Jacksonville Bancorp, Inc. Declares Dividend Dec 10, 2008
Jacksonville Savings Bank is an Illinois-chartered savings bank headquartered in Jacksonville, Illinois, whose deposits are insured by the Federal Deposit Insurance Corporation. SOURCE Jacksonville Bancorp, Inc.. (PR Newswire)
Member of a panel overseeing the financial bailout objects to its findings Dec 10, 2008
It specifically challenged Treasury to explain publicly why it did not support a foreclosure reduction plan proposed by the Federal Deposit Insurance Corporation. It also asks the Treasury to outline its approach to bring down foreclosure rates. (International Herald Tribune -- Business)
US downturn is set to worsen and debt to mount - OECD Dec 10, 2008
"The Federal Reserve, the US treasury and the Federal Deposit Insurance Corporation have taken indispensable decisions when financial institutions faced sudden liquidity squeezes, but the long-term effects of these actions pose challenges," the report says. "Past banking crises have also been expensive in terms of deposit insurance.". (Business Report, South Africa)
The CD Rate Scramble: Better for Depositors Than Banks Dec 9, 2008
More than half of all banks saw their net interest margin a measure of profit fall in the third quarter compared to a year ago, according to the Federal Deposit Insurance Corporation. "After you pay your stockholders and employees, maintain your capital ratio, and fund your growth, it gets pretty tight," says Mike Menzies, president and CEO of Easton Bank and Trust in Easton, Md. (Time.com)
T Bancshares, Inc. Announces Extension of Subscription Rights Offering and Limited Public Offering Dec 6, 2008
The shares of common stock offered by the Company are not savings accounts or deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency. A registration statement relating to the common stock referred to herein has been filed with the Securities and Exchange Commission. (PR Newswire)
Treasury's Plan for Mortgage Rates Could Be Costly Dec 6, 2008
He named a number of possible programs, including a plan floated a few weeks ago by , who heads the Federal Deposit Insurance Corporation, for the government to pay mortgage servicers $1,000 per modification and split the default risk in order to encourage them to lower the monthly loan payments of borrowers at risk of foreclosure. Harvard's Glaeser calculates that in a stable market reducing mortgage rates to 4. (Time.com)
US Fed urges foreclosures push Dec 5, 2008
He also mentioned efforts by the regulatory agency which manages the fund that insures bank deposits, the Federal Deposit Insurance Corporation (FDIC). He said the agency could step in to reward lenders which agreed to share the costs of restructured loans. (BBC News -- Americas)
Bank of Washington Is 18th in Charter Deposits in Region Dec 3, 2008
The source for the data, according to the Business Journal, was the Federal Deposit Insurance Corporation. Washington Missouri 2008. (Missourian Publishing, MO)
Officials Vow to Act Amid Forecasts of Long Recession Dec 2, 2008
Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation, warned last month that as many as 4. 5 million people were likely to lose their homes through foreclosure. (Atlanta Journal-Constitution -- Business)
Elmira Savings Bank Declares Cash Dividend Nov 27, 2008
9 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a federally chartered Bank with five offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; and one office in Cayuga County, NY.. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve the risks and uncertainties, including the timely availability... (PR Newswire)
Taxing traffic congestion Nov 27, 2008
The Federal Deposit Insurance Corporation reported Tuesday that it added 54 banks to its list of troubled institutions in the third quarter, a 46 percent increase that reflects the escalating problems in the banking industry. By catlady. (Atlanta Journal-Constitution)
Retail outlook worrisome; feds aid Citigroup Nov 27, 2008
Thursday November 27, 2008. Even Santa Claus looks a little down as the shopping season opens. (Queens Chronicle, NY)
Five Questions (And Answers) About Citi's Bailout Nov 26, 2008
After Citi absorbs the first $29 billion in losses on these securities, the government first the Treasury Department and then the Federal Deposit Insurance Corporation (FDIC) will step in and bear 90% of any further losses. In return, the government gets up to $7 billion in preferred Citi stock and the right to buy more shares at $10. (Time.com)
Citigroup accepts $306bn federal guarantee Nov 25, 2008
The treasury, Federal Reserve and Federal Deposit Insurance Corporation said in a joint statement that the move aimed to bolster financial market stability and help restore economic growth. The decision came after Citigroup's tumbling share price sparked concern that depositors might pull their money and destabilise the bank, which has $2 trillion of assets and operations in more than 100 countries. (Business Report, South Africa)
