Charities stand to lose up to 120m in Icelandic bank collapse: related news

Charities stand to lose up to £120m in Icelandic bank collapse

Charities' potential losses as a result of the collapse of Icelandic banks could reach over £120m, charity leaders said today.

Prosperity Bank(R) to Acquire All Deposits of Franklin Bank From FDIC

the parent company of Prosperity Bank(R), announced that as of the close of business today Prosperity Bank will assume approximately $3.7 billion of deposits, including all uninsured deposits, from the Federal Deposit Insurance Corporation (FDIC), acting in its capacity as receiver for Franklin Bank. The FDIC was named receiver of Franklin Bank SSB. The FDIC entered into a purchase and assumption agreement with Prosperity Bank, which paid a premium to ensure that all deposits of Franklin Bank, both insured and uninsured, were transferred to Prosperity Bank. Beginning Saturday, November 8th, Prosperity Bank will provide banking services to Franklin Bank's former customers. Prosperity results from this acquisition as a Texas based bank holding company with over one-hundred seventy (170) banking locations across the state of Texas.

Stearns Bank N.A. Acquires All Insured Deposits of Alpha Bank & Trust in Alpharetta,...

Stearns Bank N.A. Acquires All Insured Deposits of Alpha Bank & Trust in Alpharetta, Georgia ALPHARETTA, Ga., Oct. 24 /PRNewswire/ -- Effective October 24, 2008 at 4:00 p.m. EDT, Stearns Bank N.A. headquartered in St. Cloud, Minnesota acquired all insured deposits of Alpha Bank & Trust located in Alpharetta & Marietta, Georgia. Insured depositors of Alpha Bank & Trust will automatically become depositors and customers of Stearns Bank and will retain uninterrupted services and access to their accounts. Stearns Bank is an independently owned financial institution established in 1912, under current ownership since 1964. Stearns Bank has grown to more than one billion dollars in assets with locations in St. Cloud, Edina, Albany, Holdingford, and Upsala, MN, along with Scottsdale, AZ.

Standard Bank Group Limited - Standard Bank Group Basel II Disclosure as

SBK - Standard Bank Group Limited - Standard Bank Group Basel II Disclosure as at June 2008 Standard Bank Group Limited Incorporated in the Republic of South Africa Registration number 1969/017128/06 JSE share code: SBK NSX share code: SNB ISIN ZAE000109815 ("Standard Bank Group") STANDARD BANK GROUP BASEL II DISCLOSURE AS AT JUNE 2008 Standard Bank Group was required to comply with Basel II from 1 January 2008. In terms of the disclosure requirements under Basel II, comprehensive semi-annual and annual disclosures are required. The semi-annual disclosure for Standard Bank Group, based on June 2008 information, will be published on 10 October 2008 on the Standard Bank website, at the following link: http://www.standardbank.co.za/site/investor/int2008_analysis.

It is sad indeed for Identica to lose a client and staff in the Icelandic bank crash (see News), It will be little solace that its work for Icelandic...

Enter alt description text hereIt is sad indeed for Identica to lose a client and staff in the Icelandic bank crash (see News, page 3). It will be little solace that its work for Icelandic bank Icesave was shortlisted for an effectiveness award when the call came.

Charities see ?120m frozen in Iceland bank collapse

Leading charities have tens of millions of pounds frozen in collapsed Icelandic banks, it emerged yesterday. The Government was locked in talks with charity group leaders amid an estimate that British organisations may have £120m tied up with Iceland's trio of troubled lenders.

Charities see £120m frozen in Iceland bank collapse

Leading charities have tens of millions of pounds frozen in collapsed Icelandic banks, it emerged yesterday. The Government was locked in talks with charity group leaders amid an estimate that British organisations may have £120m tied up with Iceland's trio of troubled lenders.

Volga Universal Bank renamed Flexinvest Bank

MOSCOW. Oct 20 (Interfax) - Volga Universal Bank changed its name to Flexinvest Bank and re-registered its domicile to Moscow from Samara, the bank's owner, UK-based direct investment fund Aurora Russia Limited, said in a statement. Flexinvest Limited LLC, an Aurora Russia subsidiary, purchased 100% of Volga Universal Bank in April 2008 for 4.52 million pounds sterling and an investment of 1.87 million pounds in the bank's current operations. Aurora Russia chief James Cook was named to head the bank. Flexinvest's financial products will be sold by Creditmart, a financial products supermarket created by Aurora Russia. The Aurora Russia fund was founded to invest in Russian companies operating on financial and retail services markets. Its shares are quoted on the alternative investment section of the London Stock Exchange.

HDFC Bank buying Catholic Syrian?

Is HDFC Bank close to buying Catholic Syrian Bank? The bank vehemently denies such a development, but financial industry sources say the Aditya Puri-led tech-savvy bank, which has already folded in Centurion Bank and through it, the erstwhile Bank of Punjab, could be hungry for the south-based bank to consolidate its nationwide hold. This could be the best time to go shopping as banks with stronger balance sheets seek size and scale.

