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Texas Bank Hit By California Dreaming
NEW YORK (Fortune) — Bank regulators have a Texas-sized problem on their hands — though it’s easy to see much of the trouble resides farther west.Guaranty Bank, an Austin-based savings institution with 13.5 billion in assets, is expected to be seized by the FDIC by the end of the week. According to multiple reports late… »
Bank Of England Sees Inflation Below Target
LONDON (Reuters) — British inflation will be well below the 2% target in two years if interest rates rise in the first quarter, the Bank of England said on Wednesday, suggesting markets are pricing in rate hikes too early.In its quarterly Inflation Report, BoE projections showed CPI inflation at around 1.4% in two years’… »
Bank Regulators Defend Against Obama Shake-up
WASHINGTON (Reuters) — Disagreement within the Obama administration over reshaping U.S. financial regulation flared Tuesday, with top bank regulators defending their turf against key parts of a broad bank supervision overhaul plan.The officials’ defiance, voiced before the Senate Banking Committee, came despite a stern warning from Treasury Secretary Timothy Geithner Friday about the need for… »
Bank Of America Plans China Subsidiary
HONG KONG/NEW YORK (Reuters) — Bank of America Corp. plans to set up a wholly owned subsidiary in China to expand in the world’s fastest-growing major economy, people briefed on the plan said.The largest U.S. bank plans to build up its corporate and investment banking business, and offer wealth management services to tap rich Chinese… »
Bank Of America To Close 10 Of Branches
NEW YORK: Bank of America Corp. is planning to shrink its branch network by about 10%, according to a report published Tuesday.Kenneth Lewis, Bank of America’s chief executive, told investors last week that the company’s 6,100-branch network would be reduced by about 10%, according to the Wall Street Journal. The newspaper, citing people familiar with… »
Small Bank In New York Closes Friday
NEW YORK: New York state regulators shut down a small regional bank Friday, the Federal Deposit Insurance Corporation said, marking the 58th bank in the United States to fail in 2009.Waterford Village Bank, of Clarence, N.Y., was shut down, and the FDIC was named the receiver. Evans Bank, N.A., headquartered in Angola, N.Y., took over… »
Bank Of New York Mellon CEO Says TARP Helped
NEW YORK (Fortune) — Bank of New York Mellon is not a name familiar to retail customers, but its role in the financial system is important enough that it was one of the first nine banks persuaded to accept billions of dollars last October from the Troubled Asset Relief Program — in Bank of New… »
Bank Failure Tally Hits 46 For 2009
NEW YORK: A regional bank in Illinois closed its doors Thursday, bringing the total number of failed banks in the United States to 46 so far in 2009, according to the Federal Deposit Insurance Corporation.Local banks have been dropping like flies as plummeting home values devalued mortgage-backed assets and rising unemployment rates caused an increasing… »
Georgia Bank Is Closed By Regulators
NEW YORK: Community Bank of West Georgia was closed Friday by state regulators, bringing the total number of failed banks this year to 41, according to the Federal Deposit Insurance Corporation. The FDIC said the bank had roughly 1.1 million in deposits that exceeded its 250,000 insurance limit for individual accounts. However, this amount is… »
Bank Of America Sued For Gender Bias
NEW YORK (Reuters) — Bank of America Corp. was sued on Thursday in a federal lawsuit in New York, accusing the largest U.S. bank of discriminating against female brokers at the former Merrill Lynch & Co. by offering them lower retention bonuses than their male counterparts.The lawsuit seeks class-action status, and contends that women… »