deposits

Wachovia becomes the largest bank by deposits, beats Bank of America

October 11, 2010 - 9:05am | Banks and internet banks | News

This year Wachovia Bank surpassed Bank of America as the largest bank in the D.C. area by deposits, according the Federal Deposit Insurance Corp.

A recently released annual report by the FDIC revealed that Wachovia reversed from last year when Charlotte N.C. -based BofA showed big gains. Acquired by Wells Fargo at the end of 2008 Wachovia reported a $2.97 billion run-off of local deposits last year, but gained it all back this year. At present it owns $18.9 billion in local deposits, or 16.92 percent of the local market share, and 136 branches.

Bank of America | deposits | FDIC | Wachovia | Wells Fargo

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Bank of America ready to sell First Republic to private investors

October 22, 2009 - 6:54am | Banks and internet banks | News

Bank of America decided to sell First Republic private bank to a group of private equity investors. Among the participant are General Atlantic Partners and Colony Capital, are part of the deal, with First Republic Chairman and Chief Executive James Herbert part of the winning bid.

According to the official statement of BofA First Republic's current management would continue to run the bank. The transaction is scheduled for the second quarter of 2010.

assets | Bank of America | deposits | First Republic | private equity

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Intuit announces official launch of TurboTax for Online Banking

October 8, 2009 - 11:13am | Banks and internet banks | News

Intuit has announced TurboTax for Online Banking, to help financial institutions bring more value to customers and increase deposits. TurboTax for Online Banking won a Best of Show award at Finovate 2009, a conference showcasing the best new innovations in financial and banking technology.

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E*TRADE ends July with over 2.7 million brokerage accounts

August 19, 2009 - 10:25am | Investment industry | News

E*TRADE FINANCIAL Corporation released its Monthly Activity Report for July. The report shows that the company ended the month with record brokerage accounts of more than 2.7 million, including gross new brokerage accounts of 30,019 and net new brokerage accounts of 7,467. Total accounts ended the month at more than 4.5 million. Total Daily Average Revenue Trades (“DARTs”) for July were 176,180 – a decrease of 10.3 percent from June and 3.6 percent from the year ago period.

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FDIC reports another portion of bank failures

July 20, 2009 - 1:50am | Banks and internet banks | News

Regulators on Friday closed Temecula Valley Bank and Vineyard Bank in California, as well as First Piedmont Bank and BankFirst in Georgia and South Dakota, bringing the total number of federally insured banks to fail this year to 57. According to the FDIC, which was appointed a receiver of the four banks, the cost to the deposit insurance fund from the failure of Temecula will be $391 million and $579 million for California Bank & Trust.

bank assets | deposits | FDIC | loss-sharing agreement | Treasury Department

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BankUnited’s failure, the largest since November

May 22, 2009 - 9:59am | Banks and internet banks | News

Largest bank of the state of Florida BankUnited Financial was on Thursday closed by the Federal Deposit Insurance Corp. The US bank regulators sold banking operations of BankUnited to a private equity consortium that includes WL Ross & Co, include Carlyle investment Management, Blackstone Capital Partners, and Centerbridge Capital Partners.

bank failure | BankUnited | deposits | FDIC | private equity

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Bank of America deal for Merrill Lynch

December 9, 2008 - 3:45am | Banks and internet banks | News

Shareholders of both firms have approved Bank of America's acquisition of Merrill Lynch on Friday.

The acquisition, initially priced as 50 billion dollars on September 15, has now declined to 19.7 billion dollars, due to the decrease in the price of Bank of America shares.

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