Federal Deposit Insurance Corporation Archives

PNC Bank Acquires $16.6B in Capital Commitments Facilities of Signature Bridge Bank

PNC Bank acquired a portfolio of $16.6 billion in capital commitments facilities from Signature Bridge Bank through an agreement with the Federal Deposit Insurance Corporation as receiver.

FDIC Blames Signature Bank Failure on ‘Poor Management’

The Federal Deposit Insurance Corporation released an internal review evaluating its supervision of Signature Bank. According to the review, “the root cause of [Signature Bank’s] failure was poor management.”

May 1, 2023 Federal Deposit Insurance Corporation | Signature Bank Ian Koplin

JPMorgan Chase Acquires Majority of First Republic Assets, Including All Deposits

JPMorgan Chase acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation. As part of the purchase, JPMorgan Chase is assuming all insured and uninsured deposits.

FDIC Establishes Signature Bridge Bank as Successor to Closed Signature Bank

The New York State Department of Financial Services closed Signature Bank over the weekend and appointed the FDIC as receiver. The FDIC transferred all deposits and assets to a bridge bank that began operations on Monday.

March 14, 2023 Federal Deposit Insurance Corporation | Greg D. Carmichael | New York State Department of Financial Services | Signature Bank | Signature Bridge Bank Ian Koplin

FDIC Approves Proposed Merger of First Citizens and CIT

The Federal Deposit Insurance Corporation approved the proposed merger of First Citizens BancShares, the parent company of First Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.

Bell Bank Hires Flaten as SVP of Credit Risk, Regulatory Affairs

Bell Bank hired Steve Flaten as senior vice president of credit risk and regulatory affairs. Flaten recently retired from the Federal Deposit Insurance Corporation after a 33-year career.

February 23, 2021 Bell Bank | Federal Deposit Insurance Corporation | Michael Solberg | Steve Flaten Phil Neuffer

Fed, FDIC & OCC Delay CECL Adoption for Two Years

The federal bank regulatory agencies announced optional extension of the regulatory capital transition for the new credit loss accounting standard.

March 30, 2020 Board of Governors of the Federal Reserve System | CECL | Current Expected Credit Loss | Federal Deposit Insurance Corporation | Office of the Comptroller of the Currency Phil Neuffer

Regulators Offer Guidance for Troubled Debt Restructurings

The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.

PwC Reaches $335MM Settlement with FDIC Over Audits of Failed Bank

The FDIC reached a $335 million settlement with PricewaterhouseCoopers related to professional negligence claims brought by the FDIC against accounting firm arising out of the audits of the failed Colonial Bank.

March 18, 2019 Colonial Bank | FDIC | Federal Deposit Insurance Corporation | PricewaterhouseCoopers | PwC Amanda Koprowski

Federal Reserve to Host Public Meetings on BB&T/SunTrust Merger

The Federal Reserve Board and the FDIC will jointly hold two public meetings on the proposed merger of BB&T and SunTrust Banks.

March 15, 2019 BB&T | FDIC | Federal Deposit Insurance Corporation | Federal Reserve Board | SunTrust Bank Amanda Koprowski

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