News Topic: Failures

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A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose. ]] ... Read full article

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse. ... Read full article

Bansley & Kiener, without admitting wrongdoing, agreed to pay $2.5 million to address allegations that lax oversight contributed to the 2017 collapse of Washington Federal Bank for Savings. ... Read full article

A number of reasonable changes to the National Credit Union Share Insurance Fund could help NCUA avoid charging premiums. ... Read full article

Equity Bank agreed to buy most of the assets, and assume all the deposits, of Almena State Bank. ... Read full article

First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said. ... Read full article

The Justice Department alleges that the bankers worked with “higher-ranking bank officials” at Washington Federal Bank for Savings in Chicago to falsify records and hide funds prior to the bank's December 2017 collapse. ... Read full article

Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse. ... Read full article

Backers say a bill to limit asset growth instead of restricting brokered funds addresses concerns about expanding balance sheets at troubled banks. But skeptics worry it would open the door to greater risk. ... Read full article

Randal Quarles, who is also chairman of the Financial Stability Board, said FSB members must do more to prepare for bank failures. ... Read full article

Anita Gail Moody, who was president of Enloe State Bank, admitted to creating phony loan documents — and setting a fire to destroy them — before the bank was shuttered in May 2019. ... Read full article

After opening-day fiasco, SBA upgrades lender portal with Amazon assist; West Virginia’s First State Bank closed by regulators; BofA offers emergency loans to borrowers first, freezing out depositors; and more from this week’s most-read stories. ... Read full article

First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years. ... Read full article

First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years. ... Read full article

First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years. ... Read full article

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories. ... Read full article

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic. ... Read full article