FDIC: United Fidelity Bank, FSB, Evansville, Indiana, Assumes All of the Deposits of First City Bank of Florida, Fort Walton Beach, Florida
First City Bank of Florida, Fort Walton Beach, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The failed bank experienced longstanding capital and asset quality issues, operating with financial difficulties dating back to 2009, which are not related to the current economic…
FDIC: Resource Guide Published to Promote Investment Partnerships With FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks). “Investing in the Future of Mission-Driven Banks” is FDIC’s latest effort to build supportive partnerships between these banks and other financial institutions, private companies…
FDIC: Agencies Adopt Final Rule on Certain Real Estate Transactions for Financial Institutions and Consumers Affected by Coronavirus
Summary: The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively, the agencies) adopted as final the interim final rule that allows institutions supervised by the agencies to defer obtaining an appraisal or evaluation for up to 120 days after the closing…
FDIC: Results of 2020 Summary of Deposits Annual Survey Released
The Federal Deposit Insurance Corporation (FDIC) today released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2020. The FDIC’s Summary of Deposits (SOD) provides deposit totals for each of the more than 85,000 domestic offices operated by more than 5,000 FDIC-insured commercial and savings banks, savings…
FDIC: First-Ever FDIC Academic Challenge Launched
Teams from universities and colleges throughout the country will examine effects of community banks on local economic development The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s first-ever Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector. The topic for this inaugural…
FDIC: CRA Examination Schedules for Fourth Quarter 2020 and First Quarter 2021 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter 2020 and first quarter 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. …
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
FDIC: Updated Policy Statement on Minority Depository Institutions Proposed
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a new proposed Statement of Policy to enhance the agency’s efforts to encourage and preserve Minority Depository Institutions (MDIs). The proposed revisions would update, strengthen, and clarify the FDIC’s policies and procedures related to the agency’s existing MDI framework. The FDIC seeks public comment…