Tag Archives: FDIC

Institutions insured by the Federal Deposit Insurance Corporation recorded their second-highest annual earnings ever in 2012, according to the FDIC's Quarterly Banking Profile for the fourth quarter of 2012. High noninterest income and declining loan loss provisions contributed to the increase, according to the FDIC. Delinquencies at FDIC-insured institutions are also declining. The number of loans 90 or more days past due fell 5.5 percent in the fourth quarter. At the end of the year, 3.6 percent of loans held by the institutions were noncurrent, down from 2.86 percent a year earlier.

Chicago's Covenant Bank is the third FDIC-insured institution to close this year, the agency announced. The Illinois Department of Financial and Professional Regulation--Division of Banking closed the bank Friday, appointing FDIC as receiver. As of the end of last year, Covenant Bank had approximately $58.4 million in total assets and $54.2 million in total deposits.

On behalf of the FDIC, First Financial Network, Inc. is selling $85 million in loans from the failed NOVA Bank based in Berwyn, Pennsylvania.

Washington's Westside Community Bank has the dubious honor of being the first to fall in 2013. The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside on Friday.

Three former executives of the Bank of Commonwealth based in Norfolk, Virginia were charged for understating millions in loan losses and hiding the state of the bank's portfolio, the Securities and Exchange Commission (SEC) announced in a statement. Edward J. Woodard (former CEO, president, and chairman of the board), Cynthia A. Sabol (former CFO), and Stephen G. Fields (former EVP) were charged for allegedly misrepresenting the bank's deteriorating loan portfolio to investors.

DebtX--a large marketplace for commercial, residential, and consumer loans--announced it has signed onto a new five-year agreement with the Federal Deposit Insurance Corporation (FDIC). The agreement allows DebtX to continue selling assets held in the agency's receiverships.

Sunset Beach, Missouri, was the site of this year's 51st bank collapse as the Missouri Division of Finance shut down Community Bank of the Ozarks.

A Los Angeles jury ruled that three former IndyMac Bank officers must pay $169 million in damages to the FDIC for making negligent loans to homebuilders, according to a report from Bloomberg.

FDIC-insured banks continued to show improving health in the year's third quarter, the agency reported Tuesday. Commercial banks and savings institution insured by FDIC reported aggregate net income of $37.6 billion in Q3, up from a reported $35.2 billion in Q3 2011. Meanwhile, negative indicators continued to fall. The number of banks on FDIC's ""Problem List"" declined for the sixth straight quarter, dropping from 732 to 694. The third quarter also marked the first time in three years that there have been fewer than 700 banks on the list.

Martin J. Gruenberg is the board's new chairman, and Thomas M. Hoenig is the new vice chairman. The Senate confirmed the men for their respective positions in mid-November. President Obama signed the orders shortly thereafter, making the confirmations official.