Posts Tagged ‘Banking’
Posted by Jeflin on December 12, 2008
State regulators closed Haven Trust Bank of Duluth, Ga., and Branch Banking & Trust agreed to assume all the failed bank’s deposits.
Haven Trust, which had $572 million in assets, is the 20th bank to fail this year amid the financial crisis.
BBT of Winston-Salem, N.C., entered into an agreement with the Federal Deposit Insurance Corp. to assume all of Haven Trust’s $515 million in deposits for $112,000.
BB&T also agreed to buy $55 million of Haven Trust’s assets. The FDIC will take control of the rest.
The failed bank’s four branches will reopen as BB&T branches Monday.
Source: Wall Street Journal
Yet another bank bites the dust. The last bank to be closed in the state was First Georgia Community Bank, Jackson, GA, on December 5, 2008.
Of the 8,500 federally insured banks and thrifts, the FDIC had 117 on its internal list of troubled institutions as of June 30, a five-year high. The agency doesn’t disclose the banks’ names.
Well over half of these 8500 8,500 banks and savings and loans are expected to tap the FDIC’s temporary guarantees to prevent a flight of deposits.
Back in September, I saw only 11 bank failures but the number has doubled in the space of a few months. I am sure there will be more casualties to come in 2009.
This consolidation is a necessary path to embark. Weeding out weak and mismanged players will result in a healthier banking sector.
Posted in Banking | Tagged: Banking, Haven Trust Bank | Leave a Comment »
Posted by Jeflin on October 11, 2008
The credit crunch is now the most critical challenge facing the US administrators and central banks around the world. Without loans to lubricate the system, perfectly sound businesses may not be able to meet short-term obligations, and consumers’ reluctance to purchase goods/services will force the economy into seizure with more shutdowns and rising unemployment.
Read the full article here.
Posted in Banking, Business, Stocks | Tagged: analysts, Banking, credit crunch, investment, investors, liquidity, stock market, Stocks, Wall Street, Warren Buffett | 1 Comment »
Posted by Jeflin on October 2, 2008
A dreadful scenario that has been bothering investors is that this recession drags on for years and stocks simply do not go anywhere. For the purpose of discussion, let’s assume that instead of a 1-2 year bounce back, the economy is indeed stagnant or experiences low growth for the next decade, resulting in mediocre returns from the equity markets.
Read the full article here.
Posted in Banking, Stock Indices, Stocks | Tagged: Banking, Dow Jones, Great Depression, investment, investors, stock market, Stocks, Warren Buffett | Leave a Comment »
Posted by Jeflin on September 26, 2008
For some time now, weekends spell a period of trepidation for investors as the Pandora’s box is opened. Bizarre announcements of historical takeovers, bankruptcies and government interventions left investors grabbing for straws in a cesspool when trading resumed on Mondays. Read the full article here.
Posted in Banking, Business, Stocks | Tagged: Banking, Goldman Sachs, investment, investment banks, investors, stock markets, Stocks, Warren Buffett, Washington Mutual | Leave a Comment »
Posted by Jeflin on September 5, 2008
Before these banks walk into history without so much as a mention, I think we shall do a brief body count for them.
1. Silver State Bank
Nevada regulators shut down Silver State Bank and the bank’s insured deposits will be assumed by Nevada State Bank of Las Vegas.
Andrew McCain, son of Republican presidential nominee John McCain, was previously a member of the bank’s board. Read full article here.
Posted in Banking, Business, Economy, Properties, Stocks | Tagged: bank failures, Banking, Economy, finance, Indymac, Integrity Bank, investing, investment, Lehman Brothers, Silver State bank, Stocks | Leave a Comment »
Posted by Jeflin on August 5, 2008
The Straits Time Index was down 15.57 points to close at 2860.51 Tuesday, a relatively muted response (fortunately) amid regional markets turbulence.
The stock market desperately needs a stimulus and what better than to see Dow Jones rallying by 331 points, reversing 3 consecutive loss sessions.
I expect stocks on the SGX to rally today and UOB gave me a pleasant surprise. Read the full article here.
Posted in Alternative Energy, Banking, Business, Economy, Inflation, Oil, Stock Indices, Stocks | Tagged: Banking, Business, Economy, Federal Reserve, financial firms, Inflation, investments, investors, Oil, profits, Stocks, UOB | 1 Comment »
Posted by Jeflin on July 8, 2008
Tongue in cheek…
Don’t you just miss the “good old days” of former Federal Chief, Alan Greenspan?
Look at how Bernanke is struggling to prop the economy and handle inflation. Things were much simpler during Greenspan’s days.
Read the full article at http://jeflin.net
Posted in Banking, Economy, Inflation | Tagged: Alan Greenspan, Banking, Bernanke, Economy, Federal Reserve, fraud, Inflation, money printing machines | 2 Comments »
Posted by Jeflin on July 7, 2008
The ST Index closed Monday at 2934.12 after a slight rebound of 41.58 points. Regional markets performed strongly as well. But don’t get all excited just yet. A recovery depends very much on what surprises Wall Street have in store for us.
Read the full article at http://jeflin.net
Posted in Banking, Currency, Economy, Inflation, Oil, Stock Indices, Stocks | Tagged: Banking, Dow Jones, Economy, Inflation, Lehman, Nasdaq, Oil, S&P 500, ST Index, stock market, Stocks, Wall Street | Leave a Comment »
Posted by Jeflin on June 27, 2008
The ST Index closed today at 2955.91, down by 25.04 points. Gainers/losers stand at 173/409 while 1.077 billion shares were traded.
No surprise for the red ink given that Dow Jones tumbled 358 points to close at 11,453.42 (its lowest finish since Sept. 11, 2006) due to record high oil prices and fresh troubles brewing in the financial, high-tech and automotive industries. S&P 500 slided 38.82 (about 3%) to 1,283.15 and Nasdaq composite fell 3.3% to 2,321.37.
Read the full article here.
Posted in Banking, Currency, Economy, Inflation, Oil, Stock Indices, Stocks | Tagged: Banking, Citigroup, Currency, Dollar, Dow Jones, Economy, Goldman Sachs, Oil, ST Index, stock market, Stocks | 1 Comment »
Posted by Jeflin on June 3, 2008
The red ink continues for the second straight day on the Dow Jones, even the sprightly oil sector was not spared.
Oil prices was hit by a strengthening dollar after the Fed chairman, Bernanke said the economy remains under pressure, but he is unlikely to cut interest rates again soon.
Read the full article at http://jeflin.net
Posted in Banking, Economy, Oil, Stocks | Tagged: automobile, Banking, Dow Jones, Economy, Federal Reserve, General Motors, Inflation, Lehman Brothers, Oil, Stocks | 3 Comments »
