Wachovia Corp (NYSE: WB), at one time the fourth largest banking operation in the US, is currently fending off failure by holding talks over the weekend with potential buyers. Wells Fargo & Co. (NYSE: WFC) seemed to be the front runner over the weekend, but I just got a press release from the Treasury [...]

The FDIC announcement tonight of the Washington Mutual failure and subsequent JP Morgan Chase buyout, was 24 hours premature. The FDIC typically announces financial institution failures after the markets close on a Friday, but due to internal leaks to the media they were forced to act sooner.
Reuters reports,
“A top U.S. bank regulator said on [...]

Kansas Bankers Surety will no longer insure bank deposits above the $100,000 FDIC level in 38 states. Berkshire-owned Kansas Bankers Surety unceremoniously left the bank depositor insurance business by the side of the road today, supposedly on Warren Buffett’s say-so.
Kansas Bankers Surety Confidence Lost
Bloomberg reported today that Warren Buffet himself ordered Kansas [...]

Is the FDIC depositor insurance fund solvent? This is a reasonable question given the increasing number of bank failures and the fact the FSLIC depositor insurance fund went bankrupt during the Savings and Loan crisis.
Before we discuss the insurance fund let’s remind every bank depositor of their rights and the obligations the FDIC has [...]

The FDIC announced today the closure of Integrity Bank of Alpharetta, Georgia in what is quickly becoming a routine 5pm Friday press release.
Integrity Bank of Georgia
Integrity Bank of Georgia had $1.1 billion in assets and $974 million in deposits at the end of June, 2008. Depositors will get accounts handed over to Regions Bank [...]

First Priorty Bank of Brandenton Florida shut down Friday by regulators. All six branches of First Priority Bank will open Monday as SunTrust branches according to the FDIC.
The Federal Deposit Insurance Corporation (FDIC) as it has done in many of the recent bank failures, took receivership of the bank and immediately inked an [...]