Tag Archives: FDIC

With only weeks left before the end of 2013, FDIC has added another tally to its list of the year's bank failures. The Office of the Comptroller of the Currency (OCC) announced Friday the closure of Texas Community Bank, National Association, in the Woodlands, Texas.

After weeks of speculation from market watchers and analysts, JPMorgan Chase announced it has finalized a $ 13 billion deal with the Justice Department.

A Florida bank became the 23rd FDIC-insured institution to fall this year, the agency announced Wednesday.

Ally Financial Inc. announced Tuesday the bank has reached settlements with the Federal Housing Finance Agency (FHFA) and FDIC for all pending litigation related to toxic mortgages.

Five federal agencies issued Tuesday a statement assuring creditors that they do not run the risk of being found in violation of fair lending laws should they choose to only originate qualified mortgages (QM) as defined earlier in the year. With creditors having to consider a balance of secondary market opportunities, capital requirements, and credit and liability risk, regulators say they expect there will be a need for most businesses to fine-tune their products in response--something they should be used to.

The FDIC announced Friday the closure of two more banks--including Connecticut's first collapse in more than a decade--bringing this year's failure tally to 22 so far.

Income at financial institutions insured by the FDIC rose during the second quarter, according to a report released Thursday by the agency. Total net income at FDIC-insured institutions increased 22.6 percent year-over-year to $42.2 billion in the second quarter. "Asset quality continues to recover, loan balances are trending up, fewer institutions are unprofitable, the number of problem banks is down, and the number of failures is significantly below levels of a year ago," said FDIC chairman Martin J. Gruenberg.

The FDIC's list of federally insured bank failures grew to 20 so far this year as two more banks collapsed.

The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.

After nearly two months with no activity, FDIC's list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral). The Fort Myers-based bank was closed by the Florida Office of Financial Regulation, which appointed FDIC as receiver.