Advertisement
HomeCollectionsFdic
IN THE NEWS

Fdic

FEATURED ARTICLES
BUSINESS
Eileen Ambrose | September 18, 2012
The Federal Deposit Insurance Corp., which  insures bank deposits, warns that there are two fake emails claiming to be from the agency. One includes statements about the Bankruptcy Reform Act of 1978, and the Investor Protection Law of the Securities Act of 1933, according to the FDIC. It also uses this bogus address -- befdic.gov@execs.com -- and an area code of 646 for Washington, D.C. I don't know about the Investor Protection Law, but anyone in Maryland would know that DC's area code is 202. The other fake email purports to come from support@fdic.gov and mentions ACH transactions.
ARTICLES BY DATE
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | June 9, 2014
The investors buying 1st Mariner Bank said Monday that they've received the regulatory approvals they need and expect to close on the deal as soon as next week, turning the page on the Baltimore institution's most tumultuous chapter. The purchasers — who go by the name RKJS Bank — said they will put about $91 million in cash into the bank to recapitalize it, "significantly improving the strength of its balance sheet. " The Federal Deposit Insurance Corp. and Maryland's financial regulation agency both approved the transaction.
Advertisement
BUSINESS
March 6, 2010
The Office of Thrift Supervision on Friday closed Waterfield Bank in Germantown, making it the first bank failure in Maryland this year and the 25th in the nation. The bank, which had one branch and took deposits over the Internet, had $155.6 million in assets at the end of last year. Regulators transferred all insured deposits, except certificates of deposit and individual retirement accounts, to a newly created Waterfield Bank FA, a temporary institution where customers can access their funds until April 5. The Federal Deposit Insurance Corp.
BUSINESS
By Natalie Sherman, The Baltimore Sun | June 2, 2014
Losses on loans made to investors rehabilitating city homes helped drive to failure a small savings bank founded by immigrants in East Baltimore more than 100 years ago, said the CEO of the bank that acquired much of its portfolio. Federal banking regulators closed Slavie Federal Savings Bank on Friday after losses on bad loans depleted its capital from $13.4 million in mid-2012 to $2.93 million at the end of March. The Bel Air-based thrift's $111.1 million of deposits and most of its loans were sold immediately to Bay Bank, FSB. The Office of the Comptroller of the Currency issued Slavie a cease-and-desist order in January for failing to address "unsafe or unsound banking practices," its most severe sanction, laying the groundwork for last week's closure.
BUSINESS
By David Conn and David Conn,Staff Writer | October 30, 1992
It took a year to win the contract to do tax work for the Federal Deposit Insurance Corp., but Piper & Marbury partner Lawrence Katz believes it was worth the wait.A year ago Mr. Katz, who heads Piper's tax practice in Baltimore, submitted a bid to assist the FDIC's in-house counsel with tax-related legal work surrounding the agency's takeover of failed institutions.Last month, Piper finally heard it beat 31 other law firms for the contract. Although the value of the contract could not be estimated, Mr. Katz said, he predicted it could occupy up to nine attorneys in Piper's Baltimore and Washington offices.
BUSINESS
By Steve Kilar, The Baltimore Sun | April 15, 2013
The Federal Deposit Insurance Corp. has lifted a cease and desist order that 1st Mariner Bank has operated under since April 2009, the bank announced Monday. The order required 1st Mariner to strengthen its fair lending practices because the FDIC suspected 1st Mariner of discriminating against Hispanic, black and female mortgage borrowers. The bank charged some of these borrowers more than "similarly-situated" white and male borrowers in 2005, 2006 and 2007, the regulator said.
