
Fake loans and fire
After a fire left charred loan documents on a boardroom table, investigators unraveled a 10-year scheme to defraud the Enloe State Bank in prairie Delta County. “People were betrayed,” said Texas’s top banking official.
After a fire left charred loan documents on a boardroom table, investigators unraveled a 10-year scheme to defraud the Enloe State Bank in prairie Delta County. “People were betrayed,” said Texas’s top banking official.
State regulators shuttered a local bank in rural Texas last month citing “insider abuse and fraud by former officers,” but the exact cause of the bank’s failure remains a mystery.
The nation has lost one-third of its banks since 2008. But today the list of troubled banks has tumbled, and bank failures are rare.
Federally insured institutions as a whole continue to rebound since the Great Recession. Total assets, capital, deposits, profits and reserves have all collectively improved, according to an analysis of Federal Deposit Insurance Corporation (FDIC) data by the Investigative Reporting Workshop, which looked at fourth-quarter FDIC data from December 2007 to December 2015 to get a …
Continue reading “Big banks grow, every state hit hard since recession”
The latest data from the Federal Deposit Insurance Corp. shows that the nation’s banks continue to recover from the financial crisis, reporting stronger earnings and increasing loan volume. But an analysis by the Investigative Reporting Workshop shows that for the vast majority of banks — those with less than $1 billion in assets — profits …
Five years ago last week Bear Stearns, then one of the nation’s largest brokerage houses, told the Federal Reserve it was out of money. Despite a $12.9 billion emergency loan from the Fed, within two days Bear Stearns was forced to merge with JP Morgan Chase — a deal facilitated with a $29 billion loan …
Continue reading “Reshaped banking industry emerges from crisis”
Compared with Sept. 30, 2011, an analysis of quarterly banking results by the Investigative Reporting Workshop shows: Loans increased to $7.44 trillion, up 3.9 percent from $7.16 trillion. However, total lending remains below the peak of $7.85 trillion in the second quarter of 2008. Troubled assets (a combination of nonperforming loans and the value of …
The nation’s banks continued to recover in the second quarter, as the volume of troubled assets on their books dropped to the lowest level in three years, according to data from the Federal Deposit Insurance Corp. Banks earned $34.5 billion, below the $35.3 billion reported for the first quarter of this year but above the …
Continue reading “Fewer problem banks, lending up as industry recovery continues”
The nation’s banks and credit unions had their best year since 2006, as a slowly recovering economy led to modest loan growth and lower levels of nonperforming loans. Commercial banks made $119.5 billion in 2011, the most since 2006, when they earned $145.2 billion. Credit unions earned $6.4 billion, the most ever. According to an …
Continue reading “2011 was best in 5 years for banking sector”
New federal data show that the number of small bank loans to business has fallen to the lowest point in more than a decade, cutting the flow of money to a sector that’s usually a job-creation powerhouse. “It’s usually the smaller business that is more able to bounce back and take advantage of different opportunities …