I had planned to take the month off, but I’m taking a few minutes to provide an update on the occasion of a bank failure tonight.
The failed bank is The Woodbury Banking Company in Woodbury, Georgia, with only one banking location and $20 million in deposits. All deposits have been transferred to United Bank along with most of the assets. The failed bank got in trouble with state regulators last year when a director who was also a loan officer made loans that exceeded legal limits. The officer was banned from banking in Georgia and barred from voting the shares he held in the bank.
It has been a quiet month, and that is nothing unusual in August, but there has been some movement in banking in the last three weeks.
Credit Suisse and Deutsche Bank were dropped from the STOXX 50 index. Both banks’ stocks are down 60 percent from a year ago.
Australia’s three largest banks want to launch an iPhone payment app together and are seeking court approval to act as a bloc for that purpose.
Arrested: The longtime CEO of Veneto Banca, the 10th largest bank in Italy; charged with market manipulation and making false statements.
Under investigation: Monte dei Paschi, the 3rd largest bank in Italy, along with one current and one former executive; accused of misleading the banks’ investors in connection with derivatives trades made by the bank between 2011 and 2014.