BUSINESS
By American Banker | January 26, 1991
WASHINGTON -- The Federal Deposit Insurance Corp. is privately projecting that it could have a $4 billion deficit by the end of next year if it is not recapitalized, according to banking sources.The projection, reportedly made in closed-door meetings this week with bankers on how to recapitalize the dwindling fund, would be the most pessimistic yet by the agency.However, FDIC Chairman L. William Seidman said late Thursday afternoon that the banking sources misunderstood what was said in the meetings.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | July 2, 1992
The Federal Deposit Insurance Corp. refused to say yesterday how many bids it received for the Radisson Plaza Lord Baltimore Hotel, a landmark building that was repossessed by federal thrift regulators after its former owners defaulted on a loan for its renovation.Only one bidder, Mount Vernon Properties of Baltimore, is known to have bid on the 440-room hotel, which remains open for business.Larry Dirgo, a Texas-based adviser to Mount Vernon, did not say how much the company bid.Mount Vernon also bid on the 66-year-old Lord Baltimore at an auction in January but was outbid by representatives of the FDIC.
BUSINESS
By Chicago Tribune | September 18, 1990
WASHINGTON -- The House, acting with unusual urgency approved a measure yesterday that would permit the Federal Deposit Insurance Corp. to boost insurance premiums banks pay to the fund that backs deposits at commercial banks.A nearly identical bill has been introduced in the Senate by its Banking Committee chairman, Donald Riegle, D-Mich.By increasing the premiums, the law would raise banks' costs of doing business.
BUSINESS
By Cathy Kristiansen and Cathy Kristiansen,Knight-Ridder News Service | June 28, 1991
WASHINGTON -- The outlook for the U.S. bank insurance fund has become more gloomy as real estate markets continue to languish and the economy remains sluggish, Federal Deposit Insurance Corp. Chairman L. William Seidman said yesterday.In prepared testimony to the House Budget Committee, he said that under the FDIC's "baseline," or middle-of-the-road, projection, the fund will have a surplus of about $3.2 billion at the end of this year but a deficit of $3 billion at the end of 1992. This compares with a January forecast of a $4.1 billion surplus at the end of this year and a $3.6 billion surplus at the end of 1992.
NEWS
By Peter Morici | March 3, 2014
Bitcoin believers were shaken to their digital souls when Mt. Gox, the world's largest exchange, defaulted on $470 million worth of deposits and closed. The virtual currency was supposed to provide a safer, more private and less costly alternative to money issued by governments. But lacking the imprimatur of a sovereign, it is failing. Fundamentally, money provides a secure place to keep your wealth — you can store your savings for later use at a government guaranteed bank.
BUSINESS
By Steve Kilar, The Baltimore Sun | April 15, 2013
The Federal Deposit Insurance Corp. has lifted a cease and desist order that 1st Mariner Bank has operated under since April 2009, the bank announced Monday. The order required 1st Mariner to strengthen its fair lending practices because the FDIC suspected 1st Mariner of discriminating against Hispanic, black and female mortgage borrowers. The bank charged some of these borrowers more than "similarly-situated" white and male borrowers in 2005, 2006 and 2007, the regulator said.
BUSINESS
Eileen Ambrose | September 18, 2012
The Federal Deposit Insurance Corp., which  insures bank deposits, warns that there are two fake emails claiming to be from the agency. One includes statements about the Bankruptcy Reform Act of 1978, and the Investor Protection Law of the Securities Act of 1933, according to the FDIC. It also uses this bogus address -- befdic.gov@execs.com -- and an area code of 646 for Washington, D.C. I don't know about the Investor Protection Law, but anyone in Maryland would know that DC's area code is 202. The other fake email purports to come from support@fdic.gov and mentions ACH transactions.
