Browsing the archives for the bank failure tag.

3 Banks Fail: TeamBank, Colorado National Bank and FirstCity Bank

Finance, Government

The 18th, 19th and 20th banks to fail this year are:

TeamBank of Paola, KS (FDIC Bank closing information)
Colorado National Bank of Colorado Springs, CO (FDIC Bank closing information)
FirstCity Bank of Stockbridge, GA (FDIC Bank closing information)

TeamBank of Paola, KS
The FDIC estimates the cost to the Deposit Insurance Fund will be $98 million (I have seen incorrect reports [...]

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17th bank closed this year: Freedom Bank of Georgia

Finance, Government, Private Sector

Freedom Bank of Georgia was seized by regulators on Friday March 6, 2009 amidst an ongoing recession, high unemployment, and continued weakness in the housing marketing, pushing more borrowers behind on home loan payments.
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2008 Finished with 24 bank failures in the U.S., It’s only the first week of March 2009 and we have already [...]

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What are your thoughts about last night’s speech?

Finance

I am against the Banking/Mortgage bailout, so the first part of the evening to me was a waste of time.
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Getting to the good stuff:
The second part, regarding energy, and building better infrastructure is where I agree.  I would have thrown the whole $700 billion directly into projects that create better infrastructure, which means better roads, better [...]

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Citi / Bank – Splitisville

Corporate, Finance

The era of the super financial has come to an end, at least for Citibank.
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Citigroup Inc will split into two companies. Citicorp and Citi Holdings, reverting back to running a banking business.
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“The new structure will have the bank operating without the burden of billions of dollars of toxic assets accumulated during the mortgage bubble [...]

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Predictions for 2009

Finance

I just stumbled on another blog, Jeflin’s Investment Blog, who had an interesting post for predictions in 2009 called Coming To Grips With A Harsh Year In 2009. Â
Read the article, below are high level predictions – 

More Bank losses and failures
Commercial properties hit badly
Burst of the Treasury bubble
Crude oil to reach $75
Go Long on Gold

They [...]

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Washington Mutual to layoff 1600 in San Francisco

Finance

The Breakdown:

Washington Mutual (WaMu) failed on September 29, 2008
Biggest bank failure in history
Federal regulators seized operations and sold to JP Morgan
WaMu cuts payroll by 13% in California
1600 call center jobs cut

Another day, more layoffs announced.  In this case it may be better news than it seems.  Washington Mutual (now owned by JP Morgan) is cutting [...]

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Franklin Bank and Security Pacific Bank closed by regulators

Etc.

Today, Monday, November 10, 2008 — we have been having great news from everywhere.  Circuit City announcing bankruptcy, another $40 billion for AIG (guess it’s good news for them?), and now we have 2 more bank failures.
CNN Money reports, 2 more banks go belly-up, as Franklin Bank (of Houston) and Security Pacific Bank (of California) [...]

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Washington Mutual — How a bank failed

Corporate, Finance

The NY Times published an article, Was There a Loan It Didn’t Like?.
The article goes into how one loan officer, was forced to put through very questionable loans.
If you came to this site to find out how or why a bank fails, this is definitely it.  Making banking a numbers game, where the numbers aren’t [...]

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Credit Card Crisis — How we will feel it at home

Finance, Personal

Recently all the talk has been about high level economic terms: recession, bankruptcies, mergers, bailouts, derivatives.Â
The world is focusing on macro economic issues at the moment. How are macro economic issues created?  Micro economic activities.  The everday transactions that we make, all build up into the modern global economy.
The subprime crisis?  It was created on [...]

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Alpha Bank is the 16th U.S. bank to fail this year.

Corporate, Finance, Government

In the last two days we have seen dramatic action at yet another two banks, with National City (NCC 2.08 10/24/08) being bought by PNC, and now Alpha Bank and Trust of Alpharetta, Georgia becoming the 16h Bank this year to be seized, by the Georgia Department of Banking and Finance.
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In the past two months, [...]

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Bank of America, Literally

Finance, Government, Personal

I hadn’t thought of this yet, but Bank of America (NYSE:BAC, 24.40 on 10/21/2008) is now, literally, a Bank of America .  The US government owns a percentage of BAC, along with everyone in the country.  Bank of America depositors consist of about 50% of all families in the US. Â
How will that change banks in the [...]

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Cost Cutting| Bank of New York Mellon may look at layoffs.

Corporate, Finance, Government, Private Sector

Let the carnage begin.
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As the crisis continues, institution like Bank of New York-Mellon Corporation who announced this week a decline in third-quarter earnings, are looking for ways to cut expenses. Â
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As they evaluate the current business environment and decide where their business is going, many will look at all alternatives including head count at [...]

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Will Citigroup Fail?

Corporate, Private Sector

We’re all thinking it. Will Citigroup fail?
Well, lets take a look at the stock compared to the others that have failed.
Take a look at Citigroup’s stock pricing on Google Finance (EHD).

Citigroup’s 52 week YTD high was $10.03. Currently Citigroup is priced at $7.15.  Yes, Citigroup has gone down 15% in trading today (October 10, 2008).  Citigroup [...]

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Could National City Bank Fail?

Corporate, Finance, Private Sector

Cleveland-based banking company National City Corporation Monday closed at $1.36 a share. Trading volume Friday topped 300 million shares which is ten times the normal daily volume.Â
The scary part about the recent drop in value is that National City is on the government ban of short selling stocks.
However prohibiting short-selling in financial shares left portfolio [...]

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Another one bites the dust, bank failures continue

Government, Private Sector

Everyone may be breathing a sigh of relief after the market closed at a reasonable level this past week. Â
Bank failures continue to occur, as Ameribank, Inc. of Northfork, West Virginia has:
http://www.fdic.gov/news/news/press/2008/pr08082.html

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