regulators: FDIC Prepares To Open Failed Bank Office Next Month In Florida
- 08/07/09 02:22 AM
Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September."Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."Industry watchers expect a surge of bank failures to occur … (0 comments)
regulators: Bank Regulators Hold Key To Lending Rebound In Florida
- 06/26/09 05:40 AM
BY JIM FREERSpecial CorrespondentCondoVultures.comIt's not just bankers who will determine when the residential and commercial real estate markets will begin a rebound in Florida and around the country.Bank regulators always have major influence on banks' overall strategies, and they have been taking actions that likely will result in many banks remaining cautious on lending for the remainder of this year.As part of a stepped-up review process they began approximately two years ago, federal and state banking regulators are telling many banks to keep adding to their reserves to cover potential loan losses, experts tell CondoVultures.com.Those additions to reserves are taken from … (0 comments)
regulators: FDIC Lost $5.2 Billion Last Week
- 05/23/09 08:23 AM
The Federal Deposit Insurance Corp., which guarantees bank accounts up to $250,000, lost nearly $5.2 billion last week with the failure of a Florida savings institution and two Illinois banks.Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion, according to a new report from Condo Vultures® LLC using regulatory data."The FDIC is losing an average of $2 billion per month with bank failures," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based … (0 comments)
regulators: Florida Bank Failures Foreshadowed By FDIC
- 05/10/09 05:24 AM
Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales."The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter … (0 comments)
regulators: US Bank Failure Losses Top $5 Billion In 2009
- 05/03/09 06:04 AM
Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp."Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 … (0 comments)
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Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September."Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."Industry watchers expect a surge of bank failures to occur … (0 comments)
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