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Bank Failures

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NEWS
December 5, 1991 | BY CARRIE SAXON PERRY, From the New York Times
In trying to place the blame for bank failures, federal officials have unfairly pointed a finger at effective loan programs for low-income Americans. It would be another sad legacy of the greedy 1980s if the havoc wrought by indiscrete bankers led to the elimination of loans for the disadvantaged. Last month the departing chairman of the Federal Deposit Insurance Corporation, William Seidman, called for an end to the Community Reinvestment Act, which was established in 1977 to set guidelines for bank lending to the local communities.
BUSINESS
May 1, 1988 | By Janet L. Fix, Inquirer Staff Writer
Not since the Great Depression has so much bad news afflicted the U.S. banking system. More banks and savings associations have failed in the last year - 232 in 1987 and more than 60 this year - than after the Crash of 1929. The Federal Savings & Loan Insurance Corp. (FSLIC) fund, which backs deposits at thrifts, is variously estimated to be $11.6 billion to $50 billion in the red. Even the healthier Federal Deposit Insurance Corp. (FDIC) reports that its ratio of reserves to insured deposits has fallen to a 55-year low. So it's no wonder some depositors are asking, "Is my money really safe?"
BUSINESS
September 20, 2009 | By Jeff Gelles INQUIRER STAFF WRITER
A year after the financial crisis first stirred comparisons to the Great Depression, the pace of bank failures is rising. But as the annual count heads toward triple digits for the first time since 1992, finance experts warn that the worst may be yet to come, and also that the toll so far belies the magnitude of the crisis. As of Friday, the Federal Deposit Insurance Corp. had taken over 94 banks in 2009. The failures ranged from the tiny Dwelling House Savings & Loan Association, of Pittsburgh, with $13.4 million in assets, to Colonial BancGroup Inc., of Montgomery, Ala., with $25 billion in assets.
BUSINESS
November 10, 1992 | FROM INQUIRER WIRE SERVICES
Banks will continue to fail at a high rate, and the cleanup of the savings and loan industry needs government funding, a top Federal Reserve official said yesterday. Robert Parry, president of the Federal Reserve Bank of San Francisco, said the federal Resolution Trust Corp. should be given the financing it needs to continue dealing with problem thrifts. "We'll continue to see an elevated rate of bank failures. . . . This situation calls for giving the highest priority to providing the RTC with appropriate funding," he said in a speech prepared for delivery.
BUSINESS
February 1, 1993 | By Andrew Cassel, INQUIRER STAFF WRITER
Remember the "December Surprise?" Surprise! It didn't happen. Not only wasn't there a national wave of bank failures waiting to take place after the presidential election in November - as candidate Ross Perot and others predicted in the heat of the campaign - but the U.S. banking system ended 1992 healthier than even optimists had thought. With few exceptions, banks across the country reported substantially higher profits for both the fourth quarter and the year. Stable interest rates and a steadily improving economy allowed even many shaky institutions to recover from the disasters of 1989 and 1990.
BUSINESS
February 12, 2002 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Hundreds of millions of dollars in corporate profits have vanished in the last two weeks, in a series of embarrassing disclosures that have left regulators, accountants and investors jittery amid the accounting scandals that bankrupted Enron Corp. Banks have taken a particular drubbing, in a series of admissions that the double-digit profit growth of the last several years, while charming Wall Street mutual funds, pension plans, and other big investors, papered over billions of dollars in hidden losses.
NEWS
August 19, 2011 | ASSOCIATED PRESS
WASHINGTON - Regulators yesterday shuttered a small bank near Philadelphia, boosting to 65 the number of U.S. bank failures this year. The pace of closures has slowed as the economy has slowly improved and banks work their way through the bad debt accumulated in the Great Recession. By this time last year, regulators had shuttered 118 banks. The Federal Deposit Insurance Corp. seized Public Savings Bank, in Huntingdon Valley, with one branch, $46.8 million in assets and $45.8 million in deposits.
NEWS
January 21, 2012
Federal regulators on Friday closed the one-branch American Eagle Savings Bank in Boothwyn, Delaware County, and sold its assets to a Maryland bank. The Federal Deposit Insurance Corp. said the failed bank would reopen Saturday as a branch of Capital Bank N.A. Customers could continue to use their checks and ATM cards, and deposit insurance would remain in effect, "so there is no need for customers to change their banking relationship" at this time, the FDIC said. As of Sept. 30, American Eagle had approximately $19.6 million in total assets and $17.7 million in total deposits.
