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Tag Archives: Bank Failure

SEC Charges Three Former Execs for Misrepresenting Bank’s Portfolio

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.

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Mortgage Daily: Mortgage Business Closings Finish 2012 at 82

Fewer businesses in the mortgage industry went under in Q4 2012, according to data from Mortgage Daily. The number of mortgage businesses--banks, credit unions, and non-bank mortgage firms--that fell dark in Q4 of this year stood at 13, down from 17 in Q3 and halved from 26 during the same quarter in 2011, Mortgage Daily reported. In 2012 alone, 82 mortgage businesses had to shut their doors, a steep decrease from 137 in 2011 and the lowest number since 2006, when 31 businesses failed.

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FDIC-Insured Banks Improve Earnings in Q3, ‘Problem’ List Shrinks

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.

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Georgia Bank Failure Brings 2012 Tally to 50

Marking the 50th bank closing nationwide this year, the two branches of Hometown Community Bank in Braselton, Georgia shut their doors Friday and reopened Saturday as branches of CertusBank, National Association of Easley, South Carolina.

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Banks May Get More Time on Basel III Requirements

The implementation of the Basel III capital rules may be postponed beyond the start of 2013, according to a joint statement released by the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve. The announcement follows a comment period during which many trade organizations and institutions expressed apprehension about the new requirements.

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Fed’s Duke Supports Idea of Different Rules for Community Banks

While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is challenging, Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers ""abandon efforts for a one-size-fits-all approach."" Duke first let community bankers know the federal regulatory agencies agreed to postpone the requirements that were set to go into effect at the start of next year. She also said in most cases, evidence supports community bankers' claims that their lending practices did not lead to the financial crises. For example, for community banks, their serious delinquency rate for subprime loans did not go much over 4 percent.

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Two Bank Failures Raise 2012 Total to 49

The FDIC added two more banks to this year's failed bank list Friday, bringing the total year-to-date to 49. The two shuttered banks were located in Illinois and Florida, each marking the eighth bank in their state to close this year.

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Three Bank Failures Raise 2012 Tally to 46

The FDIC's deposit insurance fund got a little bit lighter Friday as three more banks fell. GulfSouth Private Bank of Destin, Florida; Excel Bank of Sedalia, Missouri; and First East Side Savings Bank of Tamarac, Florida, were all liquidated bringing the national failure tally to 46 so far in 2012 and costing the FDIC's insurance fund a combined total of approximately $86.1 million.

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Virginia Man Receives 14-Year Sentence for Bank Fraud

A Virginia man received a sentence of 14 years in federal prison for carrying out elaborate and sophisticated fraud schemes that took millions away from investors and the government, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced.

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