Money Matters Nov 13, 2009
When you open a brokerage account titled as a Roth IRA, you can invest in virtually any listed stock, bond, mutual fund and even CDs issued by FDIC insured banks. Choose an investment that meets your objectives for safety, risk, growth and time frame. (CBS News -- Early Show)
FDIC gets tougher with Evergreen Bank Nov 12, 2009
The troubled Seattle bank, already operating under stricter regulatory oversight, received a terse order Tuesday from the FDIC informing the bank that it is significantly undercapitalized and that its condition continues to deteriorate, according to the FDIC s prompt corrective action filed against the bank ... The FDIC s order says that Evergreen s current capital plan is unacceptable and its management has failed to return it to a safe and sound condition. (Puget Sound Business Journal, WA)
United California Bank seizure after bailout poses questions Nov 12, 2009
The state immediately named the Federal Deposit Insurance Corporation as bank receiver. To protect United Commercial depositors and clients, including hundreds served by branches in Sacramento and Citrus Heights, the FDIC entered into a simultaneous agreement with Pasadena-based East West Bank to assume all of United Commercial's deposits and branches and some of its loans. (Fresno Bee -- Local)
Random Notes On The Passing Scene Nov 12, 2009
Although the Federal Deposit Insurance Corp. backs up bank accounts, a recent audit suggests the FDIC does not have enough money in its own account to do its job ... But what this means is that even the record-breaking federal deficit understates the government's real financial liabilities, because agencies like FDIC and the Federal Housing Authority are likely to need increased amounts of money to keep going. (Investors Business Daily)
PNBC reports
quarterly earnings Nov 12, 2009
The lower net income is attributable to an increase in the loan loss provision and insurance assessments by the FDIC. ... 781 million; which represents a minimal increase in core operating expenses considering FDIC assessments increased $1 ... On Sept. 29, the FDIC adopted a Notice of Proposed Rulemaking that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009, and all of 2010, 2011, and 2012. (Princeton Bureau County Republican, IL)
FDIC: Big banks still aren't lending enough Nov 11, 2009
FDIC boss: Big banks still aren't lending enough ... FDIC Chairman Sheila Bair said the FDIC's upcoming quarterly report would show that "not many large institutions are doing a very good job of lending." Instead, she said, some are taking advantage of near-zero interest rates by borrowing dollars cheaply to buy higher-yielding assets like stocks or commodities a move known as the "carry trade." ... Addressing the rash of bank failures, Bair said the FDIC had enough funds to shut down... (MSNBC -- Race)
Toronto-Dominion May Target FDIC-Assisted Banks in Florida, Johnston Says Nov 11, 2009
We are actively looking at FDIC-assisted deals, Johnston told investors at a conference today in New York sponsored by Bank of America Merrill Lynch. We have a great relationship with the FDIC and have complete access to those deals ... The Toronto-based bank bid on at least one FDIC- assisted transaction in the past, which Johnston identified as BankUnited Financial Corp. The Coral Gables, Florida-based lender filed for Chapter 11 protection in May. (Bloomberg -- Canada)
BankUnited CEO: Big deal is coming Nov 11, 2009
According to sources who attended the exclusive chamber event, Kanas mentioned how he made 17 acquisitions when he led in Melbourne, N.Y. He said BankUnited told the FDIC from the beginning that it planned to pick up other banks. Kanas alluded to acquiring failed banks from the FDIC, the sources said ... 92 billion-asset bank was considered by FDIC guidelines to be undercapitalized as June 30. (South Florida Business Journal, FL)
Fed Faces Biggest Blow to Authority, Independence in Dodd Banking Measure Nov 11, 2009
The legislation also creates a mechanism for the FDIC to unwind failing systemically significant financial firms. The bill must be approved by the Senate, reconciled with the House version and signed by President to become law. (Bloomberg -- US)
Dodd Calls for Sweeping New Government Powers Nov 11, 2009
It also would strip the Federal Deposit Insurance Corporation of its oversight of state banks and the Fed in their supervisory powers of bank holding companies. Dodd has said consolidated oversight is needed to prevent banks from shopping around for an agency that will impose the least amount of oversight. (Newsmax)
Madisonville State Bank acquired by U.S. Bank (VIDEO) Nov 11, 2009
Edith Gray, left, an ombudsman with the FDIC, was on hand Saturday, Oct. 30, at Madisonville State Bank to answer questions about the sale of the bank to U.S. Bank after the Madisonville financial institution was shut down by the Texas Department of Banking the evening before ... The bank was closed by the Texas Department of Banking Friday about 8:20 p.m., and the FDIC was named as receiver ... However, according to FDIC representative Edith Gray, the banks were put on the troubled list that... (Madisonville Meteor, TX)
