Posts tagged 'FDIC'
Friday’s failure of the Tennessee Commerce Bank of Franklin, Tenn., is the costliest bank collapse since April 30, 2010, according to the Federal Deposit Insurance Corp.
The FDIC estimated that closing the Tennessee bank would cost the deposit insurance fund $416.8 million. That would mean it cost more than any of the 92 banks that failed in 2011 or the 93 that were closed between April 30 and Dec. 31, 2010.
On April 30, 2010, the FDIC took over five banks that each cost more than $600 million. The total cost to the fund that day was more ...
The Federal Deposit Insurance Corp. took over four more banks on Friday, bringing the January total to 11. But that's down from 15 in January 2010.
And the estimated cost to the bank insurance fund dropped even more dramatically. The FDIC estimated that the January failures last year would cost more than $3.2 billion. The estimate for the 11 banks that have failed so far this year is just over $1.2 billion.
This year's most expensive failure so far is the Jan. 21 closing of United Western Bank of Denver, which the FDIC estimates will cost ...
Four more banks failed on Friday, bringing the total for the year to 142, meaning there will be more bank failures in 2010 than any year since at least 1992. Last year, the Federal Deposit Insurance Corp. took over 140 banks around the nation.
This year's failures have cost the insurance fund more than $21.1 billion. A year ago, failures cost the insurance fund about $37.7 billion.
More than half the failures in 2010, 83 in all, have occurred in just five states:
- Florida, 27
- Georgia, 17
- Illinois, 16
- California, 12
- Washington, 11
There have been no ...
The Federal Deposit Insurance Corp. took over two more failed banks last Friday, pushing the number for the year to 129 and the estimated cost to more than $20 billion, with three months left in the year.
Last year the FDIC had closed 97 banks through Oct. 2, but because the failed banks were larger, the total estimated cost to the government was more than $27.3 billion.
By the end of 2009, 140 banks had failed at a total estimated cost to the federal insurance fund of more than $37.2 billion. Last year there were eight bank failures ...
This post has been updated to correct the number of banks that have failed so far this year.
We have posted the second quarter banking data on our BankTracker site.
Here's what they show:
--The nation's banks had their best quarter in more than two years, according to their reports to the Federal Deposit Insurance Corp. But the woes brought on by the financial crisis will still take a long time to repair, as the number of banks on the government "problem list" continues to grow.
-- The amount of troubled assets on bank's books declined for the ...
The nation's banking industry made $21.7 billion in the second quarter of this year, up from a loss of $9 billion a year ago, the Federal Deposit Insurance Corp. reported Tuesday.
"The results provide more evidence that the sector is moving along the road to recovery," FDIC Chairman Shelia Bair said at a news conference.
Bair said bank profits were the highest in nearly three years. Profits grew primarily because banks, especially the nation's biggest ones, were able to reduce provisions for loan losses to its lowest in more than two years.
In fact, the amount of ...
An analysis by the Workshop's BankTracker has revealed the bank at the center of a House ethics investigation of U.S. Rep. Maxine Waters was, at the time of its rescue, the weakest to receive fundsfrom the government's Troubled Asset Relief Program. The analysis is based on public federal financial reports.
Wendell Cochran found that in spite of its weak financial health OneUnited Bank of Boston received $12.1 million from the Treasury Department in December 2008. To date, the money has not been repaid.
Officials of OneUnited did not respond to Cochran's requests for an interview ...
The Federal Deposit Insurance Corp. took over four more banks on Friday, bringing the total number of failures so far this year to 72.
Included in Friday's closings was the Midwest Bank and Trust Co. of Elmwood Park, Ill., which had been owned by Midwest Banc Holdings, Inc. of Melrose Park, Ill. Midwest Banc Holdings got $84.8 million from the Troubled Assets Relief Program in December 2008, which it had not repaid, according to the latest Treasury Department report on TARP transactions.
But the Treasury Department report also shows that in March it increased its investment in Midwest ...
Seven more Illinois banks were closed on Friday and taken over by the Federal Deposit Insurance Corp.
Since the beginning of last year, 31 of the 197 banks that have been closed across the country have been in Illinois. Only Georgia, with 32 failures in the past 16 months, has seen more bank closings in that period.
Friday's closings bring this year's total to 57, including 10 in Illinois.
The takeovers on Friday cost the FDIC an estimated $974 million. The biggest bank to fail was Amcore Bank National Association of Rockford, which had $3.8 billion in ...
Eight more banks failed on Friday, including three in Florida.
The largest was the Riverside National Bank of Fort Pierce, Fla., which had assets of nearly $3.4 billion at the end of December. Riverside, plus two smaller banks, AmericanFirst Bank of Clermont and First Federal Bank of North Florida, based in Palatka, were sold to TD Bank of Wilmington, Del. The Federal Deposit Insurance Corp. estimated that the three Florida failures will cost the insurance fund in excess of $500 million.
All together, the FDIC estimates that the bank 50 closures so far this year will cost about $7 ...