BUSINESS
June 23, 1990 | By Linda S. Wallace, Inquirer Staff Writer
Despite its efforts, Texas still ranks first in a number of categories it would just as soon not be in at all. For the past four years, the state has led the nation in the number of bank failures. Last year, 133 commercial banks in the state failed - and 62 have failed so far this year, almost one-half of the failures nationwide. That is why Rep. Henry B. Gonzalez (D., Texas), chairman of the House committee probing bank failures, came to his home state yesterday to hold two days of hearings and talk dollars and sense.
BUSINESS
January 9, 1991 | By Janet L. Fix, Inquirer Staff Writer
Because federal regulators thought it was only a matter of time before the Bank of New England failed, they had set aside money to cover the losses expected from paying off depositors and selling off the bank. So the estimated $2.3 billion cost of the Boston bank's failure - the fourth-costliest U.S. banking collapse - will not reduce further the $9 billion remaining in the depleted federal fund that insures bank deposits, regulators said yesterday. "We reserved for the $2.3 billion in 1990 because we knew there was a possibility - if not a probability - that the Bank of New England would fail," said Alan Whitney, spokesman for the Federal Deposit Insurance Corp.
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BUSINESS
September 18, 2013 | By Chris Hepp, Inquirer Staff Writer
Life for the area's bankers continued to improve during the second quarter, although there remains plenty of residual damage from the recession. That's the gist of a Banking Brief for Pennsylvania, New Jersey, and Delaware released by the Federal Reserve Bank of Philadelphia. "Things are improving, but banks still have a lot of bad loans" is how Jim DiSalvo, a banking structural specialist for the Fed and the report's author, put it. Beyond raw numbers, the report offers some insight into where the region stands in terms of recovery against the rest of the country, as well as some basic lessons in human behavior when it comes to economic news.
BUSINESS
March 27, 2013 | By Juergen Baetz, Associated Press
BRUSSELS - Europe's leading institutions clashed Tuesday in a rare sign of public discord over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks. In a 10 billion euro ($12.9 billion) bailout deal clinched early Monday, Cyprus agreed to dissolve the country's second-largest bank, inflicting significant losses - possibly up to 40 percent - on all deposits larger than 100,000 euros ($130,000)
BUSINESS
December 30, 2012 | By Marcy Gordon, Associated Press
WASHINGTON - U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any other time since the financial crisis struck in 2008. They are helping to support an economy slowed by high unemployment, flat pay, sluggish manufacturing, and anxious consumers. Signs of the industry's gains: Banks are earning more. In the July-September quarter, the industry's earnings reached $37.6 billion, up from $35.3 billion a year earlier. It was the best showing since the July-September quarter of 2006, long before the financial meltdown.
BUSINESS
November 17, 2012
In the Region Cigna unit up for grabs? Cigna Corp. , the third-biggest U.S. health insurer, with a major operation in Philadelphia, expects to decide the future of its pharmacy- benefits unit by the first half of 2013, chief executive officer David Cordani said. An estimate earlier this year valued the unit at $1.5 billion. The Connecticut company's choices range from a sale to extending its contract with Catamaran Corp. , the CEO said. - Bloomberg News YMCA branches join Members of the YMCA of Philadelphia & Vicinity and Freedom Valley YMCA approved a merger, effective Jan. 1, that will create one of the 10 largest such groups in the nation, with nearly 140,000 members, the organizations said.
BUSINESS
May 13, 2012 | Reid Kanaley
Last week's financial news included reports of a monster investment loss at JPMorgan and new rules for salvaging failed banks. Here are some sites for tracking banks' health and oversight. Who's in charge? This chart at the Fiscal Times website might simply confirm many folks' worries that bank oversight is so complicated that it makes no sense. Various commissions, departments and bureaus oversee certain activities of banks, while an assortment of agencies, now including the Consumer Financial Protection Bureau, try to look after consumer interests.
NEWS
January 21, 2012
Federal regulators on Friday closed the one-branch American Eagle Savings Bank in Boothwyn, Delaware County, and sold its assets to a Maryland bank. The Federal Deposit Insurance Corp. said the failed bank would reopen Saturday as a branch of Capital Bank N.A. Customers could continue to use their checks and ATM cards, and deposit insurance would remain in effect, "so there is no need for customers to change their banking relationship" at this time, the FDIC said. As of Sept. 30, American Eagle had approximately $19.6 million in total assets and $17.7 million in total deposits.
NEWS
August 19, 2011 | ASSOCIATED PRESS
WASHINGTON - Regulators yesterday shuttered a small bank near Philadelphia, boosting to 65 the number of U.S. bank failures this year. The pace of closures has slowed as the economy has slowly improved and banks work their way through the bad debt accumulated in the Great Recession. By this time last year, regulators had shuttered 118 banks. The Federal Deposit Insurance Corp. seized Public Savings Bank, in Huntingdon Valley, with one branch, $46.8 million in assets and $45.8 million in deposits.
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