March 21, 2009 |
FirstCity Bank of Stockbridge, Ga., was seized by regulators, becoming the 18th U.S. bank to fail this year, as foreclosures surged to a record amid a recession and the highest unemployment in a quarter of a century. FirstCity, with $297 million in assets and $278 million in deposits, was shut by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. was named receiver.
February 28, 2009 |
After selling her Orange County home, Cheryl Hodgson parked an escrow check for about $360,000 with IndyMac Bancorp. Less than a month later, the Pasadena-based thrift was seized by the federal government -- and Hodgson lost $130,000. "I looked around at the interest rates and saw that IndyMac was offering a really good rate," Hodgson said. "You would think someone at the bank could have explained to me that I was putting in money well above the insurance limit."
February 21, 2009 |
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.
February 7, 2009 |
In one of three U.S. bank failures Friday, regulators closed Alliance Bank of Culver City and sold its five branches to California Bank & Trust. The San Diego-based buyer agreed to assume all of Alliance Bank's deposits, including uninsured funds, so no depositors will lose money as a result of the bank's failure, the Federal Deposit Insurance Corp. said.
January 24, 2009 |
The California Department of Financial Institutions closed Redlands-based 1st Centennial Bank late Friday, saying its six branches will reopen Monday as part of First California Bank of Camarillo. Like many Inland Empire banks, 1st Centennial ran into trouble funding home builders. It was the third U.S. bank to fail this year and the first in California since Downey Savings of Newport Beach on Nov. 21. The Federal Deposit Insurance Corp.
January 6, 2009 |
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.