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On Friday, July 28, 2023, Heartland Tri-State Bank was closed by the Kansas Office of the State Bank Commissioner. The Federal Deposit Insurance Corporation (FDIC) was subsequently named Receiver. No advance notice is given to the public when a financial institution is closed. Dream First Bank, National Association (N.A.), Syracuse, KS assumed all deposit accounts and substantially all the assets. All shares of stock were owned by the holding company, which was not involved in this transaction. ------------------------------------------------- Press Release For Release WASHINGTON – Heartland Tri-State Bank of Elkhart, Kansas, was closed today by the Kansas Office of the State...

It’s important to understand that SVB’s failure didn’t arise from risky startups doing risky startup things.It’s painful for me to watch so many smart pundits and politicians on both the right and the left buy into a media narrative that seeks to blame “wealthy speculators” or “tech bros” or venture capitalists for a banking crisis that ultimately started in Washington. Let me explain.If you want to understand the context for the crisis, look at the Federal Deposit Insurance Corporation chair’s March 6 testimony — a week before Silicon Valley Bank’s collapse — where he explains that banks were sitting on...

VIDEOYou know how you can tell when your bank is doomed to failure? When you find out they put more concentration on producing Broadway type musical numbers rather than focusing on, well, banking. If I ever find out that my bank is producing song presentations as you can see here done by the FAILED Signature Bank, I will be immediately withdrawing all my money deposited at that institution.

Sen. Bernie Sanders has blamed a Trump-era banking law for the Silicon Valley Bank's failure. "Let's be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed," Sanders wrote in a statement on Sunday. Sanders was referring to the Economic Growth, Regulatory Relief, and Consumer Protection Act, which former President Donald Trump signed into law in May 2018.

On Wednesday, Silicon Valley Bank was a well-capitalized institution seeking to raise some funds.Within 48 hours, a panic induced by the very venture capital community that SVB had served and nurtured ended the bank's 40-year-run.Regulators shuttered SVB Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis and the second-largest ever. The company's downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet. What followed was the rapid collapse of a highly-respected bank that had grown alongside its technology clients.Even...

Silicon Valley Bank has been closed by regulators, which have taken control of the bank’s deposits, the Federal Deposit Insurance Corporation announced Friday.The California Department of Financial protection and Innovation closed SVB, and named the Federal Deoposit Insurace Corporation as the receiver.The FDIC has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.

In the anatomy of an economic crisis, a bank run is the point of no return. Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults. It’s a grim scenario which, fortunately, has occurred rarely in history. The most significant bank runs in the United States took place during the 1930’s Great Depression. More recently, there were runs on numerous U.S. banks during the Financial Crisis in 2008. In Asia, bank runs have also been rare....

China’s central bank said on Sunday that it would offer liquidity to Inner Mongolia-based Baoshang Bank, which the country’s financial regulators have said they would take over due to the serious credit risks it poses. The People’s Bank of China (PBOC) also said in a statement that it and the China Banking and Insurance Regulatory Commission (CBIRC) would give more policy support to improve small- and mid-sized banks’ corporate governance. Baoshang Bank came to prominence after its key stakeholder Tomorrow Holdings was targeted in a government crackdown on systemic risks posed by financial conglomerates. The rare takeover, the first in...

... new details about how a small group of men profited from fraudulent loans. It called out local authorities for succumbing to political pressure and the international community for not doing enough to stave off the catastrophe which led to a near-complete meltdown of Afghanistan’s banking system in 2010. The report, partly compiled from the results of a nine-month-long audit conducted by Kroll, a global investigations firm, said that the crisis was brought on by a well-hidden Ponzi scheme. More than 92% of the bank’s loan book, or $861 million, was extended to 19 related individuals and businesses, which ultimately...

State and federal regulators Friday closed New City Bank, a small single-branch operation with a big political backer, Cook County Commissioner William Beavers (D-Chicago). Beavers, who was indicted on federal tax charges last month, was an investor and vice chairman of the bank at 900 S. Michigan. Beavers, a former city alderman, did not respond to a request for comment Friday evening. The Federal Deposit Insurance Corp. said it approved payouts of insured deposits at the bank of up to a maximum of $250,000 per account. The FDIC said it could not find a buyer to assume New City operations,...

