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Bank Failures

BUSINESS
January 31, 2009 | Times Staff and Wire Reports
Federal regulators have closed three banks in Utah, Florida and Maryland, bringing to six the total number of failures this year. The Federal Deposit Insurance Corp. was appointed receiver of the banks: MagnetBank of Salt Lake City; Ocala National Bank of Ocala, Fla.; and Suburban Federal Savings Bank in Crofton, Md.
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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.
BUSINESS
October 15, 2008 | Michael A. Hiltzik and E. Scott Reckard, Times Staff Writers
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.
NATIONAL
October 15, 2008 | Maeve Reston, Times Staff Writer
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.
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