Citi secures government lifeline Nov 24, 2008
First, the U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) will backstop some losses against more than $300 billion in troubled assets. Second, the Treasury will make a fresh $20 billion investment in the bank. (CNNMoney.com)
Asian stocks lower despite US bailout plan for banking giant Nov 24, 2008
The US Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation said they would protect the bank against "unusually large losses" and give it 20 billion dollars from a massive rescue package. Markets were sluggish and traders remained jittery even after the bailout. (India Times)
New Citigroup rescue as Obama names eco team Nov 24, 2008
For Citigroup, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation said in a statement that they had agreed to protect the struggling banking giant against "unusually large losses." ... Federal Deposit Insurance Corporation. (Yahoo News -- Top Stories)
U.S. Approves Plan to Help Citigroup Cope With Losses Nov 24, 2008
If necessary, the Federal Deposit Insurance Corporation will bear the next $10 billion of losses. Beyond that, the Federal Reserve will guarantee any additional losses. (Atlanta Journal-Constitution -- Business)
US govt vows to protect Citigroup from 'large losses' Nov 24, 2008
The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup to provide a package of guarantees to the struggling banking giant. In a joint statement issued after the talks, the three agencies said on Sunday they will provide Citigroup "protection against the possibility of unusually large losses on an asset pool of approximately 306 billion dollars of loans and securities backed by residential and commercial... (Yahoo! Asia News)
Full Story » Nov 24, 2008
Monday, November 24, 2008. US govt to give Citigroup US 20b Posted: 24 November 2008 1322 hrs. (Channelnewsasia.com)
Citigroup, US in talks for potential bailout Nov 24, 2008
Monday, November 24, 2008. " onclick="Next();" src="/images/butt_next. (Channelnewsasia.com)
The Elmira Savings Bank, FSB and First Citizens National Bank Announce Consummation of Branch Deal Nov 23, 2008
0 million in total assets, is insured by the Federal Deposit Insurance Corporation and is a federally chartered bank with five offices in Chemung County, NY, three offices and a loan center in Tompkins County, NY, one office in Steuben County, NY, and one office in Cayuga County, NY.. First Citizens National Bank, headquartered in Mansfield, PA, has offices in Blossburg, Ulysses, Genesee, Sayre, Wellsboro, Troy, Canton, Gillett, Millerton, LeRaysville, Towanda, and Wellsville, NY, as well as two... (PR Newswire)
Rescue The $700 Billion Bailout Nov 22, 2008
Rebooting TARP also means putting someone outside the "Government Sachs" nexus into the driver's seat--for example, Sheila Bair, head of the Federal Deposit Insurance Corporation, a woman with a track record of fierce independence. Finally, it means implementing a mortgage assistance package, yet another unfulfilled mandate in the original bill. (CBS News)
Georgia's Community Bank Closes, Bought by Bank of ... Nov 22, 2008
The Georgia-based bank was closed by the Georgia Department of Banking and Finance and put into Federal Deposit Insurance Corporation receivership Friday evening. Bank of Essex, based in Tappahannock, Va. (Fox News)
The Community Bank Closed, 20th Failure Of The Year Nov 22, 2008
-based The Community Bank has been closed by regulators, the Federal Deposit Insurance Corporation said late Friday, marking the 20th bank failure of the year amid the ongoing financial crisis. All of The Community Bank's deposits have been transferred to Tappahannock, Va. (Fox News)
THE MAN WHO CAN SAVE ECONOMY? Nov 22, 2008
Hopefully, there's a spot for Sheila Bair, chair of the Federal Deposit Insurance Corporation (FDIC). She seems to be consumer oriented. (The Drudge Report)
NYT: Obama fund-raiser quells Cabinet rumors Nov 21, 2008
A 2002 report by the inspector general of the Federal Deposit Insurance Corporation concluded that the failure of Superior Bank was directly attributable to bank management and the board of directors ignoring sound risk management principles and failing to adequately oversee Superior operations. . (MSNBC -- Race)
Cheap oil's victims Nov 21, 2008
There is hope for Orange County, The L.A. Times reported on Wednesday that the Federal Deposit Insurance Corporation had for "a temporary office that will manage receiverships and liquidate assets from failed financial institutions in the western United States." (Thanks to for the tip. . (Salon)
Scam Foiled in Cornwall Nov 21, 2008
According to Ms. Titsworth, banks train their tellers to recognize counterfeit checks and the Federal Deposit Insurance Corporation regularly alerts banks about new counterfeit check scams. "It was slow," said Ms. Tagliarino. (Litchfield County Times, CT)
