Survival News Network

 
Regulators shut down banks in Nevada and Washington on Friday, marking the 21st and 22nd failures this year of federally insured banks.
The Federal Deposit Insurance Corp. was appointed receiver of Carson River Community Bank, based in Carson City, Nev. and Rainier Pacific Bank in Tacoma, Wash.
Carson River Community Bank had $51.1 million in assets and [...]

The Federal Deposit Insurance Corporation is bracing for a new wave of bank failures that could cost the agency many billions of dollars and further strain its finances.
With bank failures running at their highest level in nearly two decades, the F.D.I.C. is racing to keep up with rising losses to its insurance fund, which [...]

Stock markets in Dubai were down this morning as investors reacted nervously to the latest proposed solution to Dubai World’s $22 billion (£14 billion) debt crisis.
The city’s main index, the Dubai Financial Market fell 0.83 per cent in early trading as it emerged that the troubled state-owned conglomerate plans to offer its creditors just 60 [...]

We’ve been waiting on this one for a while now…
Over the next several years, failed commercial real estate loans could litter American cities with empty stores and office complexes, cause hundreds of bank failures and weaken the economy, a watchdog report says.
Banks face up to $300 billion in losses on loans made for commercial property [...]

The Huffington Post has come up with a nice little protest movement. Let’s pull our money out the the bailed-out banks and put it in local banks that lend to locals. Who are the locals? People just like us.
This makes sense economically. If you ever want a loan, get it from your own banker. If [...]

The Khan Academy is a not-for-profit organization with the mission of providing a high quality education to anyone, anywhere.
We have 1000+ videos on YouTube covering everything from basic arithmetic and algebra to differential equations, physics, chemistry, biology and finance which have been recorded by Salman Khan.

Source/Full Story: Khan Academy
Related Items

December 29, 2009 — GMAC [...]

State and federal banking regulators seized three small lenders on Friday, lifting the total number of bank failures this year to 133.

Source/Full Story: WSJ.com
Related Items

February 27, 2009 — U.S. regulator doubles projected bank failures costSource:  Reuters
The worsening U.S. economy prompted the Federal Deposit Insurance Corp on Friday to double its projected U.S. bank failure costs [...]

Mexico has taken out a $1bn insurance policy against oil prices falling next year, a clear signal that commodities producers remain wary about the threat of a double-dip recession.
“We want this as an insurance policy,” said Agustín Carstens, Mexico’s finance minister. “If we don’t collect any resources from this transaction, it’s OK with us.” That [...]

The default rate for commercial mortgages in the US climbed to a fresh 16-year high in the third quarter of this year, as the property market continued to struggle under the weight of tight credit and falling rents.
During the third quarter the commercial default rate rose from 2.88 per cent to 3.4 per cent, the [...]

An influential US Senate committee has proposed a sweeping overhaul of the country’s regulatory architecture that would strip powers from the Federal Reserve and create a single banking regulator.
Chris Dodd, chairman of the Senate banking committee, on Tuesday presented a more radical vision of regulatory reform than that proposed by the Obama administration. The move [...]

Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits.
The closings brought the 2009 total to 115 in 2009 — the first year since 1992 that more than 100 banks have gone under.…The [...]

Reporting from Washington – Despite signs of economic improvement, banks continue to fail at a brisk pace, forcing regulators to scramble to keep the industry-financed deposit insurance fund from running out of cash.
With the fund technically falling into the red today, the Federal Deposit Insurance Corp. proposed Tuesday to require banks this year to prepay [...]

Atlanta’s Georgian Bank became the 95th bank failure of the year, according to the Federal Deposit Insurance Corp. on Friday.

Source/Full Story: MarketWatchTechnorati Tags: Georgian Bank

The Federal Deposit Insurance Corp. is weighing several costly — and never-before-used — options as it struggles to shore up the dwindling fund that insures bank deposits.
The agency is considering borrowing billions from healthy banks. Alternatively, it may impose a special fee on the banking industry.
Each option carries risk: Drawing money from healthy banks would [...]

U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.
The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 [...]

U.S. regulators are set to buttress their defenses this week against a slew of sick banks still facing closure and the risks to the dwindling fund that protects depositors.

The Federal Deposit Insurance Corp has been looking at expanding the pool of potential bidders for distressed banks, providing some capital relief for troubled assets that will [...]

Guaranty Bank of Austin, Tex. became the 81st bank failure of 2009 after it was closed by Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corp. as receiver, the federal agency said late Friday. The FDIC said it has entered into a “purchase and assumption agreement” with BBVA Compass of Birmingham, Ala. As [...]

 
Regulators have shut down Colonial BancGroup Inc. CNB-N , a big lender in real estate development that buckled under the collapse of the market. It was the biggest U.S. bank to fail this year, with about $25-billion in assets.

