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N.C. shuts down Cape Fear Bank; FDIC brokers sale of assets The troubled and tumultuous journey of Cape Fear Bank came to a sudden end Friday when the North Carolina Commissioner of Banks' office closed down the Wilmington lender and the Federal Deposit Insurance Corp. arranged a sale of the bank's assets to the First Federal Savings and Loan Association of Charleston, S.C. Biz JournalCape Fear Bank of Wilmington, N.C. fails; 22nd of year SAN FRANCISCO (MarketWatch) -- Cape Fear Bank of Wilmington, N.C., became the 22nd bank failure of 2009 and the 47th of the recession, according to the Federal Deposit Insurance Corp. on Friday. First Federal Savings and Loan Association of Charleston, S.C., will assume all of the deposits of the bank. As of March 31, Cape Fear Bank had total assets of about $492 million and total deposits of $403 million. Cape Fear Bank's eight offices will reopen Monday as branches of First Federal, the FDIC said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. Market WatchU.S. travel industry deeply concerned at drop in visitor numbers The U.S. Travel Association has expressed deep concern about newly released Department of Commerce data showing that overseas arrivals to the United States plummeted nearly 8% in January. Big News NetworkWill TARP Cover Be Enough For Insurers? (MET, PRU, HIG, GNW, LNC) Investors rejoiced at speculation that TARP will be extended to insurance companies, but TARP is not a panacea for every industry problem. Investopedia.comJudge Blocks Michigan`s Challenge to Insurance Rates with Credit Scores Barry County Circuit Judge James Fisher issued an injunction on Friday, April 10, preventing Michigan insurance regulators from challenging insurance companies' home and auto insurance rate ... Insurancejournal.comBrown & Brown, Inc. Announces the Asset Acquisition of W. R. Reed & Co. DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - April 10, 2009) - Kenneth D. Kirk, RegionalPresident of Brown & Brown, Inc. (NYSE: BRO), and Michael A. Fohl andChristopher L. Foster, the shareholders of W. R. Reed & Co., of Portland,Oregon, announce the asset acquisition of W. R. Reed & Co. by Fullerton &Company, Inc., a subsidiary of Brown & Brown, Inc.W. R. Reed & Co., with annualized revenues of approximately $1.5 million,was founded by William R. Reed, Sr. in 1957. The agency has providedproperty & casualty, life, health and other insurance products and servicesto individuals and businesses in Portland, Oregon and throughout the UnitedStates for more than 50 years. Michael Fohl, Christopher Foster and theirstaff will combine their operations with those of Brown & Brown's existingPortland office, under the leadership of Tim Nielsen. Market WireWhen You Need Home Contents Insurance It would surprise you to grasp how many homes have all of the latest in technological gadgetry, yet have not managed to insure the contents of their home against the event of either a robbery or damage. Note from where you purchased each item and its make and model, if pertinent. Take footage of and / or videotape the things, too. E-ZineHome Insurance Cover For DIY Mishaps Do-It-Yourself (DIY) accidents hit their peak over the Easter holiday with the average cost of damage around 900 pounds. So how can you ensure your home insurance will protect you against DIY risks? E-ZineTemporary Insurance - Benefits Galore! There are times when you may need an insurance for a short period of time. You may need it for any purpose - for traveling, health purpose, and so on. The greatest advantage of temporary insurance is that it provides protection for a short period. This makes them a viable option for everyone. They are affordable by all. What's more? A user also need not pay high premiums unlike yearly premiums. E-ZineIs AIG Spending Too Much on Public Relations? The troubled insurance giant has four p.r. firms working to protect its image. Should taxpayers be paying for them? TIME1 2 3 4 |
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