NEWS
By Hanah Cho, The Baltimore Sun | April 27, 2012
State banking regulators closed two Maryland banks Friday, the first two bank failures in the state since 2010. The Maryland Commissioner of Financial Regulation shut down the Bank of the Eastern Shore in Cambridge and appointed the Federal Deposit Insurance Corporation as receiver. The FDIC created the Deposit Insurance National Bank of Eastern Shore to allow customers to access their deposits until May 25. The state financial commissioner also closed HarVest Bank of Maryland in Gaithersburg, whose deposits and other assets were acquired by Sonabank in McLean, Va. HarVest's four branches will reopen during normal business hours as Sonabank's branches.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 25, 2011
Federal regulators have ordered Regal Bank & Trust in Owings Mills to make certain changes, such as drawing up written plans for maintaining capital levels and reducing "substandard" assets, according to a document released Friday by the Federal Deposit Insurance Corp. Regal agreed to the order, issued a month ago, without admitting or denying any charges of unsafe or unsound banking practices, the FDIC said. Regal says it has $189 million in assets. Besides its Owings Mills headquarters, Regal has three branches in Baltimore County and Carroll County.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 20, 2011
Investors reacted positively Wednesday to First Mariner Bancorp's efforts to save itself with the help of a New York firm, pushing the Baltimore company's stock price up more than 7 percent. Shares closed at 74 cents, up from 69 cents on Tuesday. The stock — which peaked at $20 a share in 2006 before tanking amid the housing bust and recession — traded as high as nearly 12 percent above the Tuesday closing price for part of Wednesday morning. The 1st Mariner Bank parent announced after markets closed Tuesday that Priam Capital, a New York private investment partnership headed by Baltimore native Howard Feinglass, would take a nearly 25 percent ownership stake in exchange for $36.4 million in much-needed cash . The deal is contingent on the bank raising an additional $123.6 million from other investors.
BUSINESS
By Stephen Labaton and Stephen Labaton,New York Times News Service | April 24, 1991
WASHINGTON -- The nation's senior auditor has found that the fund that protects bank deposits is in substantially worse shape than has been reported and may be worth only about half of the $8.4 billion that regulators previously calculated, a top banking official said yesterday.L. William Seidman, chairman of the Federal Deposit Insurance Corp., said yesterday in an interview that the General Accounting Office's annual audit of the bank insurance fund, to be released Friday, would show that the fund might be worth only about $4 billion to $5 billion.
BUSINESS
By WERNER RENBERG and WERNER RENBERG,1994 Werner Renberg | March 13, 1994
If you think that the Federal Deposit Insurance Corporation (FDIC) would insure you against losing money on shares of a mutual fund bought at a bank, your view would be consistent with those expressed by most people questioned in two public opinion surveys.You also would be wrong.Whether a fund is managed by a bank or a bank affiliate -- or by an independent investment adviser -- its shares are no more covered by the FDIC (as bank deposits are) than when you buy them from a broker.The extent of confusion about federal insurance of bank-sold fund shares that seems to prevail among current and prospective fund investors came to light last November, when the U.S. Securities and Exchange Commission, which regulates funds under the Investment Company Act of 1940, released the results of a survey it had commissioned.
BUSINESS
March 25, 2011
Friends and readers, I have plenty of vices. For example, I like bad movies and deep fried food, especially with extra cheese. Put a giant screen at a county fair and I'm in heaven. But I have never been able to get excited about playing the lottery --- even when the Mega Millions jackpot hits $312 million . I really did give it a try. I bought tickets once or twice and participated in one or two organized pools when the millions on the billboard visible from an office window hit triple digits.
BUSINESS
By Andrea K. Walker and Eileen Ambrose, The Baltimore Sun | July 9, 2010
Two Baltimore-area banks failed Friday in the latest sign that many financial institutions are still suffering from the fallout of the mortgage crisis, even as the economy has begun to recover. Regulators closed Bay National Bank and Ideal Federal Savings Bank — both reeling from bad loans — but were able to find a buyer for only one of the community banks. Bay National's deposits have been sold to a newly created thrift, Bay Bank of Lutherville. Bay National's two branches in Lutherville and Salisbury will reopen Monday, and customer accounts will automatically be transferred to the new Bay Bank, according to the Federal Deposit Insurance Corp.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.