The Federal Deposit Insurance Corp. was appointed receiver of Montgomery, Ala.-based Colonial. The agency approved the sale [...]

Four more banks failed according to the Federal Deposit Insurance Corp. on Friday, bringing the year’s total to 68, and to 93 failed banks since the beginning of the recession. First BankAmericano of Elizabeth, N.J., will have its deposits transferred to Crown Bank, Brick, N.J.; Peoples Community Bank of West Chester, Ohio, will have deposits [...]

Four more banks failed according to the Federal Deposit Insurance Corp. on Friday, bringing the year’s total to 68, and to 93 failed banks since the beginning of the recession. First BankAmericano of Elizabeth, N.J., will have its deposits transferred to Crown Bank, Brick, N.J.; Peoples Community Bank of West Chester, Ohio, will have deposits [...]

Shares in CIT, the US small-business lender, fell 75 per cent on Thursday after the failure of government bail-out talks prompted fears of a bankruptcy filing.
The company was scrambling on Thursday to obtain last-minute financing commitments from lenders that could help CIT persuade the Federal Deposit Insurance Corporation to allow it to transfer assets to [...]

The survival of CIT Group Inc, a key source of financing for thousands of small and medium-sized companies, became ensnared in disagreements between regulators in Washington on Monday.

The Federal Deposit Insurance Corp, which insures deposits at U.S. banks, opposed an attempt by the Treasury Department and Federal Reserve to rescue the lender by granting it [...]

U.S. small businesses, already facing the toughest credit conditions since the 1980s, may soon find things are about to get tougher.

Concerns over the future of CIT Corp (CIT.N) — a major lender to small businesses — which provides capital in situations where many commercial banks fear to tread, makes small business advocates wary about the [...]

The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist says.
“They know they’re going to take down a large number of banks and they can’t do it until they’re staffed up,” said Mark [...]

Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.
Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
The rash of Illinois failures are interlinked: All six banks were controlled [...]

[...]

Bank of Lincolnwood in Lincolnwood, Ill. became the 37th bank of the year to fail and the sixth Illinois bank failure in 2009, according to Federal Deposit Insurance Corp. Friday. Republic Bank of Chicago in Oak Brook, Ill. will assume all the bank’s deposits. As of May 26, Bank of Lincolnwood had total assets of [...]

BankUnited Financial , the largest lender based in Florida, was shut down by banking regulators and sold to a group of private-equity firms, the Federal Deposit Insurance Corp. said late Thursday….
Source/Full Story: MarketWatch

Four banks in Georgia, Michigan, California and Idaho were
closed by regulators Friday, costing the Federal Deposit Insurance
Corp.’s deposit insurance fund nearly $700 million as the effects of
the credit crisis continued rippling throughout the U.S. economy.
Source/Full Story:: MarketWatch
American Southern Bank of Kennesaw, Ga. was closed by the Georgia Department of Banking and Finance, the Federal [...]

[...]

Stockbridge, Ga.-based FirstCity Bank was closed by regulators Friday, marking the 18th U.S. bank failure of 2009. The Federal Deposit Insurance Corporation said in a statement that it will mail checks to insured depositors Monday morning, and that FirstCity’s direct deposits from the federal government such as Social Security and Veterans’ payments will be transferred [...]

Source:  Reuters
The worsening U.S. economy prompted the Federal Deposit Insurance Corp on Friday to double its projected U.S. bank failure costs to more than $80 billion over a five-year period ending in 2013.
The 25 U.S. bank failures in 2008 cost the agency $18 billion, the FDIC said. Another $65 billion in bank failure costs is [...]

Source: MarketWatch
FirstBank Financial Services of McDonough, Ga. became the seventh bank of 2009 to fail and the 32nd of the recession on Friday, according to the Federal Deposit Insurance Corporation. Regions Financial Corp. said it will assume about $285 million in total deposits from FirstBank, and that the FDIC will retain most of FirstBank’s loan [...]

Source:  MarketWatch
Federal regulators closed three banks in a single day Friday, as the ongoing credit crisis showed no signs of abating.
Utah’s MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations.
That [...]

Source: MarketWatch
Berkeley, Ill.-based National Bank of Commerce was closed by regulators Friday, marking the first bank failure of 2009, the Federal Deposit Insurance Corporation said in a statement. Republic Bank of Chicago will assume all of National Bank of Commerce’s deposits, while the two locations of National Bank of Commerce will reopen Saturday as branches [...]

Source: MarketWatch
Haven Trust Bank of Duluth, Ga. fails
The Federal Deposit Insurance Corporation said late Friday that Haven Trust Bank of Duluth, Ga., was closed by the Georgia Department of Banking and Finance. The failure not only marks the 24th bank failure of the year, but the fifth in the Atlanta area. The FDIC was [...]