Skip to main content

Minority Banks in trouble

On Friday, November 6, 2009, state and federal regulators closed several minority banks, reducing the total number of minority owned banks in the US to 236 from 239.

According to Marketwatch.com, "The failed institutions included (Asian-owned) United Commercial Bank of San Francisco, the main subsidiary of UCBH Holdings. The bank had $11.2 billion in total assets and was the seventh largest failure during the 2008-2009 crisis. The FDIC was appointed receiver and sold the failed bank's deposits and $10.2 billion of its assets to East West Bank of Pasadena, Calif., which also has operations in China and is a subsidiary of East West Bancorp.

The Office of Thrift Supervision shut down (Black-owned) Home Federal Savings Bank of Detroit and appointed the FDIC receiver. The FDIC arranged for Liberty Bank and Trust of New Orleans to assume the failed thrift's deposits and its $14.9 million in total assets.

The Missouri Division of Finance took over (Black-owned) Gateway Bank of St. Louis and appointed the FDIC receiver. The FDIC arranged for Central Bank of Kansas City to assume the failed bank's deposits and its total assets of $27.7 million."
Labels:

Popular posts from this blog

Maternal Health Financing Facility for Black Women: A Solution to an Urgent Problem

Maternal mortality is a significant issue in the United States, with Black women disproportionately affected. Research conducted by the Centers for Disease Control and Prevention (CDC) has shown that Black women are more likely to die from pregnancy-related causes than their white counterparts. However, the issue is not new, and despite the increasing amount of data available, the disparities have remained unaddressed for far too long.  Creative Investment Research (CIR) is among the organizations that believe there is a solution to the problem. Through our proposed impact investing vehicle , the Maternal Health Financing Facility for Black Women (MHFFBW), we aim to tackle the mortality gap and support Black women during childbirth, which will, in turn, benefit their communities. The Facility, based on legally binding financing agreements containing terms and conditions that direct resources to individuals and institutions capable of addressing supply-side conditions at the heart...
Read more

Projected Impact of Gun Laws on Corporate Profits in Texas

More Fortune 500 companies are located in Texas than in any other state. Texas successfully used low taxes and minimal regulations as bait to recruit companies like Tesla and Oracle. The state promoted these “advantages” in ads highlighting their “free-market” environment and criticizing the "tax and spend policies of liberal leadership" in Democrat-run states. Four million people migrated to Texas over the past ten years. Our economic models predict a reversal, however. State of Texas corporations on the Fortune 1000 list generate $2.2 trillion in revenue, $158 billion in profit. They have a market value of $3.8 trillion and employ 2.5 million people nationwide. We continue to believe this increased corporate presence in Texas imposes a tax on the nation as a whole. Texas allows anyone 21 or older to carry handguns without training or licenses, and maintains lower gun purchase age limits. Beyond the recent abortion bill, which allows people to sue those who "aid and abe...
Read more

William Michael Cunningham on Impact Investing, Blockchain, and Crowdfunding

September 2018 - 10 Questions William Michael Cunningham on Impact Investing, Blockchain, and Crowdfunding Interview by Carly Schulaka WHO: William Michael Cunningham WHAT: Economist, impact investing specialist, founder of Creative Investment Research WHAT'S ON HIS MIND: “Any finance professional in the U.S. should learn how to create a blockchain.” 1. You are an economist, an inventor, and an impact investing specialist. I’ve heard you say: “True innovation happens in a way that is independent of monetary returns.” How does this statement influence your work? It’s really about finding an interesting problem and applying financial technology to solving that problem or to dealing with that problem. You know, the people who invented the alphabet didn’t do so to make money. They had an interesting problem—communication on both a local and a grand scale—and if you were to calculate the social return for the invention of that technology or technique, it’s almost infinit...
Read more