Bank failures to rise next year: related news

Philippines: Sterling Bank eyes 20% loan growth in 2009

STERLING Bank of Asia, a 20-month-old thrift bank, expects its loan portfolio to expand by 20 percent next year from the current P5 billion as it sees more financing opportunities during difficult times. To expand its operations, the bank is set to open its 17th branch next week and will put up six more within the next five months, president and chief executive Lamberto Villena said Wednesday night. The operating environment has turned much more difficult but when there is a problem, there is an opportunity especially for banks, Villena told reporters, after introducing the bank s ShopNPay Visa Card. Our loan portfolio can grow by 20 percent easily next year, he said. Villena said the bank expects to grow its consumer lending, which now accounts for about half the total loan portfolio, to 70 percent next year.

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.

Bank failures so far this year: 20

SAN FRANCISCO (MarketWatch) -- Loganville, Ga.-based The Community Bank has been closed by regulators, the Federal Deposit Insurance Corporation said late Friday, marking the 20th bank failure of the year amid the ongoing financial crisis. All of The Community Bank's deposits have been transferred to Tappahannock, Va.-based Bank of Essex, the FDIC said. The Community Bank had total assets of $681 million and total deposits of $611.4 million as of Oct. 17, the FDIC said. End of Story

Bank of Ireland shares rise as bidders approach

Bank of Ireland PLC, the country's biggest bank by assets, surged in Dublin trading as it received "unsolicited approaches" from bidders looking to buy stakes. The Dublin-based bank has made "no decision" after getting "approaches from a number of parties," it said yesterday. Buyout firms including J.C. Flowers & Co., the Carlyle Group and Irish hedge fund Cardinal Asset Management approached the Irish government about investing in the bank, the Irish Times reported yesterday. The bank said last week first-half profit slumped 32 per cent and that it will cut dividend payments to conserve capital as bad loans rise. The bank declined to name the suitors. BKIR (Dublin) rose 24 euro cents to €1.25 ($2.01).

Industrial Nanotech, Inc. Maintains Four Year Record of Triple Digit Year Over Year Revenue Growth Rate Into Fifth Year Despite Global Economic Conditions

Industrial Nanotech, Inc. Maintains Four Year Record of Triple Digit Year Over Year Revenue Growth Rate Into Fifth Year Despite Global Economic Conditions

Georgia's Alpha Bank & Trust becomes 16th bank to fail so far this year

SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corporation said late Friday that Alpha Bank and Trust of Alpharetta, Ga., became the 16th bank failure of the year. FDIC was named receiver and entered into a purchase and assumption agreement with Stearns Bank of St. Cloud, Minn., to assume the insured deposits. As of Sept. 30, Alpha Bank & Trust had total assets of $354.1 million and total deposits of $346.2 million. End of Story

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.

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

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.

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.

Company Results | Canara Bank?s September quarter profit rises by 32%

Bangalore: Canara Bank posted 32% rise in its second quarter profit on increase in its net interest income. The bank posted a net profit of Rs529.43 crore, compared with Rs401.57crore a year ago, while its total income rose to Rs4,447.97 crore from Rs4,054.66 crore. The cost of deposit fell to 6.60% from 6.77% in the same period last year. Meanwhile, A.C. Mahajan, chairman and managing director, said the Reserve Bank of India’s decision to cut short-term lending rate by 100 basis points to 8% could be an indication for a softening in interest rates in the future. “The move could mean a reduction in interest rates, which may not happen tomorrow but after two to three months,” he said. Mahajan further added that the bank may raise Rs1,000 crore through tier II and subordinate bonds, if the interest rates do come down.

" 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.

Chinas bank loans rise 15% in October

China's central bank says bank loans rose 15 percent year-on-year in October to hit nearly 30 trillion yuan, or around 4 trillion US dollars. According to the People's Bank of China, this marks the second straight month of increase in outstanding loans.

Franklin Bank becomes 18th US bank failure in 2008

WASHINGTON, Nov 7 (Reuters) - U.S. bank regulators closed Texas-based community bank Franklin Bank SSB on Friday, the 18th bank to fail this year as tough economic conditions and falling home prices take their toll on the financial industry.

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.

Bank failures to rise next year

Oct. 6: Talk Me Down: The Dow was down as much as 800 points on the first trading day since President Bush signed the bailout bill into law. Would the stock market have gone down even lower if the bill wasn’t passed? New York Times columnist Paul Krugman tries to talk Rachel down.

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