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Bank Failures

BUSINESS
February 21, 2009 | TOM PETRUNO
Until last year, many Americans may have figured they had a good idea of what constituted a truly risky investment or financial strategy. Then came the collapse of housing prices, the hemorrhaging of the global banking system and the worst stock market crash since the 1930s. We thought we knew something about risk. We didn't know nearly enough. We thought we knew the difference between investing and speculating. Now, every money decision just feels like a spin of the roulette wheel.
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BUSINESS
February 4, 2009 | Times Wire Reports
Federal regulators now believe that U.S. bank failures will cost the deposit insurance fund more than $40 billion over the next four years as the economy weakens, a government official said. John Bovenzi, Federal Deposit Insurance Corp. chief operating officer, said the agency's estimate last fall of $40 billion in losses through 2013 probably would be surpassed.
BUSINESS
January 6, 2009 | E. Scott Reckard
Say goodbye to IndyMac. The name, at least. The investors buying failed IndyMac Federal Bank from regulators intend to rename the Pasadena savings and loan, although they haven't yet picked a new name, a spokesman said Monday. The old name is "obviously" a liability, said George Sard, a spokesman for the investment group, IMB Management Holdings. IndyMac was one of the largest bank failures in U.S. history, brought down last summer by soured variable-rate mortgages and a run on deposits.
BUSINESS
December 6, 2008 | Times Wire Reports
Regulators have shut down First Georgia Community Bank, the 23rd U.S. bank to fail this year. The Federal Deposit Insurance Corp. has been appointed receiver of the bank, located in Jackson. It had $237.5 million in assets and $197.4 million in deposits as of Nov. 7. Customers will still have full access to their deposits, the FDIC said.
BUSINESS
November 22, 2008 | E. Scott Reckard and Tiffany Hsu, Reckard and Hsu are Times staff writers.
Federal regulators seized Downey Savings & Loan and PFF Bank & Trust late Friday, saying hundreds of millions of dollars in bad loans from the housing bubble had rendered the Southern California banking fixtures unsound. The banks' branches will continue operating as usual under the ownership of Minneapolis-based U.S. Bank, one of the country's largest banks, and no depositors will lose any money because of the failures, regulators said. Newport Beach-based Downey lost $547.
WORLD
November 10, 2008 | Sebastian Rotella, Rotella is a Times staff writer.
Months before the global financial meltdown this fall, the talk in the boisterous cafes of Rome and Madrid had turned from sports and politics to economic woes. Despite increasingly bleak outlooks, however, the international financial panic did not hit Italy and Spain as hard as other European nations. Unlike France, Britain or Germany, there have been no major bank failures or rushed bank rescues south of the Alps or the Pyrenees. Why? The reasons range from the prudence and discipline of institutions and individuals to the existence of large informal economies, analysts say. Not to mention remaining a bit old-fashioned amid modernization.
BUSINESS
November 8, 2008 | E. Scott Reckard, Reckard is a Times staff writer.
Crippled by loans to Inland Empire developers and home builders, Security Pacific Bank of West Los Angeles was shut down Friday by regulators, who said L.A.-based Pacific Western Bank would take over its four branches. Depositors of the failed bank will have their $450 million in accounts transferred to 60-branch Pacific Western, which also is buying some of Security Pacific's loans, the California Department of Financial Institutions and the Federal Deposit Insurance Corp. said.
CALIFORNIA | LOCAL
October 16, 2008 | Richard C. Paddock, Times Staff Writer
Ever since the beavers arrived here in John Muir's adopted hometown, the human residents have been divided. Some wanted to save them. Others wanted to kill them. The first two beavers swam up from the delta in 2006 and began building lodges and dams in the creek that runs through downtown. Their construction work has caused some property owners along the creek to worry that all that burrowing will undermine their buildings and cause major damage.
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