Central bank to allow loans to more institutions

The Bank of Canada said it will allow a wider range of financial institutions and funds to tap the central bank for loans in a bid to ensure smoother operation of money markets. The central bank said yesterday that instead of just banks being able to get loans, any federally or provincially regulated institution "which can demonstrate significant activity in the Canadian dollar wholesale money markets" can turn to the Bank of Canada for money. The cash will be made available as part of the central bank's purchase-and-resale operations, which are essentially short-term loans of two or four weeks. The loans are secured by collateral that's handed over to the Bank of Canada for the duration of the deal. The idea is to allow money market funds or pension funds that have sudden needs for cash to turn to the Bank of Canada rather than having to

Central bank to allow loans to more institutions

The Bank of Canada said it will allow a wider range of financial institutions and funds to tap the central bank for loans in a bid to ensure smoother operation of money markets. The central bank said yesterday that instead of just banks being able to get loans, any federally or provincially regulated institution "which can demonstrate significant activity in the Canadian dollar wholesale money markets" can turn to the Bank of Canada for money. The cash will be made available as part of the central bank's purchase-and-resale operations, which are essentially short-term loans of two or four weeks. The loans are secured by collateral that's handed over to the Bank of Canada for the duration of the deal. The idea is to allow money market funds or pension funds that have sudden needs for cash to turn to the Bank of Canada rather than having to

Central bank to allow loans to more institutions

The Bank of Canada said it will allow a wider range of financial institutions and funds to tap the central bank for loans in a bid to ensure smoother operation of money markets. The central bank said yesterday that instead of just banks being able to get loans, any federally or provincially regulated institution "which can demonstrate significant activity in the Canadian dollar wholesale money markets" can turn to the Bank of Canada for money. The cash will be made available as part of the central bank's purchase-and-resale operations, which are essentially short-term loans of two or four weeks. The loans are secured by collateral that's handed over to the Bank of Canada for the duration of the deal. The idea is to allow money market funds or pension funds that have sudden needs for cash to turn to the Bank of Canada rather than having to

Kuwaiti bank's chairman resigns over steep losses

The chairman of Gulf Bank resigned yesterday following the Kuwait bank's steep losses on derivatives, and the new chairman later announced the bank no longer deals in the financial instruments. Reportedly as high as 200 million dinars ($954.5-million), the loss prompted the Kuwait Central Bank to halt trading of the bank's shares Sunday, which sent shock waves through the Kuwait Stock Exchange and other Gulf markets. It also raised fears Kuwait had finally been hit by the global financial meltdown. Gulf Bank - the second-largest bank in the tiny Persian Gulf country - accepted the resignation of Bassam al-Ghanem as chairman, managing director and board member yesterday. He was replaced by his brother. GBK (Kuwait) fell 40 dinar to 950 dinar.

Kuwaiti bank's chairman resigns over steep losses

The chairman of Gulf Bank resigned yesterday following the Kuwait bank's steep losses on derivatives, and the new chairman later announced the bank no longer deals in the financial instruments. Reportedly as high as 200 million dinars ($954.5-million), the loss prompted the Kuwait Central Bank to halt trading of the bank's shares Sunday, which sent shock waves through the Kuwait Stock Exchange and other Gulf markets. It also raised fears Kuwait had finally been hit by the global financial meltdown. Gulf Bank - the second-largest bank in the tiny Persian Gulf country - accepted the resignation of Bassam al-Ghanem as chairman, managing director and board member yesterday. He was replaced by his brother. GBK (Kuwait) fell 40 dinar to 950 dinar.

" Overnight News Recap: Iceland's Largest Bank Goes Under; More CB Cu...

(CEP News) - The seizure of Iceland's largest bank and additional rate cuts from central banks across the globe highlighted the economic news of the overnight as policy-makers continue to focus on how to handle the financial market turmoil.- Iceland's Largest Bank, Kaupthing, Fails: As credit conditions continue to tighten, the Icelandic Financial Supervisory Authority took control of yet another bank on Thursday, this time the nation's largest bank, Kaupthing. Although authorities maintain that deposits at the bank will be guaranteed, the financial institution follows failures from Glitnir bank and Lansdsbanki just days ago.

Pacific Western Bank to Acquire All Deposits of Los Angeles-Based Security Pacific Bank From FDIC

today announced that its wholly-owned subsidiary Pacific Western Bank will assume the deposits, including all uninsured deposits, of Los Angeles-based Security Pacific Bank. At the close of business on November 7, banking regulators declared Security Pacific Bank insolvent and the Federal Deposit Insurance Corporation was named receiver. The FDIC approved the assumption of all deposits by Pacific Western Bank. The FDIC will retain substantially all of Security Pacific Bank's loan portfolio for later disposition.

