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Tag Archives: Bank Failure

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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Report: 1 in 8 Banks Would Fail Stress Test

One in eight banks wouldn't be able to maintain adequate capital in a stressed economic environment, according to a Trepp report. The analytics firm released the results of its first Capital Adequacy Stress Test (T-CAST) of banks across the country, adapting the Federal Reserve's Comprehensive Capital Analysis Review (CCAR) Stress Test used on the 19 largest banking institutions in March.

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Curry Addresses Concerns of Minority-Owned Banks in Speech

In a written speech addressing Minority Depository Institutions, Thomas J. Curry, Comptroller of the Currency, spoke on the important role of minority-owned banks while addressing concerns regarding new laws and regulations. Curry discussed the new Basel capital requirements, which are expected to pose challenges for community banks due to the higher capital requirements.

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Mortgage-Related Business Closings Drop Off in Q3: Report

Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a report released by Mortgage Daily. Bank failures have been on the decline for the past four consecutive quarters.

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Illinois Bank Failure Raises 2012 Tally to 43

The fall of an Illinois bank brought the year's national bank failure tally to 43, FDIC announced Friday. The Illinois Department of Financial and Professional Regulation's Division of Banking closed First United Bank in Crete, Illinois, appointing FDIC as receiver.

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NCUA Files Securities Suit Against Barclay’s

The National Credit Union Administration (NCUA) filed suit Tuesday against Barclay's Capital, Inc. The suit, which was filed in Federal District Court in Kansas, alleges that Barclay's misrepresented mortgage-backed securities it sold to U.S. Central Federal Credit Union (US Central) and Western Corporate Federal Credit Union (WesCorp).

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