Category Archives: Deposit Insurance
BB&T's market share lead grows locally
BB&T Corp. strengthened its market-share grip in Forsyth County and the Winston-Salem metropolitan statistical area during 2011, according to data from the Federal Deposit Insurance Corp.
The shifting of some BB&T corporate-investment deposits to its headquarters branch in downtown Winston-Salem raised its market share to 74 percent from 61.4 percent in 2010. the 2010-11 deposit data were as of June 30.
The Latest
I watched an interesting documentary a few nights ago about the striking resemblances between the Depression in the 1920′s and our I10-001current credit crunch. and while some critics may argue the correlation, one thing is for sure- people are becoming apprehensive (just as they did when the Depression began) about how safe their money is in the bank. American history tells the story which is to blame for this fear. During the Depression thousands of Americans were left broke when they went to withdraw their money from the bank and left empty handed. Banking institutions just didn’t have the money to pay out- and bank account holders were left in the dust- broke and on their own. So the question is, in times like this-Is your money safer in the bank, or under the mattress?Hearing about the financial crisis hurting the large banking institutions across the country, many Americans may be tempted to pull their cash out of the banks and keep it in their homes. however, this option might be riskier than many people think.first of all, we did learn something from the bank failure during the great Depression. President FDR, as part of the New Deal, created the Federal Deposit Insurance Corporation (FDIC) whose logo you have most likely seen emblazoned on your banking institution’s checks and deposit slips. the FDIC was created to prevent another bank failure and since its inception in 1934, no depositor has lost a single cent of insured funds as a result of bank failure.Critics argue, however, that if enough banks fail over the next few years, that it would be possible for the FDIC to run out of funds. (The FDIC is currently holding about $50.2 billion in it’s fund.)I10-003Despite their lack of faith in the FDIC, there is a valid argument for why your money might be safer in a banking institution rather than in your home. the biggest reason being, at least in the bank, it is insured.many homeowners mistakenly believe that in the event that their home is robbed or completely destroyed due to a covered peril, that their homeowners insuranceThe FDIC will typically insure up to $100,000 per depositor, per bank.in my opinion, I would recommend keeping your money in the bank. No one can ever be sure when a fire, flood or other loss may take your home and destroy your belongings (and cash!). If, however, you insist on keeping your money at home- make sure you keep your cash in a fireproof safe that is bolted to the floor, to prevent loss from fire or theft. and remember, anything over $200 will not be replaced by your200-500 homeowners policy.
Regulators shutter bank in Georgia for a total of 88 bank failures in 2011
LOS ANGELES – Regulators on Friday closed a bank Georgia, bringing to 88 the number of bank failures in the U.S. this year.
The number of closures has fallen sharply this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 146 banks.
Concerns over safety of deposits on banks mergers and restructuring
Recently, the rumours of feeble bank restructuring; merger and dissolution along with several large commercial banks’ reporting substantial bad debts have raised considerable concerns over safety of existing deposits at these entities.However, all credit institutions that are involved in dong mobilisation are required to take part in deposit insurance, said Pham Chi Cong, director of Khai Phong Law Company.
The wind-water debate
Everyone accepts the basic principle of capitalism that, if a company is run on a for-profit basis, it’s entitled to run a business model that maximizes revenue and minimizes costs. after all, it’s only fair that whoever puts up the money to start a business should be entitled to a return on their investment. But there comes a point when we should ask how much profit is morally acceptable and whether there should be limits on the means a business can use to make that profit. in the movie Wall Street, Gordon Gekko answers the first by saying there’s no such thing as “enough”. All that happens in business is money gets transferred from the losers to the winner. later he says greed is good. looking around at the amount of bonuses paid to the bankers and senior officers of our largest corporations, it seems they’ve learned Gordon Gekko’s lessons well.
Senators unveil bill to spark covered bonds
WASHINGTON | Wed Nov 9, 2011 4:59pm EST
WASHINGTON (Reuters) – a bipartisan group of senators on Wednesday introduced legislation designed to create a market for covered bonds, instruments that offer banks a way to raise money for new mortgages.
The legislation, introduced by two Democrats and two Republicans, would set up a regulatory framework for covered bonds.
Hometownstations.com-WLIO- Lima, OH News Weather SportsRegulators close a bank in Georgia
By ALEX VEIGAAP Business Writer
LOS ANGELES (AP) – Regulators on Friday closed a bank Georgia, bringing to 88 the number of bank failures in the U.S. this year.
The number of closures has fallen sharply this year as banks have worked their way through the bad debt accumulated in the recession. by this time last year, regulators had shuttered 146 banks.
Car types from the insurance perspective
People who complain about their cars being expensive to insure may use different factors as an explanation of the higher premiums they are forced to pay. Of course, your driving record or place of residence will have a significant impact over your premiums. However, quite often car owners tend to forget that the first and foremost factor that will have the utmost significance when determining insurance costs is the car they drive. That’s right, the car you are trying to insure will have the largest weight in the final rates you’ll be charged with. And it really makes a difference what type of car you are driving, since there are different criteria used by insurance companies to asses the risk of different car types. so it’s really useful to know what to expect in terms of insurance when driving different vehicle types.
End Deposit Insurance, Not Bonuses – By Reihan Salam – The Agenda – National Review Online
[Another commentary and rebuttal to NNT's recent NYT 'End Bonuses for Bankers' piece. Again, it would be nice if these articles were based on the larger context of NNT's entire Bailout commentary rather than a single opinion piece. JH]
Palace draws interest – Branson Tri-Lakes News News Free – Palace draws interest: News Free
since going on the market in mid-August, the Grand Palacehas been shown numerous times, according to a spokesman for theFederal Deposit Insurance Corp.
“To date, however, no firm offers have been received,” he saidin an email.
Greg Hernandez, of the FDIC’s office of public affairs reportedThursday that multiple entertainment and hospitality groups haveexpressed interest in the 90,000-square-foot building.
