Translate

Search This Blog

Search Tool




Feb 19, 2010

FDIC : Immediate Press Release, February 19, 2010


Press Release
Community National Bank, Hondo, Texas, Assumes All of the Deposits of the La Coste National Bank, La Coste, Texas


FOR IMMEDIATE RELEASE
February 19, 2010
Media Contact:
Greg Hernandez
(202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

The La Coste National Bank, La Coste, Texas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank.
The sole branch of The La Coste National Bank will reopen on Monday as a branch of Community National Bank. Depositors of The La Coste National Bank will automatically become depositors of Community National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Community National Bank that it has completed systems changes to allow other Community National Bank branches to process their accounts as well.
This evening and over the weekend, depositors of The La Coste National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2009, The La Coste National Bank had approximately $53.9 million in total assets and $49.3 million in total deposits. Community National Bank will pay the FDIC a premium of 0.51 percent to assume all of the deposits of The La Coste National Bank. In addition to assuming all of the deposits of the failed bank, Community National Bank agreed to purchase essentially all of the assets.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-830-3256. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/lacoste.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. Community National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. The La Coste National Bank is the 18th FDIC-insured institution to fail in the nation this year, and the first in Texas. The last FDIC-insured institution closed in the state was Madisonville State Bank, Madisonville, on October 30, 2009.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,099 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

Mining Interactive: MOSQUITO CONSOLIDATED GOLD MINES LTD.


MOSQUITO
CONSOLIDATED GOLD MINES LTD.
Dr. John L. Faessel
in his 'On The Market'
commentary today:
  • If you missed the boat early on Ivanhoe Mines Inc* (IVN) - Mosquito [at its flagship CUMO Project in Utah] has compelling parallels; this story has legs and legs and legs!
  • Staggering numbers comparable to of the world's largest mining ventures"
Dear Friends:
Yes, The Mosquito Story has legs and legs
This week I and my family bought some more shares in Mosquito. The Company certainly has reached world-class status and is attracting investment worldwide at an accelerated pace.
If you have not already done so then start your research and due diligence this weekend by going to www.mininginteractive.com.
You ve Got to be in it to Win it - - - and this one is a winner!
As always - - - Stay Tuned!!

Regards,
Nick L. Nicolaas
Mining Interactive "Ahead of the Pack"


The Metals
MiningInteractive Videos
Click Here

Stay tuned for the most recent updates on Mosquito Ltd. and other leading mining companies through the MiningInteractive Video Interviews.
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com

MarketWatch: Personal Finance Daily, February 19, 2010

MarketWatch
Personal Finance Daily
FEBRUARY 19, 2010

Friday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

When you hear there's been a drop in the rate of homes entering the foreclosure process -- finally! -- and you read about a fourth-quarter decline in the rate of home loans that are 30-days late and about how there's never been a decline of this "magnitude" in the fourth quarter before, you start to get a little bit excited about a possible end to the travails of the housing market. Enough crisis already! Let's celebrate!

Oh wait.

The same mortgage bankers' report that found some slight glimmers of hope also found that the portion of home loans currently in foreclosure is at a record high. So is the number of home loans that are 90 days late.

And, as Steve Kerch, MarketWatch's assistant managing editor for personal finance, points out in his First Take commentary today, we are not there yet. For one, we're not even close to getting back down to 2008 foreclosure figures. And what about that job market? Let's not go there.

I guess that's why the mortgage bankers are saying the current data is "a concrete sign that the end may be in sight."

Initially, I focused on that comforting word "concrete." But "may be" is the operative phrase, for now.

-- Andrea Coombes , Personal Finance editor

Beginning of the end for housing crisis?

A smaller percentage of mortgages were delinquent and the rate of those entering the foreclosure process slowed in the fourth quarter, possible signs that the foreclosure crisis that has gripped many of the nation's housing markets is finally starting to ease, a trade group reported on Friday.
See Real Estate.


