The Federal Deposit Insurance Corporation yesterday closed a group of seven New Hamphire banks owned by five diffferent banking companies, and said the banks would open today under new ownership.
The failed banks, which account for about a quarter of the New Hampshire market, were closed and sold as a group rather than individually, to limit disruption of the local economy, L. William Seidman, chairman of the F.D.I.C. said. Officials at the agency have said they may consider similar treatment of other clusters of weak banks.
Deposits of all the banks continue to be insured by the F.D.I.C. for up to $100,000 for each account, and all customer accounts will be transferred to the new owners. While the five banking companies had total assets of about $5.2 billion, the F.D.I.C. estimated the cost to the Government of the failures at $966 million. The unusually large loss, compared with the size of the banks, is an indication of the severity of the banks’ problems with bad real estate loans. 4 Go to First NH Bank
Continue reading “Seven Troubled Banks Shut in New Hampshire”
Bill Greiner is fed up with banks. But instead of quietly seething or complaining to customer service, the 48-year-old is taking a more radical approach: He is trying to launch his own lender.
Mr. Greiner’s proposal, filed with regulators in October, is the first deposit-insurance application for a new bank that the Federal Deposit Insurance Corp. has received all year. If Primary Bank, Mr. Greiner’s proposed firm, wins approval, it would be only the second new bank the FDIC has cleared in the U.S. since 2010. The FDIC declined to comment on Primary Bank.
Continue reading “New Hampshire Businessman Files to Set Up Rare New Bank”
New Hampshire has a new set of laws regulating banks and credit unions. The laws were developed by a working group headed by the Deputy Bank Commissioner that met for nearly a year and a half to review and revise existing laws. Representatives from banks, credit unions, trust companies, insurance companies and securities firms participated in the group. Their recommendations became Senate Bill 188, which passed the House and the Senate as Chapter 272 and was signed into law by the Governor on July 27, 2015. The effective date for most of the chapter is October 1, 2015; however, certain sections that involve the Banking Department’s budget went into effect in this fiscal year as of July 1, 2015.
None of the laws involved affect consumers; rather they are focused on the organization, management and operation of banks and credit unions and transactions such as business combinations, and out of state activities.
NH Banking Laws Had Become Outdated
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Well, 2011 is here and the loan modification industry is about to be all shook up. There are new laws going into effect in the end of January, 2011 that will impact many loan modification companies.
The new change is a federal law that prohibits upfront fees from any loan modification company. Of course, attorneys can get around this. This means that if you hire a company to help you get a loan modification approved, they can’t charge you fees until your modification is approved by your lender.
This really doesn’t effect Californians so much, as California has adopted this policy already, but companies who were doing business in California and providing loan modification services for homeowners in other states are definitely going to be impacted.
Continue reading “New Loan Modification Laws For 2011”