Browsing the archives for the FDIC tag.

In crisis — where do we look? Credit Unions?

Finance, Personal

A fresh breath from a member of our forums, kevin_in_denver, tells us how we should think about turning to local credit unions.
His post, Credit Unions are safe, sound and local!, highlights some of the benefits of credit unions. Â
From the post:
With everything that’s been going so wrong in the economy, it’s nice to let people know [...]

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Bailout Details for Citigroup, Guarantees on $306 Billion

Corporate, Finance, Government

In an effort to keep Citigroup, Inc (NYSE: C 3.77 11/21/08) afloat, the US government announced a plan to make available guarantees on over $300 billion of troubled mortgages and other assets after a week were Citibank lost more then 60% of its value.
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Breakdown: The plan
·         $20 billion cash infusion via Treasury Dept
·         [...]

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Third bank shut down Friday, Most in one Day

Corporate, Finance, Government

On Friday, the FDIC and Georgia regulators shut down the third Georgia-based bank this year. The Community Bank, based in Loganville, Ga. became the 20th nation bank failure this year and was followed by two bank failures in California, making the total number of bank closures this 22.

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Breakdown:  The Community Bank Â
·         Total assets of [...]

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22 bank failures, Downey S&L and PFF B&T of California fail

Corporate, Finance, Government

Federal Deposit Insurance Corp was appointed receiver when the Fed was forced to shut down two large banks in California. The banks became the latest victims of acute distress in the real-estate market in that state.
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Latest two failures brings the total number of banking failures this year to 22.
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U.S. Bancorp has acquired the operations [...]

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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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FDIC in the UK? The FSCS insures deposits

European, Finance, International, Personal

In the US we have the FDIC which insures deposits up to $250,000 (now, it’s up from $100,000 as of a recent bill).  This is per depositor, per bank.
What does the UK have?
The UK insures their money with the FSCS, Financial Services Compensation Scheme.
If you’re unclear about the details, the FSCS insures payments will be [...]

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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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Money, is my money safe?

Personal

We all secretly worry about how safe our money is.  After all, why do we use banks?  If money were very safe at home, wouldn’t we just want to hold onto our own cash?
There are multiple definitions of “safe” when it comes to money.  

It won’t be stolen
It will be worth the same in the [...]

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$15 Billion purchase of Wachovia by Wells Fargo: No Government money.

Corporate, Finance, Private Sector

Many have argued against the passage of the government bailout bill, never the less it has passed in the US. House of Representatives today. House members are being quoted as saying, there is no liquidity in the market. This bill will help the banks get back to banking.

Most of the voices against the action [...]

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Wachovia failing — who will be the buyer, Citigroup or Wells Fargo?

Corporate, Finance

Depending on where you read, either Citigroup is currently leading the initiative, or Wells Fargo is.
Either way, it’s going to be yet another interesting week with Fortis on the chopping block recently.  The last word I had read, was that each of the three governments will be buying out 49% of the local operating Fortis [...]

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Washington Mutual (WaMu) Fails, JPMorgan Chase gets another one

Corporate, Finance, Government, Personal

WaMu becomes the 13th bank to fail in 2008, and the largest bank failure on record based on assets. The closets was Continental Illinois who’s 40 billion dollar failure occurred in May 1984
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However one man’s failure (garbage) is another man’s success (gold). This is the second major acquisition for JPMorgan Chase this year. After the [...]

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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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What happens when a bank fails?

Government

Great article written from an inside perspective on what happens when a bank fails:
http://www.charleston.net/news/2008/jun/08/anatomy_bank_failure_when_liquidators_comes_callin/
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