Federal Reserve cuts rate to “a target range” of between 0 and 0.25
December 16, 2008
December 16, 2008
The U.S. Federal Reserve cut it’s main interest rates to a “a target range” of between 0 and 0.25, and pledged to “employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.”
Sanderson State Bank, Sanderson, Texas, was closed Dec. 12, 2008
December 13, 2008
From FDIC Press Releases dated December 12, 2008:
Sanderson State Bank, Sanderson, Texas, was closed today by the Texas Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all of Sanderson State Bank’s deposits, including those that exceeded the deposit insurance limit.
Sanderson State Bank’s sole office will reopen on Monday as a branch of The Pecos County State Bank.
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Haven Trust Bank, Duluth, Georgia, was closed Dec. 12, 2008
December 13, 2008
From FDIC Press Release dated December 12, 2008:
Haven Trust Bank, Duluth, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust’s deposits, including those that exceeded the insurance limit.
The four branches of Haven Trust will reopen on Monday as branches of BB&T. All the depositors of Haven Trust will automatically become depositors of BB&T. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their existing banking relationship to retain their deposit insurance coverage. Customers of the failed bank should continue to use their existing branches until they receive further information from BB&T.
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FDIC Problem Bank List Grows to 171 Banks – a 47% Increase
December 11, 2008
The FDIC released its quarterly report and disclosed that the number of banks on their troubled bank list grew to 171, up from 117 in the second quarter. This represents a 47% increase, and the highest level since 1995.
The report can be found here: