The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.
The Fed determined that Jacob Goldstein, who was also president of NBRS Financial Bank, improperly signed off on loans without telling the board that he would benefit from them. The bank failed in 2014.
We never promised the news would be good for all these community bankers, and it wasn’t. One couldn’t stop a failure, and another quit soon after an acquisition. The rest have their banks at different points on the comeback trail.
Readers sound off on Mick Mulvaney’s plan to hire political appointees at the Consumer Financial Protection Bureau, question what’s behind the failure of Washington Federal Bank for Savings in Chicago, react to an argument that Equifax must endure, and more.
Washington Federal in Chicago, which had a clean balance sheet and plenty of capital on Sept. 30, was shuttered shortly after the death of its CEO and regulators' discovery of "substantial dissipation of assets."
For the first time in nearly nine years, an acquirer of a failed bank agreed to purchase only the institution’s insured deposits, making it likely that some customers will not recoup all of their uninsured funds.
The Federal Deposit Insurance Corp. has forged a pact with the European Union-based entity that handles failed-bank cleanups to share information and collaborate on planning for cross-border resolutions.