Grass-Roots Efforts Aim to Ease the Foreclosure Crisis Nov 21, 2008
But if little is likely to be done inside the Beltway Federal Deposit Insurance Corporation chairwoman Sheila Bair is still pushing for a homeowner-relief plan local leaders are looking for makeshift solutions at the grass roots. One notion is to let cities use NSP money to leverage lenders into helping more borrowers avoid foreclosure. (Time.com)
HOPE FOR HOMEOWNERS: Get information, application for the program Nov 20, 2008
The new program will be overseen by a Board made up of the Secretary of HUD, the Secretary of the Treasury, and the Chairman of the Federal Deposit Insurance Corporation (FDIC). The Board will have the authority to develop standards within the framework of the legislation. (USA Today -- Money)
Bankers' greed and supervisors' folly Nov 19, 2008
At the same time, another federal authority, the Federal Deposit Insurance Corporation (FDIC), wants to keep homeowners in their. Continued 1. (Asia Times Online)
IBERIABANK Corporation Reports Recent Events Nov 19, 2008
These updates include comments regarding the United States Treasury Department capital program, shelf registration filing, and the Temporary Liquidity Guarantee Program administered under the Federal Deposit Insurance Corporation ("FDIC"). Daryl G. Byrd, President and Chief Executive Officer of the Company, stated "The economic environment and financial markets are undergoing unprecedented and rapid changes. Differentiation between strong financial institutions and companies that have taken... (PR Newswire)
Change we can bank on Nov 19, 2008
Barring that possibility, why not go with Sheila Bair, the chair of the Federal Deposit Insurance Corporation (FDIC), who has distinguished herself by proposing a sterling alternative example of how to deal with the banking collapse. It is Bair who has most forcefully advanced the goal, advocated by Obama in his recent "60 Minutes" interview, of putting homeowners before banks. (San Francisco Chronicle -- Opinion)
Treasury Denounced Over Bailout Nov 19, 2008
But Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation, warned that the country could expect a tidal wave of up to five million foreclosures over the next two years if the government took no additional action. The stakes are too high and the time is too short to rely on voluntary agreements, Ms. Bair told lawmakers. (Atlanta Journal-Constitution -- Business)
U.S. treasury secretary reluctant to aid automakers Nov 19, 2008
U.S. Treasury Secretary Henry Paulson (L) and Federal Reserve Chairman Ben Bernanke (C) and Federal Deposit Insurance Corporation Chairman Sheila Bair testify at the House Financial Services Committee hearing on Capitol Hill in Washington November 18, 2008. Paulson today said the unpredictable nature of the current financial crisis meant it was necessary to ensure that financial bailout money was not diverted to other uses. (Xinhuanet, China)
Time for GOP to start over Nov 18, 2008
He invoked another New Deal victory, the Federal Deposit Insurance Corporation: "And through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000 ... no one has ever lost a penny on an insured deposit, and this will not change.". There it was. (San Francisco Chronicle -- Opinion)
Our views: Stop the hemorrhaging Nov 15, 2008
The most sensible approach comes from a Federal Deposit Insurance Corporation proposal that Treasury Secretary Henry Paulson and the White House have refused to OK, risking dire consequences. The plan has shown good results in reworking defaulted mortgages at IndyMac, the failed bank in Southern California the FDIC took over this summer, and holds promise to stem the meltdown. (Florida Today)
Lawmakers Blast Shifts In Bailout Plan Nov 15, 2008
Kashkari also was cool to proposals by the Federal Deposit Insurance Corporation to provide $24 billion in federal aid to companies lowering mortgage payments. The goal of the rescue plan was to make investments that eventually bring returns to the federal government, he said. (CBS News)
Prosperity takes over Franklin Bank Nov 15, 2008
The ongoing financial crisis hit home Friday when Houston-based Franklin Bank, which operates a branch in Cedar Park, announced it had surrendered all of its assets, including deposits, to the Federal Deposit Insurance Corporation (FDIC). The bank is the only local institution to fail due to inadequate financial resources since the onslaught of the housing and banking crisis. (Cedar Park Hill Country News Weekender, TX)
A tale of two hearings Nov 15, 2008
At IndyMac, for instance, which the Federal Deposit Insurance Corporation has taken over, the agency has sent letters to 9,000 people who hold securitized mortgages it believes it can modify. But it has also found another 20,000 it can't touch. (International Herald Tribune -- Business)
Guarantee is not strong enough, US banks say Nov 14, 2008
