Nov. 16, 2010 at 5:20 p.m.
Filed under:
Bank failures,
Banking,
Politics,
Real estate
By Becky Yerak
Signage gets changed in the window at Broadway Bank at 5960 N. Broadway. The bank was seized by the FDIC on Friday, Apr. 21, 2010. (Phil Velasquez/Chicago Tribune)
A regulatory autopsy into the April failure of Chicago’s Broadway Bank, which was owned by the family of failed U.S. Senate candidate Alexi Giannoulias, faulted management for pursuing an aggressive growth strategy in commercial real estate.
A heavy emphasis on such lending was “exacerbated by the bank’s significant emphasis on out-of-territory lending and large borrower relationships,” according to a report released Tuesday by the Federal Deposit Insurance Corp.’s Office of Inspector General.
Although not a primary reason for its failure, the FDIC also cited Broadway’s investments in higher-risk collateralized debt obligations. Get the full story »
Nov. 4, 2010 at 12:33 p.m.
Filed under:
Bank failures,
Banking,
Government
By Becky Yerak
Broadway Bank, the lender once owned by the family of losing U.S. Senate candidate Alexi Giannoulias, attracted only one bidder when it failed in April, newly released records from the Federal Deposit Insurance Corp. show. Get the full story »
Nov. 3, 2010 at 5:06 p.m.
Filed under:
Bank failures,
Banking
By Becky Yerak
FirstMerit, the Akron-based bank that has become a Top 20 player in the Chicago area through three recent acquisitions, said it expects the pace of Illinois bank failures to pick up again. Get the full story »
Nov. 1, 2010 at 8:32 a.m.
Filed under:
Banking,
Earnings
By Becky Yerak
The new bank that took over the operations of failed ShoreBank on Aug. 20 made a $25.4 million net profit in the period ending Sept. 30, according to newly filed documents with the Federal Deposit Insurance Corp. Get the full story »
WIFR.com | Harris Bank has taken a pass on Amcore’s Rockford headquarters, leaving the FDIC holding the seven-story building.
Oct. 19, 2010 at 9:31 a.m.
Filed under:
Bank failures,
Banking
By Associated Press
Federal regulators have lowered the estimated cost of bank failures by $8 billion over four years and are proposing no increase in the fees banks pay to replenish the fund that insures deposits. Get the full story »
Oct. 8, 2010 at 10:11 a.m.
Filed under:
Banking
By Reuters
A top U.S. banking regulator is expected to propose rules as soon as Friday that set out how creditors will be treated under the government’s new authority to dismantle large financial firms that run into trouble. Get the full story »
Oct. 8, 2010 at 8:33 a.m.
Filed under:
Bank failures,
Banking,
Government,
Litigation
By Dow Jones Newswires
More than 50 lawsuits against officers and executives of failed banks have been authorized by the Federal Deposit Insurance Corp. as the agency tries to recoup more than $1 billion in losses from the credit crisis, Bloomberg News reported Friday. Get the full story »
Oct. 8, 2010 at 7:04 a.m.
Filed under:
Banking
From Crain’s Chicago Business| FDIC data show that Chase and Harris Bank gained market share in Chicago in the last year while Bank of America slid again.
Sep. 29, 2010 at 5:03 p.m.
Filed under:
Banking,
Housing,
Policy,
Politics,
Regulations
By Reuters
U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis. Get the full story »
Sep. 2, 2010 at 11:22 a.m.
Filed under:
Bank failures,
Banking,
Consumer news,
Investing
By Becky Yerak
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Aug. 31, 2010 at 9:52 a.m.
Filed under:
Banking,
Policy,
Small business
By Reuters
The U.S. loan picture improved slightly during the second quarter, with the amount of loans 90 days or more past due declining for the first time in more than four years, bank regulators said on Tuesday.
The Federal Deposit Insurance Corp revealed some encouraging figures about the bank industry, saying the sector earned $21.6 billion during the quarter largely due to banks putting away less money to cover expected loan losses. Get the full story »
Aug. 27, 2010 at 11:07 a.m.
Filed under:
Bank failures,
Banking,
Investing,
Real estate
From the Atlanta Business Chronicle | A new Atlanta-based real estate company will market the assets and loans from Chicago’s failed Corus Bank.
Aug. 20, 2010 at 6:10 p.m.
Filed under:
Bank failures,
Banking,
Real estate
By Becky Yerak
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
