Ever wonder what happens to your loan if regulators close your bank?
Well, it doesn’t go away. That’s for certain.
But there are a few things you should know.
And the Federal Deposit Insurance Corp. has created a new Web page aimed at providing you information should such a circumstance arise.
The Federal Deposit Insurance Corp. says that it plans to open a second national satellite office to help it with the work of resolving failed banks and thrifts.
The federal agency responsible for insuring bank and thrift deposits says the new office will be in Jacksonville, Fla., and will oversee the management of receiverships and asset liquidations for failed banks on the East Coast.
The space it is leasing will have enough room to handle up to 500 nonpermanent workers and contractors.
In November, the agency opened its first temporary, national satellite office in Irvine, Calif., in a 200,000-square-foot space.
The agency says it expects to begin moving into the Jacksonville office in mid-September.
As of last week, the FDIC has been involved in 33 bank and thrift closings this year, compared to 25 in 2008.
Results of a new Federal Reserve survey says senior bank lenders are reporting an easing of tightened credit on loans to businesses for the second consecutive month.
The survey also says banks have tightened lending for residential mortgages.
To see the survey, click here.
Kudos to Landmark National Bank, a Topeka-based bank that was awarded an outstanding rating on its Community Reinvestment Act evaluation by the Comptroller of the Currency, which regulates nationally chartered banks.
Kudos because achieving an outstanding rating is not an easy thing to do and the comptroller gives out that rating sparingly. At least not as often as it does a satisfactory rating.
The comptroller said Landmark’s record of lending to businesses of different sizes and to borrowers of different income levels is excellent.
Banks that are looking for additional money from the federal government may have to sacrifice their chiefs in order to get it.
That was the message Sunday from Treasury Secretary Tim Geithner.
“If, in the future, banks need exceptional assistance in order to get through this, then we’ll make sure that assistance comes with conditions, not just to protect the taxpayer but to make sure this is the kind of restructuring necessary for them to emerge stronger,” he said on “Face the Nation” on CBS. “And where that requires a change of management of the board, we’ll do that.”
The Charlotte Observer has a story this morning about how April is a key month for Bank of America chief executive Ken Lewis.
Not only does this month mark Lewis’ eight year at the helm of the country’s biggest bank — and the Wichita area’s second biggest by market share — but also whether or not the proof will be there to back up his claims that 2009 will be a profitable year for the bank.
Lewis also is facing pressure by some shareholders to resign his post.
Over the past couple of weeks, Kansas Technology Enterprise Corp. has been making a big push to keep itself intact, despite a budget recommendation by Gov. Kathleen Sebelius to move parts of the agency into the Kansas Department of Commerce and completely do away with other functions.
Officials from the private-public agency charged with helping high-tech startups get off the ground and grow has been on an e-mail petition campaign to enlist support from Kansans.
Despite some media reports suggesting that KTEC will remain intact because of actions in the Kansas House, KTEC apparently isn’t convinced that its survival is guaranteed.
Seems that a few banks think that the capital infusions they got a few months ago from the Treasury Department’s Troubled Assets Relief Program are now something they want to get rid of quickly.
That’s according to a story in today’s Charlotte Observer, a sister paper to the Wichita Eagle.
You might want to take this with a grain of salt, but a financial services industry trade group says banks are lending money.
In fact, the Financial Services Roundtable says that its “in-depth analysis” of the Treasury Department’s banking lending survey shows that lending increased 14 percent in January.
” … TARP capital continues to fuel lending activity,” says Steve Bartlett, the roundtable’s chief executive, in a news release.
Winfield entrepreneur Todd Gentry’s FireWire got a plug on NBC’s Today show.
The flexible device used for grilling kabobs was featured as part of the Today contributor Lou Manfredini’s more than 3-minute-long spotlight on new products at the International Home and Housewares show in Chicago.
Gentry, CEO and founder of Inno Labs, FireWire’s maker, wasn’t in the video report.
But his company’s product got a 25 seconds of national exposure.
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Federal bank regulators on Friday seized three banks, including Paola, Kan.-based TeamBank.
That was in addition to regulators from the National Credit Union Administration placing two corporate credit unions, including Lenexa-based U.S. Central Federal Credit Union, into conservatorship.
Conservatorship is a nice word for a takeover.
Friday’s action on the three banks brings the total number of bank failures this year to 20.
I received a call this morning from a reader who worked at the Wichita Unilever plant when it was still operating as J&G Products.
We reported this morning that in the next couple of months the 44-year-old business is closing.
The caller said the plant was previously located in the 200 block of Rock Island in Old Town, and relocated to its present location at 5015 S. Water Circle about the same time that redevelopment of the historic district began.
When she started there, she said there were about 20 employees. Much later it had as many as 250 employees, she said.
At one time, its business was more than just producing seasonings. It also had a mill shop, she said, that manufactured booths and did other fabrication work for Pizza Hut restaurants.
Once, when her sister’s home had been devastated by a flood in Augusta, her co-workers at the plant all chipped in and donated $4,000 to help her sister — who also worked at the plant — get back on her feet.
She wanted to tell me, too, that so often we only think about aircraft in this town. She pointed out that there are many other wonderful companies here that people don’t know about. This, she said, was one of them.
And now, it’s leaving us.