The Federal Deposit Insurance Corporation guarantee for repayments in default needs to be clearer, the fees are too high and banks need more freedom on whether to opt in, according to a letter from the law firm Sullivan & Cromwell posted on the agency's website on behalf of nine banks ... A spokesman for the Federal Deposit Insurance Corporation, Andrew Gray, said "the nature of the comment period is to get feedback from industry and other stakeholders". (Sydney Morning Herald -- Business)
My Credit Card Balance Won't Go Dow... Nov 13, 2008
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) and the Office of Thrift Manage adjusted the regulatory floor for minimums from 2% to 4. Although this regulation was passed in 2005, it has yet to be fully deployed because consumers who habitually pay only minimum do so because that is all they can pay. (Suite101.com)
Government caretakers spoil consumers Nov 13, 2008
An important provision was the Federal Deposit Insurance Corporation, which insured a depositor's money, now up to $100,000. But later, people in businesses and politicians who favored hands-off government began deregulation. (The University Echo, TN)
The Main Street Bailout Begins Nov 13, 2008
The goal of the streamlined process, modeled after a system developed by the Federal Deposit Insurance Corporation after it took over IndyMac Bank in July, is to be able to modify more mortgages faster. "It's a triage problem," says Alex Pollock, a resident scholar at the American Enterprise Institute and former president of the Federal Home Loan Bank of Chicago. (Forbes -- Business)
Bad mortgages lead to Franklin Bank failure Nov 12, 2008
The ongoing financial crisis hit home Friday when Houston-based Franklin Bank, which operates a branch on Main Street, announced it had surrendered all of its assets, including deposits, to the Federal Deposit Insurance Corporation (FDIC). The bank, one of seven with branch locations in Taylor, is the only local institution to fail due to inadequate financial resources since the onslaught of the housing and banking crisis. (Taylor Daily Press, TX)
Sun Bancorp, Inc. to Present At Sandler O'Neill's 2008 Financial Services Conference On November 13, 2008 Nov 12, 2008
The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit. (Primezone Releases)
TALKING BUSINESS: A nation hopes for another FDR Nov 11, 2008
In the news conference, the president-elect laid out his short-term economic agenda: a stimulus package to prod the economy that he hopes will pass before he even takes office; extended unemployment benefits and other relief measures for people who are struggling; and an effort to stem the rising tide of foreclosures, probably led by the Federal Deposit Insurance Corporation, which has been pressing the Bush administration for weeks to sign off on a plan it devised ages ago. Obama made it plain... (International Herald Tribune -- Business)
Prosperity Bank acquires Franklin Bank's deposits Nov 11, 2008
7 billion of deposits, including all uninsured deposits from the Federal Deposit Insurance Corporation (FDIC). The FDIC entered into a purchase and assumption agreement with Prosperity Bank, which paid a premium to ensure that both insured and uninsured deposits of Franklin Bank were transferred to Prosperity Bank. (Elgin Courier, TX)
Haley Barbour Tells GOP: Apply Principles, Update Communications Nov 10, 2008
At the time loans to people who were unable to handle a mortgage were growing, Barbour noted, there was poor regulation and there were too many regulators -- Treasury, the Federal Deposit Insurance Corporation, and others. He said there was no need, as many liberal Democrats claim, for more regulation but better regulation. (Human Events Online)
Credit crisis:2 more US banks falter Nov 9, 2008
The latest two victims were the Houston-based Franklin Bank and the smaller Los Angeles-based Security Pacific Bank, the Federal Deposit Insurance Corporation (FDIC) said. Franklin Bank was closed by the FDIC and the Texas Department of Savings and Mortgage Lending. (India Times)
Put Away the Wish List, and Help Households Bounce Back Nov 9, 2008
The best solution proposed so far has been from Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation. Under this proposal, servicers of mortgages would rewrite outstanding mortgages to a more affordable level for the homeowner by lowering the principal amount owed, by reducing the interest rate, by extending the maturity which would reduce monthly payments or by combining these steps. (Atlanta Journal-Constitution -- Business)
Remember That Capitalism Is More Than a Spectator Sport Nov 9, 2008
That means devoting substantial sums to refinancing home mortgages that might otherwise go into foreclosure, which is what the head of the Federal Deposit Insurance Corporation, Sheila Bair (bless her heart. has been urging for months. (Atlanta Journal-Constitution -- Business)
