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 stress due to the global credit crisis.
In 2006 Wachovia’s shares changed [...]

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 before 9PM ET and Yves Smith at naked capitalism has her take on the news.
Obviously, this is [...]

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 global financial institutions for major bankruptcies and my Credit Crisis Timeline for all bank writedown [...]

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 Certified Financial Planner (CFP) designation is a certification mark for financial planners conferred by the Certified Financial Planner [...]

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 WaMu was as well. This is not the case. The [...]

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 Office of Thrift Supervision (OTS) which requires WaMu to provide business plans and forecasts [...]

This time it is Silver State Bank of Henderson, NV to go bankrupt. Read the press release below. This one is pretty large with assets of $2 billion and it has ties to Republican Presidential nominee McCain.
See my list of Bankrupt global financial institutions for major bankruptcies and my Credit Crisis Timeline for [...]

Another Friday afternoon massacre claims another failed U.S. bank. This time the bank was in Georgia. Integrity Bank of Alpharetta, GA had $1.1 billion in assets. As is FDIC custom, the announcement wasn’t made until after markets had closed on Friday.
Integrity is the tenth U.S. bank to be taken over by the [...]

In further proof that we’re back to the Great Depression again, everyone is talking about unsecured bank deposits. Basically, if you have less than $100K at an FDIC institution, you’re good to go. If you have more, you’ll need to spread the wealth at various institutions.
However what do you do if you’re [...]

I fully anticipate this will happen, so the question becomes: what will the Fed do?
The FDIC stepped in at two banks over the weekend, 1st National Bank of Nevada and First Heritage Bank. These banks failed as a result of construction loans in real estate bust regions of the US. No, surprise there. [...]