U.S. banks earned a profit of $35.3 billion in the third quarter, an $11.5 billion increase from the $23.8 billion in net income reported a year ago, said the Federal Deposit Insurance Corp. The FDIC-insured banks posted their best quarter since the financial crisis of three years ago, and the ninth consecutive quarter that earnings registered a year-over-year increase.Read more
Beginning Dec. 31 of this year, federally-insured non-interest bearing transaction accounts will have unlimited deposit insurance coverage through Dec. 31, 2012, the Federal Deposit Insurance Corp. announced today.Read more
Horizon Bank, of Bradenton, has become Florida’s 23rd bank failure this year – and the nation’s 119th – but September has, so far, seen the fewest closures of the year, according to data from the Federal Insurance Deposit Corp. This year’s tally is still expected to surpass last year’s total of 140 bank failures.Read more
Insured banking institutions reported earnings of $21.6 billion in the second quarter of 2010, up significantly from the year-ago loss of $4.4 billion and marks the highest quarterly earnings since third quarter 2007, the Federal Deposit Insurance Corp. reported today.Read more
The Federal Deposit Insurance Corp., the insurer of Americans’ bank accounts, is promising an open door policy when it begins the arduous task of creating rules under the sweeping Wall Street reform law signed by President Obama last month.Read more
Five more community banks from Florida, Georgia, Oregon and Washington have failed, siphoning nearly $335 million from the insurance fund of the Federal Deposit Insurance Corp. and pushing this year’s tally of closures to 108.
Florida’s total of bank failures reached 20 – by far the state with the highest closure rate.
U.S. bank failures have passed the 100 mark, hitting a tally of 103 so far in 2010 with seven more closures – reaching that milestone more than two months faster than last year. Regulators expect bank failures to peak before year’s end, but still surpass last year’s total of 140.Read more
Five more U.S. banks have failed, bringing this year’s total to 96 – and Florida’s tally of closures jumped to 16, the hardest hit state, according to the Federal Deposit Insurance Corp. The FDIC’s latest bank-closure report is also notable for the acquisition of three of the five failed banks by a private-equity group, North American Financial Holdings Inc., based in Charlotte, North Carolina.Read more
Regulators closed down four banks – 1 each in Oklahoma and New York and 2 in Maryland – at a combined cost of nearly $160 million to the Federal Deposit Insurance Corp.’s insurance fund. The four brings this year’s total bank failures to 90 – a pace that is expected to surpass last year’s total of 140.Read more
The U.S. government’s bailout program has been “critical” to restoring stability to the economy, keeping borrowing rates at historic lows and bolstering the banking system – although credit remains difficult to obtain for some consumers and businesses, Treasury Secretary Timothy Geithner said today.Read more
A Reno-based Nevada bank will cost the Federal Insurance Deposit Corp. nearly $81 million as the five-branch institution becomes the 83rd bank failure this year. All branches of Nevada Security Bank will reopen on Monday as branches of Umpqua Bank, of Roseburg, Oregon.Read more