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Tag Archives: FDIC

Fifth Bank of the Year Fails; First in Pennsylvania

Vantage Point Bank of Horsham, Pennsylvania was closed Friday by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver. The FDIC entered into a purchase and assumption agreement with First Choice Bank of Mercerville, New Jersey to assume all of the deposits of Vantage Point Bank.

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Virginia Bank Closed, Fourth Collapse of 2014

The Federal Deposit Insurance Corporation (FDIC) announced Friday in a press release the closing of Millennium Bank, National Association of Sterling, Virginia. The bank was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as the bank’s receiver.

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Idaho Bank Goes Down, Makes Third Collapse of 2014

Daily banking business for the residents of Boise, Idaho will continue as usual but under a slightly different banner: Syringa Bank and its six branches were shuttered over the weekend, leading to an FDIC-insured handover to Sunwest Bank from Irvine, California.

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FDIC Marks Second Bank Collapse of 2014

The Bank of Union in El Reno was forced to shutter its doors Friday by the Oklahoma State Banking Department, which appointed FDIC as receiver. To protect depositors, FDIC announced a purchase and assumption agreement with Oklahoma City’s BancFirst, which will assume all of the failed bank’s $328.8 million in deposits (as of Q3 2013) and $225.5 million of its assets. The collapse was the second one in the United States so far in 2014 and the first one in Oklahoma since June 2012.

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FDIC Marks 2014’s First Bank Failure

West Chicago's DuPage National Bank has the dubious honor of being the first FDIC-insured institution to close in 2014. To protect depositors, the agency has entered into a purchase and assumption agreement with Republic Bank of Chicago, which has agreed to pay a premium of 1.20 percent to assume all of DuPage National's deposits (estimated at $59.6 million as of Q3 2013) and "essentially all" of its assets.

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FDIC Shutters Texas Bank

With only weeks left before the end of 2013, the FDIC has added another mark to its tally of the year's bank failures. The OCC announced the closing of Texas Community Bank, N.A. on Friday, appointing the FDIC as receiver. It's the second FDIC-insured institution to close in the Lone Star State this year and the 24th nationwide.

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Regulators Exempt Some Higher-Priced Loans from New Appraisal Rules

Federal regulators have revised new appraisal rules set to take effect in January to include exemptions for some higher-priced mortgage loans, according to a press release from six federal financial agencies. Officials described the updated exemptions as ""appropriate,"" and added loans less than $25,000, streamlined refinances, and loans secured by a manufactured home and land as exempt.

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Hudson & Marshall Selected to Auction 150 FDIC Properties

Hudson & Marshall will auction more than 150 single-family properties for the FDIC using a specially tailored version of the company's online and offline auction process. Five separate auctions will take place from December 4–10 on properties located in Alabama, Florida, Georgia, and North Carolina.

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FDIC Institutions Report First Loss in More Than Four Years

For the first time in more than four years, banks insured by the Federal Deposit Insurance Corporation (FDIC) reported an annual loss, according to the regulator's Quarterly Banking Profile released Tuesday. At $36 million, the net income of FDIC-insured banks in the third quarter is $1.5 million below earnings reported in the third quarter of last year.

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Regulators See No Fair Lending Risk in QM

The CFPB's mortgage servicing standards--including the Qualified Mortgage (QM) definition and the Ability-to-Repay rule--take effect in less than 90 days. Some bankers have indicated they might limit their offerings to only QM products as the transition is made, and many are concerned that as a result, their operations may run counter to the Equal Credit and Opportunity Act, implemented by the Federal Reserve's Regulation B. Those fears, however, are unfounded, regulators say.

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