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.
Read More »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.
Read More »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.
Read More »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.
Read More »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."
Read More »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."
Read More »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.
Read More »Oklahoma Bank Closes Doors in Second Collapse of 2014
FDIC announced the closure of an Oklahoma bank over the weekend, marking the first insured collapse in the Sooner State in more than a year and a half.
Read More »FDIC Announces First Bank Collapse of 2014
West Chicago's DuPage National Bank has the dubious honor of being the first FDIC-insured institution to close in 2014.
Read More »Feds: ‘Qualified’ Status Will Not Affect Compliance with Other Regs
Federal agencies assured institutions that they will not base their judgments of a loan's safety and soundness on its status as a QM or non-QM loan.
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