November 22, 2008 |
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.
November 10, 2008 |
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.
November 8, 2008 |
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.
November 1, 2008 |
Freedom Bank of Bradenton, Fla., was closed by regulators, the 17th U.S. bank seized this year as the deepest housing slump since the Great Depression triggers record foreclosures and mounting losses. Freedom, with $287 million in assets and $254 million in deposits, was shut by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corp. was named receiver. The FDIC said Fifth Third Bancorp of Cincinnati would assume all the deposits -- about $250 million -- and buy $36 million of the assets.
CALIFORNIA | LOCAL
October 16, 2008 |
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.
October 15, 2008 |
By flooding the U.S. banking system with hundreds of billions of dollars in cheap capital, the government could find itself funding the most dramatic change in the nation's financial landscape since the deregulation drive of the 1980s. That's because the Treasury secretary and bank regulators will decide which banks get an infusion of government money, and which will be denied.
October 15, 2008 |
In an effort to seize the initiative in tackling the nation's financial troubles, John McCain on Tuesday outlined a $52.5-billion package of new tax breaks that he said would stimulate the economy and ease the money problems of many Americans. Aiming his pitch largely at senior citizens who could be crucial swing voters in states with older populations such as Pennsylvania, McCain said he would lower the tax rate on their withdrawals from retirement accounts to 10% this year and next.
September 26, 2008 |
In the biggest bank failure in U.S. history, Washington Mutual Bank was seized late Thursday by federal regulators and immediately sold to JPMorgan Chase & Co. for $1.9 billion. Customer deposits will be secure, regulators said, but shareholders of the nation's largest savings and loan will see what's left of their holdings wiped out. WaMu shares have lost 88% of their value this year amid huge losses in the bank's mortgage loan and credit card businesses.
September 11, 2008 |
Warren E. Buffett's Berkshire Hathaway Inc. will stop selling insurance to lenders through its Kansas Bankers Surety Co. unit for deposits beyond the Federal Deposit Insurance Corp. limits. "Eventually, we aren't going to be covering any deposits in banks," said Chuck Towle, an executive at Kansas Bankers. The move reduces Berkshire's risk from bank failures, which are running at the fastest pace in 14 years.
August 30, 2008 |
The Federal Deposit Insurance Corp. said Integrity Bank of Alpharetta, Ga., had become the 10th U.S. bank to fail so far this year. Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in deposits and about $34.4 million of the bank's $1.1 billion in assets. There has been an increase in the number of banks that have failed this year amid continuing mortgage defaults.