Democrats' big change clashes with fiscal reality Nov 9, 2008
Obama and a Democratic-controlled congress will be more favourably disposed to a plan floated by the Federal Deposit Insurance Corporation that will cut interest rates for borrowers and write down the principal amount on some mortgages, Phillips says. A foreclosure moratorium could be possible next year. (Business Report, South Africa)
Federal Deposit Insurance Corporation Appointed as Receiver of Franklin Bank, S.S.B. Nov 8, 2008
HOUSTON, Nov. 7, 2008 (GLOBE NEWSWIRE) -- Franklin Bank, S.S.B. (the ``Bank''), the wholly-owned subsidiary of Franklin Bank Corp. (NasdaqGS: - ) (AMEX:FBK-P) (``Franklin''), was closed today by the Texas Department of Savings and Mortgage Lending (the ``TDSML'') and the Federal Deposit Insurance Corporation (``FDIC'') was appointed as receiver of the Bank. ADVERTISEMENT. (Primezone Releases)
Horizon Financial Announces Strategic Staff Reduction Nov 8, 2008
Factors which could cause actual results to differ materially include, but are not limited to, the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties... (Primezone Releases)
Bush Administration Works Toward Foreclosure ... Nov 6, 2008
A revised version of the program could be announced as an alternative -- or a supplement -- to the foreclosure prevention plan proposed to the White House by the Federal Deposit Insurance Corporation last month, sources said. The FDIC plan would target up to 3 million homeowners struggling with mortgage payments and facing foreclosure, providing government loan guarantees in some form on up to $500 billion to $600 billion in subprime and other mortgages--which could cost taxpayer billions in... (Fox News)
Credit Unions To The Rescue Nov 6, 2008
Just as the Federal Deposit Insurance Corporation (FDIC) insures accounts up to $250,000 in federally insured banks, credit unions are likewise regulated and federally insured by the NCUA for the same amount. Published: November 6, 2008. (RealtyTimes)
Finger-pointing: It’s wrong to blame low-income homebuyers for mortgage crisis Nov 4, 2008
CRA only applies to federally-regulated banks and thrifts whose deposits are insured by the Federal Deposit Insurance Corporation. Many of the loans originated were not regulated by the FDIC and were packaged into private label securities sold through Wall Street conduits and were not required to meet conventional Fannie Mae and Freddie Mac loan standards. (Missoulian, MT)
US treasury shuts two banks close to collapse Nov 4, 2008
"The 28 offices of the two banks will reopen today as branches of Mutual of Omaha Bank," said the Federal Deposit Insurance Corporation (FDIC). "All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits.". (Business Report, South Africa)
Nigeria: Market Meltdown - Time to Buy That Bank Shares [analysis] Nov 3, 2008
On October 2, 2008, sensing unparalleled opportunity in the banking industry, Wells Fargo & Company bid $15 billion to acquire Wachovia Bank, offering to acquire the bank with its own stocks and cash without Federal Deposit Insurance Corporation, FDIC, assistance (the US Bank regulator and customers deposit insurer). Berkshire Hathaway, Inc., (Warren Buffet's investment vehicle) own nine percent of Wells Fargo and is the bank's largest institutional investor. (allAfrica.com)
Challenging the Crowd in Whispers, Not Shouts Nov 2, 2008
I gave talks in 2005 at both the Office of the Comptroller of the Currency and at the Federal Deposit Insurance Corporation, in which I argued that we were in the middle of a dangerous housing bubble. I urged these mortgage regulators to impose suitability requirements on mortgage lenders, to assure that the loans were appropriate for the people taking them. (Atlanta Journal-Constitution -- Business)
North Central Bancshares, Inc. Announces Results for Third Quarter 2008 Nov 1, 2008
The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law. Statements included in this press release and in future filings by North Central Bancshares, Inc. with the Securities and Exchange Commission, in North Central Bancshares, Inc. press releases, and in oral statements made with the approval of an authorized executive officer, which are not historical or current facts, are "forward-looking statements" made pursuant to the safe harbor... (PR Newswire)
Stuck in a Mortgage Mess? 'Modify' It! Nov 1, 2008
Federal Deposit Insurance Corporation Chairwoman Sheila Bair, bottom, has touted the benefits of loan modifications and government loan guarantees. (AP Photo/Getty Images/ Denise Harris ). (ABC News -- Business)
Banks Alter Loan Terms to Head Off Foreclosures Nov 1, 2008
Chase s effort resembles a plan put in place at IndyMac after the Federal Deposit Insurance Corporation took it over in July. Chase s program closely mirrors that template by lowering interest rates on existing mortgages and temporarily reducing the principal owed on loans. (Atlanta Journal-Constitution -- Business)
