More banks and financial institutions could end up being bailed out by governments before the credit crisis is over, Alan Greenspan, the former chairman of the Federal Reserve, warns in an article in Tuesday’s Financial Times.
WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.
First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority.
Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized by federal regulators because the bank was close to being unable to meet the demands of depositors who withdrew 1.9 billion US dollars in the last few days.
Wachovia Posts Record Loss, Slashes Dividends, Cuts Jobs
In light of the recent Indybank collapse in California, the news that Wachovia cut its dividends to five cents per share could be bad news for stockholders and clients. But is it really time to worry?
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Details on your rights and obligations when your bank goes UNDER.
Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized
View more »
