FDIC

PNC, down only 13% this year-to-date, very good for a bank stock, is acquiring beleaguered Ohio bank NCC for $5.5 billion. The price represents a huge discount to the prevailing market price before open today and NCC was down 34% in early…

They did it again. The FDIC closed down two banks on Friday night after the market had closed. The two bans in question are Meridian Bank of Eldred, Illinois and Main Street Bank of Northville, Michigan. As always seems the case for the…

The deal everyone first expected to happen is now likely to proceed. Wells Fargo is set to buy Wachovia. Earlier this week, we heard that Wachovia was to be acquired by Citigroup, the beleaguered corporate behemoth that has written down…

The FDIC has a chronology of the Savings and Loan crisis on its website. I think they do a pretty good job of highlighting all the key points without slanting things for political purposes. See the link at the end of the post for the…

Wachovia Corporation has agreed to be bought out by Citigroup in a deal supported by the U.S. government. Exact terms of the deal are still forthcoming, but this could be seen as a best case scenario for a bank which was increasingly under…

JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet. Note: I originally heard this story just…

Today, after the markets closed, in another Friday Night Special, the FDIC announced the failure of Ameribank. This represents the 12th bank failure this year and the 14th since the credit crisis began last August.See my list of Bankrupt…

I am not a certified financial planner and therefore, do not give financial advice or investment advice. Anyone looking for financial advice is advised to see a independent certified financial planner to help them with their investments.The…

I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual, I incorrectly stated that NCC was on that list and inferred that…

You have probably heard by now that Washington Mutual ousted its embattled CEO Kerry Kilinger and replaced him with former Sovereign Bancorp CFO Alan Fishman. But, what you have not heard is that WaMu has signed an agreement with the…