Commentary: Foreclosure troubles only hibernating

You would like so desperately for our housing woes to end that you want to believe the latest numbers on mortgage delinquencies and foreclosures signal a turnaround in the fortunes of American homeowners. But the numbers just don't ring true.
See MarketWatch First Take.


Is it time to give up your low adjustable-rate mortgage for a fixed-rate loan?

Low mortgage rates over the past year have inspired many Americans to refinance their home loans, but some eligible borrowers haven't made the leap. Often that reluctance to refinance stems from the fact that interest rates on their adjustable-rate mortgages have fallen below 3% -- a better rate than they'd get by switching to a fixed-rate loan.
See Real Estate.


How lenders decide whether to modify your mortgage

Question: As one of the 160,000-plus people waiting in the pipeline to apply for a mortgage reduction at the same lender mentioned in your recent [newspaper] column, I was greatly puzzled by one point in your article: "If you show negative cash flow, your application will be denied, period."
See Realty Q&A.


Obama targets five states for home-loan help

Facing millions of foreclosures and high unemployment, President Barack Obama on Friday announced a $1.5 billion fund to help unemployed homeowners and other struggling borrowers in a handful of states.
See Capitol Report.


Lessons learned from mid-Atlantic snowstorms

A key rule of thumb to follow when the snowstorm of the century bears down upon you is to not drink too much red wine the first night of the blizzard. And don't feel too smug either. Expect the worst and plan for it.
See story on how blizzards can bring lessons in preparedness.


HEALTH CARE

States grapple with health-insurer rate hikes

As health-insurance premiums rise beyond what many people can pay, some states are experimenting with more aggressive ways to protect consumers from skyrocketing premiums in the individual market.
See Vital Signs.


Once detractors, medical groups say health reform a must

A decade and a half ago, a number of groups like the American Medical Association opposed the Clinton administration's version of health-care reform, and helped in ultimately defeating that effort.
See Health Care.


TAXES

Stressful tax problems are common, but the IRS isn't always to blame

We've all heard of road rage, but plane rage? If you've ever tried to figure out an IRS notice or clear up a problem with your tax bill, you may understand Joseph Stack's sense of helpless frustration.
See TaxWatch.


CONSUMERS

What the Fed's move means for you

The Federal Reserve is raising the lending rate it charges banks, saying it's time for banks to stand on their own again. MarketWatch Washington bureau chief Rex Nutting explains what else the Fed is trying to tell us with this move, and what this means to consumers and businesses who rely on these banks.
 Listen to Radio Report.


Does a pricey haircut pay off?

Even a good haircut looks shabby after a few weeks. And a bad one usually won't look so bad after a few weeks. At least that's been my logic over the past couple of decades, as I've gone from one cheapo barber to another.
See Neal Templin.


TRAVEL

FAA faulted on oversight, hazardous flying conditions

The Federal Aviation Administration has been blamed for lapses in American Airlines' safety record, as a lack of proper oversight allegedly allowed the carrier, and potentially others, to put off hundreds of maintenance inspections.
See Travel.


INVESTING

Value manager jumps back into mutual funds

One of the leading value-stock investors of the late 1990s is returning to mutual funds. David Marcus, who co-managed many of Franklin Resources Inc.'s Mutual Series funds, has launched his own funds, which will use a go-anywhere approach, mixing bonds and stocks and using short-selling strategies when appropriate.
See FundWatch.


Commentary: Sirius XM Radio stock is seriously off-key

Anyone who buys Sirius XM Radio shares now -- after its huge run -- would be making the Stupid Investment of the Week.
See Chuck Jaffe's Stupid Investment of the Week.


Investors turn to popular gold ETF

Investors are beginning to put money into SPDR Gold Trust again, a fresh signal that demand for gold is picking up.
See ETF Focus.


Investing in Broadway 'Rock of Ages'

Most portfolios include stocks, bonds, and cash but what about those alternative investments that can help diversify your portfolio? Dow Jones Newswires Reporter Veronica Dagher spoke with Barry Habib, Producer of the Broadway hit "Rock of Ages" to gain more insight about the risks and rewards of this alternative investment.
 Watch Video Report.


SPORTS & LEISURE

Olympics: Sibling skaters 'sizzle'

Some ice skating pairs will have to feign attraction more so than others -- at least, for those that are related. WSJ's Geoffrey Fowler talks with Kelsey Hubbard about four pairs of sibling ice skaters that have to "sizzle" on the ice.
 Watch Video Report.


Olympics: Hockey rivalry heats up

Team Canada escapes a close call in the game against Switzerland, and now faces off against the USA Sunday in one of the most anticipated matches. Hockey great Brendan Shanahan joins Kelsey Hubbard to give his game predictions.
 Watch Video Report.


Olympics: A huge night for Team USA

Evan Lysacek delivers an upset in men's figure skating, siblings dance the tango, and Brendan Shanahan previews the weekend hockey tournament in today's Vancouver 2010 Winter Olympics update.
 Watch Video Report.


Parsing Tiger Woods' apology

Tiger Wood's highly-watched statement should not be mistaken for a press conference, Darren Everson tells the News Hub panel. The embattled golf star did not take questions and left many questions unresolved.
 Watch Video Report.


Woods apologizes for affairs; no return date set

Golfer Tiger Woods apologized Friday to family, friends and fans for numerous affairs with women and being unfaithful to his wife, but didn't say when he would return to the pro tour.
See SportsWatch.


ECONOMY & POLITICS

Fed looks impatient in wake of discount rate hike

The move by the Federal Reserve to hike the discount rate on Thursday afternoon makes the central bank look a little more impatient today than it appeared 24 hours ago.
See The Fed.


Despite higher discount rate, inflation tame

A core inflation reading declines giving the Fed more cover to keep the federal-funds rate low, Barrons.com's Bob O'Brien reports.
 Watch Video Report.


Commentary: Volcker rule dead? Not so fast

You've heard of zombie banks, how about zombie bank reform? The legislation in question is the so-called Volcker Rule, the president's proposed limit on bank activities. After all but being thrown off Capitol Hill, Paul Volcker's plan to cut proprietary trading, hedge funds and private equity out of banks appeared nearly dead.
See MarketWatch First Take.


Conservatives go viral as November nears

Conservatives want to be voters' new best friends. Online. A little more than a year after President Barack Obama took office following a tech-savvy, history-making campaign, conservatives are plowing energy into and using to the hilt new media like Facebook, Twitter and YouTube.
See Capitol Report.

Tea with The Economist Fazle Hasan Abed On BRAC

FDIC Immediate Press Release, February 19,2010



Press Release
OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of La Jolla Bank, FSB, La Jolla, California


FOR IMMEDIATE RELEASE
February 19, 2010
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

La Jolla Bank, FSB, La Jolla, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of La Jolla Bank, FSB.
The ten branches of La Jolla Bank, FSB will reopen on Monday as branches of OneWest Bank, FSB. Depositors of La Jolla Bank, FSB will automatically become depositors of OneWest Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from OneWest Bank, FSB that it has completed systems changes to allow other OneWest Bank, FSB branches to process their accounts as well.
This evening and over the weekend, depositors of La Jolla Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2009, La Jolla Bank, FSB had approximately $3.6 billion in total assets and $2.8 billion in total deposits. OneWest Bank, FSB did not pay the FDIC a premium for the deposits of La Jolla Bank, FSB. In addition to assuming all of the deposits of the failed bank, OneWest Bank, FSB agreed to purchase essentially all of the assets.
The FDIC and OneWest Bank, FSB entered into a loss-share transaction on $3.31 billion of La Jolla Bank, FSB's assets. OneWest Bank, FSB will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-894-2927. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/lajolla.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $882.3 million. OneWest Bank, FSB's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. La Jolla Bank, FSB is the 20th FDIC-insured institution to fail in the nation this year, and the second in California. The last FDIC-insured institution closed in the state was First Regional Bank, Los Angeles, on January 29, 2010.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,099 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC : Immediate Press Release, February 19, 2010


Press Release
FirstMerit Bank, National Association, Akron, Ohio, Assumes All of the Deposits of George Washington Savings Bank, Orland Park, Illinois


FOR IMMEDIATE RELEASE
February 19, 2010
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

George Washington Savings Bank, Orland Park, Illinois, was closed today by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with FirstMerit Bank, National Association, Akron, Ohio, to assume all of the deposits of George Washington Savings Bank.
The four branches of George Washington Savings Bank will reopen on Saturday as branches of FirstMerit Bank, N.A. Depositors of George Washington Savings Bank will automatically become depositors of FirstMerit Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from FirstMerit Bank, N.A. that it has completed systems changes to allow other FirstMerit Bank, N.A. branches to process their accounts as well.
This evening and over the weekend, depositors of George Washington Savings Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2009, George Washington Savings Bank had approximately $412.8 million in total assets and $397.0 million in total deposits. FirstMerit Bank, N.A. will pay the FDIC a premium of 0.31 percent to assume all of the deposits of George Washington Savings Bank. In addition to assuming all of the deposits of the failed bank, FirstMerit Bank, N.A. agreed to purchase essentially all of the assets.
The FDIC and FirstMerit Bank, N.A. entered into a loss-share transaction on $324.2 million of George Washington Savings Bank's assets. FirstMerit Bank, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-837-0215. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/georgewashington.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $141.4 million. FirstMerit Bank, N.A.'s acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. George Washington Savings Bank is the 19th FDIC-insured institution to fail in the nation this year, and the second in Illinois. The last FDIC-insured institution closed in the state was Town Community Bank and Trust, Antioch, on January 15, 2010.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,099 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

Forbes.com : Intelligent Investing


Intelligent Investing with Steve Forbes

Features

Intelligent Investing
Haiti: Lessons In Supporting Disaster Relief
Investigate charities before you begin giving and try to donate over multiple years.
With Betsy Brill
Intelligent Investing
Political Hot Air Leaves Greece Blowing In The Wind
A mealy-mouthed statement by European political leaders doesn't do much to protect investors.
With Andrew Balls

Video: Intelligent Investing With Steve Forbes

Intelligent Investing With Steve Forbes
Wesbury Says Mark To Market Was The Problem
First Trust Advisors chief economist Brian Wesbury lays out the case that mark to market was the culprit for the market downturn.

From The Desk of Nick Nicolaas



As every Friday our friend Nick Nicolaas sends us Adam Hamilton Zeal Intelligence Newsletter from the Mining Interactive website. This important Report is puublished every Friday.

Fernando Guzmán Cavero


 

Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Have a great weekend and - - - Stay Tuned!!

Regards,
Nick L. Nicolaas
Mining Interactive Ahead of the Pack
Nick L. Nicolaas
President & CEO
Mining Interactive Corp.
www.mininginteractive.com
Direct 24/7: +1 (604) 657-4058
Main Office: +1 (604) 569-0800
Fax: +1 (604) 569-0758
Skype: nicknicolaas
nick@mininginteractive.com
Vancouver Stock Exchange Building (1929)
Suite 818 - 475 Howe Street
Vancouver, BC, Canada V6C 2B3

REUTERS:Morning Digest: FED seeks to calm after discount rate rise

 

Fed seeks to calm markets after discount rate rise
February 19, 2010 02:02 AM ET
WASHINGTON/MEMPHIS, Tennessee (Reuters) - U.S. Federal Reserve officials moved to calm speculation that a surprise rise in its emergency lending rate could bring forward broader policy tightening, saying borrowing costs in the economy would stay low.

