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Tag Archives: FDIC

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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DebtX Seals Five-Year Deal with FDIC

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.

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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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Two FDIC Chairs Officially Confirmed

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.

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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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FDIC to Close Last Temporary Satellite Office

FDIC put a date on the closure of the last of its satellite offices established in the wake of the financial crash. The agency's East Coast Temporary Satellite Office (ECTSO), located in Jacksonville, Florida, will close April 5, 2014.

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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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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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