Category Archives: FDIC

Which bank deserves your money?

By doris | Published: May 24, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Shopping for a new bank? It’s nice to have a branch on every corner, but that’s not the only quality that makes an institution worthy of your business. More than half of consumers chose their bank based on a convenient location or ATM, according to a recent [...]

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Bank failure tally reaches 140

By doris | Published: December 19, 2009

Full Story money.cnn.com Unlike the majority of banks closed this year, IBB did not take deposits from, or make loans to consumers. Instead, it offered a variety of services such as check clearing and credit card operations to community banks around the country that find it too costly to do this on their own. The [...]

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Bank failure tally reaches 130

By doris | Published: December 6, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The nation’s tally of 2009 bank casualties hit 130 Friday when regulators shuttered a large Ohio bank, an Illinois bank, a Virginia bank and three small Georgia banks. The largest bank to fail was AmTrust Bank in Cleveland. Regulators also closed Benchmark Bank in Aurora, Ill., and [...]

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Five more banks fail – 120 for the year

By doris | Published: November 7, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Five banks failed late Friday, bringing the 2009 tally to 120. The biggest to fall was United Commercial Bank of San Francisco, which had 63 U.S. branches as well as operations in Hong Kong and Shanghai. The bank held deposits totaling $7.5 billion. East West Bank of Pasadena, [...]

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Bank bailout problem: No easy answers

By doris | Published: September 29, 2009

Full Story atmoney.cnn.com NEW YORK (Fortune) — It’s time for Sheila Bair to stop worrying about bailout politics and hit Uncle Sam up for some dough. Bair is the chairman of the Federal Deposit Insurance Corp., the federal agency that administers the insurance fund that stands behind the savings of millions of Americans. The fund [...]

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Bank of America pays $425M to end U.S. guarantee

By doris | Published: September 22, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Bank of America said Monday it will pay the U.S. government $425 million to end a federal backstop of assets related to its purchase of troubled brokerage Merrill Lynch earlier this year. The government agreed to guarantee $118 billion in assets in January as part of a [...]

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Bank failure toll reaches 94

By doris | Published: September 20, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Regulators closed subsidiaries of Irwin Financial Corporation in Kentucky and Indiana Friday, bringing the total number of bank failures this year to 94, according to the Federal Deposit Insurance Corp. Customers of the bank, however, are protected. The FDIC, which has insured bank deposits since the Great [...]

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FDIC pushes mortgage help for jobless

By doris | Published: September 12, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Some unemployed homeowners at risk for foreclosure could get a temporary break on their mortgage payments under a plan being pushed by the FDIC. The Federal Deposit Insurance Corp. said on Friday it is encouraging certain banks to reduce mortgage payments for the unemployed or underemployed for [...]

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Five more banks fail — 89 so far in 2009

By doris | Published: September 5, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Five small regional banks were closed by regulators on Friday evening, pushing 2009′s tally so far to 89 institutions. Of the five failures, two were in Illinois, and there was one each in Arizona, Iowa and Missouri. Customers of the banks, however, are protected. The Federal Deposit Insurance [...]

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Keep your cash safe

By doris | Published: August 15, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — As yet another bank faces collapse, consumers are worried about their cash. So far this year, 72 banks have failed, according to the Federal Deposit Insurance Corporation. Struggling southern regional bank Colonial Bank could be the 73rd. But individuals with deposits at Colonial, or any other troubled [...]

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Bad year for banks: Failures surpass ’08

By doris | Published: April 26, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — First Bank of Idaho became the fourth U.S. bank to fail Friday, raising the 2009 total to 29 — four more than the 25 that failed all of last year, the government said. The failure of the Ketchum, Idaho-based bank, along with banks based in Georgia, Michigan [...]

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Bank failures: ’09 tally reaches 23

By doris | Published: April 11, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Two banks failed Friday, bringing the 2009 tally to 23, according to the government. Cape Fear Bank of Wilmington, N.C., and New Frontier Bank of Greeley, Colo., closed their doors for the last time Friday, said the Federal Deposit Insurance Corporation. Charleston, S.C.-based First Federal Savings and [...]

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Regulators shutter 2 more banks

By doris | Published: February 28, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — State bank regulators closed two more banks on Friday, the 15th and 16th banks to fail this year, as the worsening recession pulled more regional banks underwater. The announcement marks the seventh consecutive week of bank failures being announced on a Friday evening. The Federal Deposit Insurance [...]

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Regulators close banks in Neb., Fla., Ill., Ore.

By doris | Published: February 14, 2009

Full Story At yahoo.com WASHINGTON – Regulators on Friday closed banks based in Nebraska, Florida, Illinois and Oregon, marking 13 failures this year of federally insured institutions. The Federal Deposit Insurance Corp. was appointed receiver of the banks. Sherman County Bank, located in Loup City, Neb., had $129.8 million in assets and $85.1 million in [...]

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