The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Fort Lee NJ, to great fanfare Cross River Bank (“Cross River”), a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider based in Fort Lee, announced the grand opening of its new headquarters at 2115 Linwood Avenue.in April of 2021.
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Washington DC, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First-Citizens Bank & Trust Company, Raleigh, North Carolina.
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Washington DC, the Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank.
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Washington DC, the following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Continue reading BREAKING: Joint Statement by Treasury, Federal Reserve, and FDIC
FDIC Chairman Jelena McWilliams today sent the following letter to the President of the United States:
Continue reading FDIC Chairman Jelena McWilliams Announces Resignation
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Washington DC, the FDIC named Sultan Meghji as its first Chief Innovation Officer, charged with leading the agency’s drive to promote the adoption of innovative technologies across the financial services sector.
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Englewood NJ, A Bergen County, New Jersey, woman has been charged for her role in a conspiracy that involved the creation of false documentation to secure over $4 million dollars in bank loans, U.S. Attorney Craig Carpenito announced.
Jennie Frias, a/k/a “Jennie Castillo,” 36, of Englewood, New Jersey, was charged by complaint with one count of conspiracy to commit bank fraud. Frias had her initial appearance Sept. 25, 2019, before U.S. Magistrate Judge James B. Clark III in Newark federal court and was released on a $100,000 unsecured bond.
Continue reading Fed’s Charge Bergen County woman with conspiracy involving false documentation to secure over $4 million dollars in bank loans
Bank failures fading, but not completely, from view
Aug. 12, 2014, 11:11 a.m. EDT
WASHINGTON (MarketWatch) — The number of bank failures is slowing down due to the improving economy and rising property values, but the industry is still not back to pre-crash levels and future growth remains uncertain.
Only 14 banks failed in the first half of this year, according to the most recent data from the Federal Deposit Insurance Corp. Last year, 24 banks failed – down from 157 failures in 2010, the peak failure year since the banking sector was taken down by the financial crisis in 2008. Typically, when a bank fails, its capital becomes too low to meet obligations to its creditors because of sustained losses, causing regulators to close it.
“This is a very typical bank failure cycle,” said Bert Ely, a banking industry consultant based in Alexandria, Va. “As the economy improves, banks work out their problems and the FDIC and other banking regulators closed failed banks, then you revert back to the normal situation of having very few bank failures.”
With the economic recovery continuing, many FDIC-regulated banks have improved their balance sheets, made more loans and enjoyed stronger earnings, but the industry has not improved to the single-digit annual failure rate pre-crisis.
“I don’t think we are back to the zero failure,” FDIC’s Chief Economist Richard Brown said, referring to 2005 and 2006 when no banks went under. “There are still institutions dealing with the aftermath of the recession.”
More than 400 banks remain on the FDIC’s unofficial problem list of troubled institutions that may run the risk of failure in the near terms. The list has shrunk to half the size of the peak year of 2010. However, the number remains elevated when measured against the pre-crash year 2007 with its mere 76 problem banks.
The declining pace of failures is an indication of more business activity, lower unemployment rates and a relatively stronger lending market.
https://www.marketwatch.com/story/bank-failures-fading-but-not-completely-from-view-2014-08-12?mod=latestnewssocialflow&link=sfmw