Full Article

Business Today: Fed seeks to calm markets after discount rate rise




If you are having trouble viewing this email or would like to view it in your web browser, CLICK HERE

Good Morning Fernando, FRI 19 Feb 2010 
Fed seeks to calm markets after discount rate rise
Futures dip on Fed's discount rate rise announcement
Consumer prices rise less than expected in January
Toyota head prepares for Congress grilling on recalls
Former BofA CEO Lewis was briefed on disclosure
Financial reform bill seen next week in Senate
JC Penney beats as margins make up for low sales
U.S. department stores in fight for market share
Americans doubt their stock-market savvy: survey
Media shy Toyota chief faces makeover for U.S. stand


Fed seeks to calm markets after discount rate rise
February 19, 2010 07:34 AM ET
WASHINGTON/MEMPHIS, Tennessee (Reuters) - Federal Reserve officials moved to calm speculation that a surprise rise in its emergency lending rate could bring forward broader policy tightening, saying borrowing costs in the economy would stay low.

Full Article
Futures dip on Fed's discount rate rise announcement
February 19, 2010 08:05 AM ET
NEW YORK (Reuters) - Stock index futures fell on Friday on a surprise increase in the Federal Reserve's discount rate that signaled to some investors that the U.S. central bank may be starting to retreat from its easy money policy.

Full Article
Consumer prices rise less than expected in January
February 19, 2010 08:34 AM ET
WASHINGTON (Reuters) - Consumer prices rose less than expected in January, while prices excluding food and energy fell for the first time since 1982, according to a government report on Friday that soothed worries inflation pressures were starting to build up.

Full Article
Toyota head prepares for Congress grilling on recalls
February 19, 2010 07:37 AM ET
TOKYO/WASHINGTON (Reuters) - The head of Toyota Motor Corp bowed to pressure to testify before U.S. lawmakers and explain the company's safety crisis, becoming the highest profile Japanese executive to face such a grilling from Congress.

Full Article
Former BofA CEO Lewis was briefed on disclosure
February 18, 2010 07:48 PM ET
NEW YORK (Reuters) - Former Bank of America Chief Executive Kenneth Lewis said he was briefed twice on his company's decision not to disclose rising losses at Merrill Lynch & Co, before the bank's takeover of Merrill was put before shareholders.

Full Article
Financial reform bill seen next week in Senate
February 18, 2010 11:58 PM ET
WASHINGTON/PANAMA CITY (Reuters) - Efforts to tighten U.S. financial regulation advanced on Thursday, with a new bipartisan bill expected next week from two key senators who were working on it while traveling together in Panama.

Full Article
JC Penney beats as margins make up for low sales
February 19, 2010 08:28 AM ET
NEW YORK (Reuters) - U.S. department store operator J.C. Penney Co Inc reported a higher-than-expected fourth-quarter profit as improved margins from cost-cutting and leaner inventories more than offset soft mall traffic and disappointing holiday sales, sending its shares up 4.4 percent.

Full Article
U.S. department stores in fight for market share
February 19, 2010 08:04 AM ET
NEW YORK (Reuters) - U.S. department stores are by and large set to report far better earnings in the coming week than they did a year ago in the thick of retail meltdown.

Full Article
Americans doubt their stock-market savvy: survey
February 18, 2010 07:49 PM ET
NEW YORK (Reuters) - Fewer than two in 10 Americans are confident of their ability to invest in the stock market, although 60 percent still believe equities are important in a portfolio.

Full Article
Media shy Toyota chief faces makeover for U.S. stand
February 19, 2010 06:01 AM ET
TOKYO (Reuters) - After being pilloried for his less-than-perfect English, bowing technique and other bungles, the head of Toyota Motor Corp will need a crash course in preparing for his debut in the U.S. Congress next week.

Full Article












REUTERS www.reuters.com