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Tag Archives: FDIC

Q1 Bank Earnings Down 7.6% on Lower Mortgage Revenue

First-quarter bank earnings dropped more than $3 billion compared to last year as mortgage-related income fell, FDIC reported Wednesday. FDIC reported the decline was "mainly attributable to a $7.1 billion (10.7 percent) decline in noninterest income," about $4 billion of which came from decreased mortgage revenues as interest rates continued to rise.

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Ohio Bank Shuts Down in 8th Closure of 2014

Another FDIC-insured bank closed its doors over the long weekend, bringing the national tally to eight so far this year. According to a release from the agency, Columbia Savings Bank of Cincinnati, Ohio, was shut down by the Ohio Division of Financial Institutions. As of March 31, the closed bank had roughly $36.5 million in assets and $29.5 million in deposits, "essentially all" of which is going to Indiana-based United Fidelity Bank.

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Illinois Bank Shuts Down in Seventh Failure of 2014

An Illinois bank has closed its doors for good, bringing the national tally of FDIC-insured bank collapses to seven so far this year. The agency announced Friday the closure of AztecAmerica Bank, which was shut down by the Illinois Department of Financial & Professional Regulation. The bank, based in Berwyn, is the state's second failure of 2014.

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South Carolina Bank Fails; Marks 2014’s Sixth Collapse

The South Carolina Board of Financial Institutions closed the five branches of Allendale Country Bank, Fairfax, South Carolina on Friday. The FDIC was appointed as the receiver and to protect the depositors, an assumption agreement was made was made with Palmetto State Bank, Hampton, South Carolina.

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FDIC: Fears of Industry Consolidation Unfounded

While small bankers have expressed concerns that increased regulations may hurt profit margins and make them more susceptible to buyouts, data from a new FDIC study argues otherwise. The study looked at bank trends from 1985 to 2013, and found "the recent uptick in the rate of consolidation is attributable to factors that are likely to subside once the effects of the crisis are fully behind us."

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Agencies Advise Banks on Cyber-Security

In the wake of a cyber-attack on Ellie Mae and the discovery of the Heartbleed bug, FDIC put out a release advising financial institutions on resources to stay up to date on security threats. FDIC urges financial institutions to "ensure that their Information Security staff are aware of and subscribe to reliable and recognized resources that can help quickly identify cyber risks as they emerge."

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FDIC Banks Report Earnings Increase Despite ‘Difficulty Growing Revenue’

FDIC-insured institutions earned a net income of $154.7 billion over the year in 2013, a 9.6 percent increase over the previous year, according to a report released by the agency. “[T]he industry continues to experience difficulty growing revenue,” said FDIC chairman Martin J. Gruenberg. He listed “[n]arrow margins, modest loan growth, and a decline in mortgage refinancing activity” as hindrances to revenue growth.

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