3 Banks Fail Today – Is Yours On The List?
February 6, 2009
Three banks failed today and their aquired by the FDIC:
FirstBank Financial Services, McDonough, Georgia; FDIC press release: http://www.fdic.gov/news/news/press/2009/pr09017.html
Alliance Bank, Culver City, California; FDIC press release: http://www.fdic.gov/news/news/press/2009/pr09018.html
County Bank, Merced, California; FDIC press release: http://www.fdic.gov/news/news/press/2009/pr09019.html
National Bank of Commerce, Berkeley, IL Closed by FDIC
January 16, 2009
National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce.
The two locations of National Bank of Commerce will reopen on Saturday as branches of Republic Bank of Chicago. Depositors of the failed bank will automatically become depositors of Republic Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Republic Bank can fully integrate the deposit records of National Bank of Commerce.
Source: FDIC Press Release
Bank of Clark County, Vancouver, WA Closed by FDIC
January 16, 2009
Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County.
Bank of Clark County will reopen on Tuesday, due to the Martin Luther King, Jr. holiday, as branches of Umpqua Bank. Depositors of the failed bank will automatically become depositors of Umpqua Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
Source: FDIC Press Release
Citigroup to be nationalized?
January 15, 2009
Federal Deposit Insurance Corp. Chairman Sheila Bair stated that she would “be very surprised” if the government took control of any large U.S. banks, in response to a reporter’s question in the face of speculation that the federal government is on the brink of taking over Citigroup, Inc.
From Bloomberg
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.”
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: