Posts tagged 'TARP'

Tennessee bank collapse largest since April 2010

Posted: Jan. 30, 2012 | Tags: banks, BankTracker, failed banks, FDIC, TARP

Friday’s failure of the Tennessee Commerce Bank of Franklin, Tenn., is the costliest bank collapse since April 30, 2010, according to the Federal Deposit Insurance Corp.

The FDIC estimated that closing the Tennessee bank would cost the deposit insurance fund $416.8 million. That would mean it cost more than any of the 92 banks that failed in 2011 or the 93 that were closed between April 30 and Dec. 31, 2010.

On April 30, 2010, the FDIC took over five banks that each cost more than $600 million. The total cost to the fund that day was more ...

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BankTracker digs into bank behind Waters investigation

Posted: Aug. 9, 2010 | Tags: BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp., Maxine Waters, MSNBC, OneUnited, TARP

An analysis by the Workshop's BankTracker has revealed the bank at the center of a House ethics investigation of U.S. Rep. Maxine Waters was, at the time of its rescue, the weakest to receive fundsfrom the government's Troubled Asset Relief Program. The analysis is based on public federal financial reports.

Wendell Cochran found that in spite of its weak financial health OneUnited Bank of Boston received $12.1 million from the Treasury Department in December 2008. To date, the money has not been repaid.

Officials of OneUnited did not respond to Cochran's requests for an interview ...

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TARP bank among Friday failures

Posted: May 15, 2010 | Tags: banks, BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp., Illinois banks, TARP

The Federal Deposit Insurance Corp. took over four more banks on Friday, bringing the total number of failures so far this year to 72.

Included in Friday's closings was the Midwest Bank and Trust Co. of Elmwood Park, Ill., which had been owned by Midwest Banc Holdings, Inc. of Melrose Park, Ill. Midwest Banc Holdings got $84.8 million from the Troubled Assets Relief Program in December 2008, which it had not repaid, according to the latest Treasury Department report on TARP transactions.

But the Treasury Department report also shows that in March it increased its investment in Midwest ...

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Seven Illinois banks fail Friday

Posted: April 24, 2010 | Tags: banks, BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp., Illinois banks, TARP

Seven more Illinois banks were closed on Friday and taken over by the Federal Deposit Insurance Corp.

Since the beginning of last year, 31 of the 197 banks that have been closed across the country have been in Illinois. Only Georgia, with 32 failures in the past 16 months, has seen more bank closings in that period.

Friday's closings bring this year's total to 57, including 10 in Illinois.

The takeovers on Friday cost the FDIC an estimated $974 million. The biggest bank to fail was Amcore Bank National Association of Rockford, which had $3.8 billion in ...

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TARP outcome: "A tale of two worlds"

Posted: April 22, 2010 | Tags: BankTracker, TARP, USA TODAY

For the past several weeks, I have been working with USA TODAY reporter Dennis Cauchon to analyze the effectiveness of the Troubled Asset Relief Program, the $250 billion package designed to shore up the nation's banks during the financial crisis. Today, the paper published the results based on federal banking reports the Workshop uses for our BankTracker project.

We found that, while overall lending has declined since the program began, banks that took TARP money (most of which now has been repaid) actually reduced lending more than those that didn't get federal aid. They also continued to expand ...

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Charles Lewis receives I.F. Stone medal

The Nieman Foundation for Journalism has awarded Charles Lewis the 2018 I.F. Stone Medal for Journalistic Independence


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