Beware Greeks bearing debt - or any other country that has too much of it. Despite ever-increasing government regulation of banks, which often are required to hold government debt as reserves, the systemic risk of a failure in the global financial system is growing rather than diminishing. There are solutions that require less, rather than more, regulation. Some banks have been around for a couple of centuries or more, particularly in Switzerland, and yet they continue to thrive without government help. Only one Swiss bank out of 350 required state intervention in the financial crisis of the past few years....

U.S. regulators announced the biggest bank failure so far this year by assets, Birmingham, Ala.'s Superior Bank, as well as the most failures in a single day in 2011, as five other banks were closed in Alabama, Minnesota, Mississippi and Georgia. The Federal Deposit Insurance Corp. said in addition to Superior, Nexity Bank, also based in Birmingham, was closed, the first failures in Alabama this year. Minnesota and Mississippi also logged their first failures of 2011 with the closures of Rosemount National Bank and Heritage Banking Group, respectively.

"At today’s Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure – to his face. Greenspan accords a certain degree of respect on Capitol Hill, despite Born’s accurate take on his many failures, and so this outburst was highly unusual – and gratifying. Born, who pushed to strictly regulate derivatives under the Clinton Administration, but lost the battle to, among other people, Alan Greenspan, told the former Federal Reserve chair that his agency “failed to prevent housing bubble, failed to prevent the...

Commercial Real Estate Losses Could Hit $300 Billion: TARP Panel 02/12/2010 By: Carrie Bay Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded. Market analysis by the Congressional Oversight Panel (COP), charged with keeping tabs on the government’s Troubled Asset Relief Program (TARP), shows that $1.4 trillion in loans made over the last decade for retail properties, office space, industrial facilities, hotels, and apartments will reach the end of their terms and require refinancing...

SAN FRANCISCO (MarketWatch) -- Los Angeles, Calif.-based First Regional Bank was closed by regulators Friday, marking the 14th U.S. bank failure of 2010.

The National Credit Union Administration (NCUA) today liquidated HeritageWest Federal Credit Union of Tooele, Utah, and accepted Chartway Federal Credit Union’s offer to purchase and assume the credit union. Chartway Federal Credit Union purchased and assumed HeritageWest Federal Credit Union’s assets, loans and shares, enabling HeritageWest members to continue to receive uninterrupted credit union service. HeritageWest Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Chartway Federal Credit Union. At closure, HeritageWest Federal Credit Union had $311 million in assets and served 40,000 members.

SAN FRANCISCO (MarketWatch) -- Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country. What's more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.

SAN FRANCISCO (MarketWatch) -- Commerce Bank of Southwest Florida in Fort Myers, Florida was closed by financial regulators on Friday, becoming the 124th bank to fail in 2009 and the 12th in the state of Florida. However, the holding company, Florida Commerce Bancorp, was not included in the closing of the bank or the resulting receivership. All deposit accounts, excluding certain brokered deposits, have been transferred to Central Bank of Stillwater, Minnesota.

ATLANTA -- In the waning days of the Great Recession, the federal government is still jumpstarting the economy and propping up financial markets. It is also trying to sell Dresden Heights, a failed condo development on a noisy freeway ramp next to a Motel 6, a Waffle House and a Do-It-Yourself Pest Control. For more than a year, the Federal Deposit Insurance Corp. has been seeking a buyer for 36 partially built condos it inherited from a high-flying, short-lived Atlanta bank. The agency has been fending off vandals, haggling with architects and uncovering the developer's blunders, all in a bid...

Regulators close two Florida banks and on in California, costing the FDIC $986.4 million. NEW YORK (CNNMoney.com) -- Two Florida banks and one in California failed Friday night, bring the 2009 national tally to 123. Regulators closed Century Bank, Federal Savings Bank in Sarasota, Fla., Orion Bank in Naples, Fla., and Pacific Coast National Bank in San Clemente, Calif. Customers of all the failed banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.