Pacific Western Bank to Acquire All Deposits of Los Angeles-Based Security Pacific Bank From FDIC

today announced that its wholly-owned subsidiary Pacific Western Bank will assume the deposits, including all uninsured deposits, of Los Angeles-based Security Pacific Bank. At the close of business on November 7, banking regulators declared Security Pacific Bank insolvent and the Federal Deposit Insurance Corporation was named receiver. The FDIC approved the assumption of all deposits by Pacific Western Bank. The FDIC will retain substantially all of Security Pacific Bank's loan portfolio for later disposition.

Pacific Western Bank to Acquire All Deposits of Los Angeles-Based Security Pacific Bank From FDIC

SAN DIEGO, Nov. 7 /PRNewswire-FirstCall/ -- PacWest Bancorp today announced that its wholly-owned subsidiary Pacific Western Bank will assume the deposits, including all uninsured deposits, of Los Angeles-based Security Pacific Bank. At the close of business on November 7, banking regulators declared Security Pacific Bank insolvent and the Federal Deposit Insurance Corporation was named receiver. The FDIC approved the assumption of all deposits by Pacific Western Bank. The FDIC will retain substantially all of Security Pacific Bank's loan portfolio for later disposition.

Comerica Bank Announces $200,000 Grant to Oakland Business Development Corporation...

Comerica Bank Announces $200,000 Grant to Oakland Business Development Corporation for Loans to Small Businesses Celebration of Oakland Businesses at New Comerica Banking Center Features Mayor Ron Dellums, Rep. Barbara Lee, and Chinese Lion Dance Troupe OAKLAND, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Comerica Bank announced a $200,000 grant to the Oakland Business Development Corporation for loans for small businesses. (Logo: here) The announcement was made Oct. 28 by Mike Fulton, president and CEO of Comerica Bank's Western Market at the bank's new Oakland banking center, which opened in August at 12th Street and Broadway in downtown Oakland. "It's all about forging community partnerships," Fulton told business and community leaders, bank executives and small business owners who had gathered at the new Comerica Bank banking center in

8.10.2008 Glitnir Bank h.f. taken over by Icelandic supervisor â" operations of Glitnir Bank Ltd in Finland continue9/2008

Glitnir Bank h.f. taken over by Icelandic supervisor – operations of Glitnir Bank Ltd in Finland continue

Illinois Bank Closes - Not Same Bank as AZ's Meridian Bank

PHOENIX, Oct. 10 /PRNewswire/ -- An Arizona Bank with more than $2 billion in assets has had some phone calls from customers concerned that their Meridian Bank (of AZ) is the same bank as one that was closed by regulators in Illinois.

BayernLB bank first to apply for government aid

The regional bank BayernLB has applied for 5.4 billion euros in state aid, becoming the first bank in Germany to take advantage of a 500-billion euro government-backed rescue plan that came into force on Monday. The bank ran into trouble due to risky investments in the United States. An association representing more than 400 savings banks, including seven state banks, is also discussing aid packages with the government. The maximum amount a bank can apply for is ten billion euros. Salaries of top bank managers will be capped at 500,000 euros per year, and executive bonuses and dividends will be banned during the recapitalisation period. Several major banks including the Deutsche Bank have said they will not need assistance.

Illinois Bank Closes - Not Same Bank as AZ's Meridian Bank

PHOENIX, Oct 10, 2008 /PRNewswire via COMTEX/ -- An Arizona Bank with more than $2 billion in assets has had some phone calls from customers concerned that their Meridian Bank (of AZ) is the same bank as one that was closed by regulators in Illinois.

Federal Home Loan Bank of Atlanta Announces Third Quarter 2008 Operating Highlights

ATLANTA, Nov. 14 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (the Bank) today released the results for the quarter ended Sept. 30, 2008. As of Sept. 30, 2008, the Bank had total assets of $213.7 billion, an increase of $24.8 billion, or 13.1 percent, from Dec. 31, 2007. This increase was primarily a result of increases in advances, federal funds sold, and held-to-maturity securities. Advances, the largest asset on the Bank's balance sheet, increased by $21.4 billion, or 15.0 percent, during this same period due to increased demand for advances during the last month of the third quarter as the Bank responded to its members' increased need for liquidity. The Bank reported a net loss of $46.1 million for the third quarter of 2008, a decrease of $179.

Shobhana Subramanian: The bank that Kamath built

KV Kamath, the CEO and managing director of ICICI Bank, is due to step down sometime next year. In the twelve years or so that he has been at the helm of affairs, the bank has more than cashed in on a huge growth opportunity that presented itself as the Indian economy grew stronger. The ICICI brand must be the envy of every banker in the country including State Bank which, many point out, doesn’t really connect with the younger lot — which will soon be the largest earning segment of our population. It’s not surprising that ICICI Bank’s home loan portfolio is bigger than that of State Bank. Before the ICICI stock got a drubbing, its market capitalisation too was higher than that of State Bank. For sure, it’s been a phenomenal success story.

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