2012 Bank Failures Start with 3
After a month’s pause, U.S. regulators were back in action, shuttering three small banks in Georgia, Florida and Pennsylvania last Friday. These 3 represent the first bank failures of 2012 following 92 in 2011, 157 in 2010, 140 in 2009 and 25 in 2008.
While the financials of a few large banks have been stabilizing on the back of an economic recovery, the industry is still on shaky ground. Nagging issues like depressed home prices along with still-high loan defaults and unemployment levels continue to trouble such institutions.
Lingering economic uncertainly and its effects also continue to weigh on many banks. The need to absorb bad loans offered during the credit explosion has made these banks susceptible to severe problems.
Further, the repeated risk-taking of bailed-out banks is a further threat to the system. Risky loans and uncertainty in global markets aggravated the risk of bank failures even further.
The failed banks are:
Belleview, Florida-based Central Florida State Bank, with total assets of about $79.1 million and total deposits of about $77.7 million as of September 30, 2011. Stockbridge, Georgia-based The First State Bank, with about $536.9 million in total assets and $527.5 millionin total deposits as of September 30, 2011. Boothwyn, Pennsylvania-based American Eagle Savings Bank, with about $19.6 million in total assets and $17.7 millionin total deposits as of September 30, 2011.These bank failures represent another jolt to the deposit insurance fund (DIF), meant for protecting customer accounts.
The Federal Deposit Insurance Corporation (FDIC) insures deposits in 7,437 banks and savings associations in the country as well as promotes the safety and soundness of these institutions. When a bank fails, the agency reimburses customer deposits of up to $250,000 per account.
Though the FDIC has managed to shore up its deposit insurance fund over the last few quarters, the ongoing bank failures have kept it under pressure. However, as of September 30, 2011, the fund was in surplus for the second straight quarter.
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State attorneys are appealing a judge's order that favored five fathers who are targeting Georgia's practice of jailing parents who don't pay child support. The Georgia Attorney General's office on Monday filed a motion that said there's an “epidemic”
Head Winds Now, Wells Fargo, which avoided most of the mortgage- related mistakes made by the largest investment banks, is pushing into the business it once shunned, even as rivals facing fickle markets, meager revenues and new restrictions scale back.
Nagging issues like depressed home prices along with still-high loan defaults and unemployment levels continue to trouble such institutions. Lingering economic uncertainly and its effects also continue to weigh on many banks. The need to absorb bad
by Rob Chrisman In last night's speech President Obama asked for creation of special unit of federal prosecutors to further investigate mortgage lending practices that led to the housing crisis. "This new unit will hold accountable those who broke the
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