Word: fdic
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Figures released by the FDIC last week give grounds for worry. Since January the agency's problem list of state and national banks with significant financial difficulties has increased from 223 to 268, the largest number since the aftermath of the 1973-75 recession...
...banking industry is by far the safest and soundest in the world. Deposits in the more than 14,000 institutions belonging to the Federal Deposit Insurance Corporation are guaranteed by the Government for up to $100,000 for each account. Since the FDIC program was established in 1934, 578 member banks have gone out of business for one reason or another, but no depositor has ever lost a penny in an insured account...
...FDIC. Among the saddest sights of the early Depression years were the lines of small depositors waiting for hours outside ruined banks in the hope of salvaging at least part of their savings. In 1932 a terrifying 1,456 banks collapsed. The Glass-Steagall Act of 1933 provided a federal guarantee of all deposits under $5,000. The American Bankers Association denounced the bill as "unsound, unscientific, unjust and dangerous," and even Roosevelt had his doubts, but the Federal Deposit Insurance Corp. cost little and soon cut bank failures by more than...
...Government's bailout agencies, the FDIC and the Federal Savings and Loan Insurance Corporation, have so far been able to deal with failing thrifts by buying up their old loans or forcing weak S and Ls to join with stronger institutions...
...First Pennsylvania Bank, the 23rd largest in the nation, the troubles were a bit murkier but just as painful. The FDIC put up $325 million in loans, while the 25 private banks, led by New York's Citibank, provided $175 million more -plus a $1 billion stabilizing credit line. In a stormy meeting with stockholders, the bank's new chairman, George Butler, 52, admitted that First Penn would lose $100 million in the current quarter...