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FDIC seeks to borrow $45 billion from banks to rebuild reserves

Under the agency's proposal, institutions would prepay three years' worth of premiums to the fund that insures customer deposits in case of bank failure.

Federal regulators today proposed borrowing $45 billion from the nation's banks to help rebuild the fund that insures customer deposits as an increasing number of failures threaten to drain the fund's reserves.

 

Regulators Seize 2 Banks; 94 Failures This Year

Regulators shut down two banking units of Irwin Financial Corp. Friday, marking the 93rd and 94th failures this year of federally insured banks.

The Federal Deposit Insurance Corp. was appointed receiver of Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.
As of Aug. 31, Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.

 

FDIC Fund Down 20 Percent

FDIC Fund Down 20 Percent

Chairman says there are no immediate plans to borrow money to shore up deposit insurance fund.

 

Regulators Take Over Colonial BancGroup

Regulators Take Over Colonial BancGroup

FDIC sells assets to BB&T in biggest failure of the year. The troubled Colonial BancGroup, unable to raise capital and facing a federal criminal probe of its accounting practices, was closed by regulators Friday in the largest bank failure of 2009.

 

U.S. regulators close seven small banks

U.S. regulators close seven small banks

U.S. regulators closed seven small banks on Friday, a pace matching a one-day total seen earlier in July and bringing the number of failures so far this year to 64.

 

Regulators shut banks in Calif., Ga. and SD

Regulators on Friday shut two banks in California and two smaller banks in Georgia and South Dakota, boosting to 57 the number of federally insured banks to fail this year.

 

Citi, FDIC in Private Negotiations

Citigroup has been negotiating with the FDIC about entering into a so-called memorandum of understanding that lets the bank work out its problems without the glare of outside attention.

 

Fla. Bank Failure Is Biggest of Year

The largest bank failure so far in 2009 is also notable because the failed bank's buyer is a consortium of private-equity firms. BankUnited, FSB, based in Coral Gables, Fla., was closed by the Office of Thrift Supervision on Thursday, and the Federal Insurance Deposit Corporation was appointed receiver.

 

Washington Mutual sues FDIC for over $13 billion

Washington Mutual Inc, the failed U.S. savings and loan, has sued the Federal Deposit Insurance Corp for well over $13 billion in connection with the loss of its banking operations, which was acquired by JPMorgan Chase & Co.

 

Bailout to Expand Fed, FDIC Roles

The $700 billion financial-sector bailout is likely to rely on a broad range of tools, from injecting additional capital into banks and helping homeowners avoid foreclosure to expanding the roles of the Fed, Fannie Mae, Freddie Mac and the FDIC.

 

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