Credit Unions Expanding Loan Production; Ready for Buybacks?; Lender Rating Model; FHA Approval News; Four More Bank Failures
Posted To: Pipeline Press
When I was a kid, I used to pray every night for a new bike. Then I realized that God doesn't work that way. So instead I stole a bike and asked Him to forgive me. Neither strategy worked for four more banks, as the FDIC shut them down Friday (without finding buyers for two of them leading to losses for depositors who had balances exceeding the agency's insurance limits). Sun American's (FL) deposits and assets were acquired by First-Citizens Bank (NC) at a cost to the FDIC of $103 million. The Bank of Illinois was "absorbed" by Heartland Bank (IL) at a cost to the FDIC of about $54 million. Waterfield Bank (MD), at a cost to the FDIC $51 million, and Utah's Centennial Bank are now being run by the FDIC, with the help of Zion's Bank, at a cost of about $96 million…(read more)
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