April 25, 2009 |
Regulators shut down the First Bank of Beverly Hills on Friday, saying they could find no buyer for the one-branch institution after a takeover by an Illinois financial firm fell through. The Federal Deposit Insurance Corp. said it would send checks to insured depositors of the bank, which despite its name had been based in Calabasas. At year-end, the bank had about $1 billion in deposits, many of them from out of state, of which an estimated $179,000 were uninsured.
CALIFORNIA | LOCAL
March 25, 2014 |
SACRAMENTO - Millions of dollars in welfare benefits are ending up in banks' pockets each year when poor Californians access their taxpayer-funded benefits, according to state statistics and a report released Tuesday. Like many other states, California issues electronic cards to welfare recipients so they can withdraw public assistance from ATMs. Last year, $18.9 million was spent on ATM fees. The year before they topped $19.4 million. The state welfare system allows recipients to make four free withdrawals per month at ATMs run by MoneyPass, part of U.S. Bank.
December 22, 1999 |
Bank One Corp. Chairman and Chief Executive John B. McCoy, who built the fifth-largest U.S. bank through acquisitions, resigned Tuesday after his purchase of a credit-card company backfired, hurting profit and cutting the bank's stock by almost half in four months. Bank One stock rose nearly 11% after the bank said it's seeking a replacement for McCoy, 56, ending the dynasty that ran the bank for three generations, starting with McCoy's grandfather.
October 18, 2008 |
It only took trillions of dollars of government cash and guarantees, but the fear gripping global markets finally has begun to ease. Now it's up to the world's bankers to step up and do their part to keep the credit crisis from unleashing financial Armageddon. The mood shift so far has been modest, but encouraging.
December 16, 2010 |
Wells Fargo & Co., the San Francisco lender that doubled its size by buying Wachovia Corp. during the credit crisis, passed JPMorgan Chase & Co. to become the largest U.S. bank by stock market value. Wells Fargo's market capitalization rose to $157.6 billion at Thursday's close of New York trading, surpassing JPMorgan's $156.4 billion. Wells Fargo is ranked fourth by assets and deposits, while JPMorgan is second behind Bank of America Corp., and New York-based Citigroup Inc. is third.
January 10, 2012 |
Ninety-two U.S. banks and thrifts failed in 2011, down from 157 in 2010 and 140 in 2009. In a report this week, SNL Financial generated a series of charts that showed the number of failures were far greater during the savings-and-loan meltdown that began in the 1980s and extended into the early '90s. The assets of failed banks peaked in 2008, however. No surprise there: Among the institutions seized by regulators was Seattle's Washington Mutual Bank, the largest savings and loan in the nation with $307 billion in assets and the biggest bank ever to fail . WaMu is now part of JPMorgan Chase & Co. Another big failure that year was Southern California's IndyMac Bank, another savings and loan, which had $32 billion in assets.
January 23, 2013 |
A cyber-crime case brought by U.S. prosecutors in New York may add to the fears of anyone who banks online. The charges against three foreign nationals -- a Russian, a Latvian and a Romanian -- allege they were involved in creating and distributing a computer virus that infected more than 40,000 computers in the United States in an effort to steal customers' bank-account data and other information. The so-called Gozi virus led to the theft of unspecified millions of dollars, court documents say. U.S. Atty.
September 4, 2012 |
WASHINGTON -- While the majority of banks have improved their finances during the last four years, looming economic threats mean the outlook for the industry remains negative over the next 12 to 18 months, Moody's Investors Service said Tuesday. "Our negative outlook ... reflects a challenging domestic operating environment, with prolonged low interest rates, high unemployment, weak economic growth and fiscal policy uncertainties," said Sean Jones, Moody's senior vice president. "Additionally, the threat of contagion stemming from the European sovereign debt crisis undermines economic recovery in the U.S. and exposes banks to a heightened risk of shocks," he said.
July 9, 2013 |
WASHINGTON -- The nation's eight largest banks would have to meet tougher leverage limits than required under international standards as part of new rules proposed Tuesday by federal regulators designed to protect taxpayers from another financial crisis. Under the plan, Bank of America Corp., JP Morgan Chase & Co., Citigroup Inc. and the five other U.S. bank holding companies designated as "systemically important financial institutions" would have to hold capital equal to at least 5% of their total assets.
March 12, 2013 |
The tallest building in the West, the financially struggling U.S. Bank Tower in downtown Los Angeles, is being sold to Singapore investors for $367.5 million. At 72 stories, the circular structure has commanded the city skyline since it was completed in 1989 and is one of the best-known office buildings in the country. It was previously named Library Tower and also First Interstate World Center. The skyscraper designed by the New York firm of star architect I.M. Pei is the tallest building in L.A. - but not the most popular with tenants.