Federal Deposit Insurance Corporation
Government Agency and Company
Block on Minsheng deal costs US $1.7bn...matter. Minsheng, a private bank that is going through a market offering in Hong Kong, had applied to acquire United Commercial Bank, a San Francisco lender, but its application was not ruled upon before UCB was seized by the Federal... In this article: Federal Deposit Insurance Corporation, US, Acquirer, Seizure, East West Bank, United Commercial Bank, and US Treasury |
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San Jose Mercury News | November 06, 2009
Feds take over banks in five states, including San Francisco's United Commercial Bank
...economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East...
In this article: FDIC, United Commercial Bank, California, San Francisco, Georgia, Illinois, Unemployment, FBOP Corp., Alerus Financial, and East West Bank
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MarketWatch | November 07, 2009
Five bank closures to cost FDIC fund $1.5 bln
Five bank closures to cost FDIC fund $1.5 bln SAN FRANCISCO (MarketWatch) -- A California-based bank that focused on the Chinese-American market was the largest of five failures on Friday that cost U.S. taxpayers more than $1.5 billion.
In this article: FDIC, United Commercial Bank, California, U.S., Hong Kong Monetary Authority, and Alerus Financial
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NBC | November 06, 2009
Another California Bank Bites the Dust
...Commission to assume all of the bank's deposits. The FDIC issued a statement that "United Commercial Bank, San Francisco, CA was closed by the California Department of Financial Institutions. Subsequently, the Federal Deposit Insurance...
In this article: East West Bank, United Commercial Bank, Los Angeles County, San Francisco, CA, and Pasadena
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washingtonpost.com | November 13, 2009
Regulators seize 3 more banks
...still has about $21 billion cash in loss reserves apart from the insurance fund. It can also tap a Treasury Department credit line of up to $500 billion. Last week brought the closure of the fourth-biggest bank to fail this year: San...
In this article: FDIC, California, Century Bank, United Commercial Bank, Unemployment, East West Bank, and Treasury Department
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U.S. regulators squeeze banks on future tax assets
...these assets. "As long as the FDIC is looking at this, writedowns will be much more widespread," said Jim Goeller, a partner at tax firm Perry-Smith in San Francisco, which audits over 60 banks in California. An FDIC spokesman said...
In this article: Tax, FDIC, U.S., Balance sheet, Troubled Asset Relief Program, and Citigroup Inc
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San Francisco Chronicle | November 13, 2009
Troubled Bay Area banks begin to topple
...federal regulators have four other Bay Area banks under scrutiny, as the region loses what had been its relative immunity from an epidemic of failures. Two weeks ago Friday, the FDIC closed the 14-branch Pacific National Bank and reopened it...
In this article: FDIC, TARP, and United Commercial Bank
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More on Federal Deposit Insurance Corporation
Description from Wikipedia:
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC insures deposits at 8,246 institutions with $13.5 trillion in assets.
New Deposit Insurance Limits - The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. For more information visit: Deposit Insurance Simplification Fact Sheet.
Insured institutions are required place signs at their place of business stating that "deposits are backed by the full faith and credit of the United States Government." Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
- Name:
- Federal Deposit Insurance Corporation
- Also Known As:
- FDIC
- Headquarters:
- Washington, D.C.
- Founding Date:
- June 16, 1933
- Head:
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- Sheila C. Bair
- Martin J. Gruenberg
- No. of Employees:
- 5,381 (2009, Q1)
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