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Sat, 10/22/2011 - 13:22 by Neka Sehgal
The Federal Deposit Insurance Corp. (FDIC) was on its toes Friday, with two Georgia banks, one Florida bank and another in Colorado shuttered by U.S. state regulators.
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Sat, 07/23/2011 - 15:05 by Anter Prakash Singh
Regulators on Friday shut down the Bank of Choice in Greeley, Colorado along with two smaller banks in Florida. With this, the number of U.S. banks closed in 2011 reaches 58.
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Sat, 03/27/2010 - 22:02 by Inderjit Singh
Washington -- The U.S. Federal Deposit Insurance Corp. says it will absorb a smaller percentage of the losses on bad loans covered by deals with buyers of failed banks.
The loss-sharing deals have helped find buyers for banks that would have gone unsold if buyers were forced to absorb all of the potential losses on a failed bank's loan portfolio, The Wall Street Journal reported Saturday.
Friday, the FDIC announced it would guarantee 80 percent of potential loan losses, down from as much as 95 percent.
In the short term, the reduction could make it more expensive for the FDIC to get rid of failed banks because some potential buyers could lose interest, the Journal reported.
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Sun, 02/28/2010 - 08:34 by Rakhi
Washington -- Bank failures in Carson City, Nev., and Tacoma, Wash., brought to 22 the number of U.S. banks to be closed so far this year, officials said.
Friday, the Federal Deposit Insurance Corp. closed Carson River Community Bank and Rainier Pacific Bank because of bad loans, The Wall Street Pit Blog reported Saturday.
Carson River's $50 million in deposits were assumed by Reno-based Heritage Bank of Nevada, which also agreed to purchase about $38 million of the failed bank's $51.1 million in assets. The failure would cost the FDIC's deposit insurance fund about $7.9 million, the FDIC said.
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Fri, 02/26/2010 - 21:29 by Inderjit Singh
Washington -- A program is being developed to determine if cutting principal for so-called underwater mortgages saves homeowners from foreclosure, U.S. officials said.
The Federal Deposit Insurance Corp. program would be for an estimated 11 million homeowners who are "underwater" -- owing more than their property is worth -- The Washington Post reported Friday.
Economists consider the borrowers, roughly 20 percent of all troubled mortgagees, are among the most vulnerable to foreclosure, and some industry officials expressed concern that they would simply walk away from their loans instead of working to rebuild equity.
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Sat, 02/06/2010 - 19:52 by Inderjit Singh
Hancock -- A small bank in rural Minnesota has been shuttered by regulators, the Federal Deposit Insurance Corp. says.
1st American State Bank of Minnesota in Hancock, Minn., was closed Friday by the Minnesota Department of Commerce, and the FDIC has brokered a purchase and assumption agreement with Community Development Bank of Ogema, Minn., to assume all of its deposits.
1st American is the second Minnesota bank closed as a result of syndicated loans purchased from BankFirst, a failed bank that was based in Sioux Falls, S.D., the (Minneapolis) Star Tribune reported. It said concerns are high that more banks may follow.
BankFirst itself was closed last summer.
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Sat, 01/30/2010 - 22:31 by Inderjit Singh
Washington -- Banks in Minnesota, California, Georgia, Florida and Washington state have been closed by regulators, officials say.
The closures, announced Friday by the the Federal Deposit Insurance Corp., brought the number of shuttered U.S. institutions to 15 so far this year, The Wall Street Journal reported.
The First National Bank of Georgia in Carrollton, Ga., was closed by the Office of the Comptroller of the Currency. Community & Southern Bank has assumed some of its assets and deposit liabilities.
American Marine Bank of Bainbridge Island, Wash., was closed by the Washington Department of Financial Institutions. Columbia State Bank of Tacoma, Wash., will assume its deposits.
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Sat, 01/23/2010 - 21:23 by Inderjit Singh
Washington -- Struggling banks in five U.S. states have been seized by regulators, the Federal Deposit Insurance Corporation says.
Institutions in Florida, Missouri, New Mexico, Oregon and Washington were shuttered Friday amid the weak economy and defaulting loans, the FDIC said. The moves bring the total number of failures this year to nine, the Wall Street Journal reported.
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Wed, 12/02/2009 - 21:16 by Inderjit Singh
Washington -- A Federal Deposit Insurance Corp. report says that 25 percent of U.S. households do not use banks to cash paychecks or deposit funds.
The report says 53 percent of African-American households and 43 percent of Hispanic households use check cashing alternatives, including payday lenders and pawnbrokers, USA Today reported Wednesday.
The report compiled by the Census Bureau says 30 million households with or without bank accounts use alternative services to handle their finances.
Nine million households, including a fifth of households earning under $30,000 a year, have no bank account, the report to be released Wednesday says.
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Tue, 11/24/2009 - 23:24 by Shruti Sharma
Washington -- An increase in U.S. bank failures put the federal fund that guarantees consumer deposits in the red in the third quarter, a report released Tuesday said.
Bank deposits are still insured, as much of the loss in the fund involves money set aside for future losses, but the account is now listed as a negative $8.2 billion, the first time it has been below zero since the savings and loan crisis in the early 1990s, The New York Times reported Tuesday.
The negative balance was expected. The Federal Deposit Insurance Corp. said in October the fund was in jeopardy.
Bad loans continue to plague the industry, with the FDIC placing 552 banks on its list of lenders at risk of failure, up from 416 in the second quarter.
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Sat, 10/31/2009 - 13:53 by Ishita Sood
Los Angeles, October 31 -- U.S. Bancorp has acquired nine banks held by the FBOP Corp., seizing $18.4 billion assets in a move to pull the banks through the ongoing financial crisis.
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Tue, 09/22/2009 - 20:25 by Inderjit Singh
Washington -- Senior regulators say the Federal Deposit Insurance Corp. is contemplating borrowing money from healthy U.S. banks to keep its deposit insurance fund solvent.
The about-face -- having banks bailout the government for a change -- is "a nice irony," Karen Shaw Petrou, managing partner of Federal Financial Analytics told The New York Times.
But, bankers said it was the best of several options, including having the FDIC tap a $100 billion line of credit at the U.S. Treasury.
With their relationship strained, FDIC Chairwoman Sheila Bair "would take bamboo shoots under her nails before going to Tim Geithner and the Treasury for help," Camden Fine, president of the Independent Community Bankers, told the Times.
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