Fox Lake Towing and Recovery

The Federal Deposit Insurance Corp sued 11 former executives and directors of a failed bank as it works to recover as much as $2 billion suffered by one of its funds during the financial crisis.

The FDIC filed the lawsuit in the U.S. District Court of Chicago, Reuters reported. It accuses former officials of Heritage Community Bank of negligence, gross negligence and breach of fiduciary duty….

Continue reading FDIC Sues Former Directors of Failed Illinois Bank

FDIC Sues Former Directors of Failed Illinois Bank originally appeared on DailyFinance on Tue, 02 Nov 2010 07:50:00.

Filed Under: Real Estate, Credit, Small Business

Industrial & Commercial Bank of China, the Asian country’s largest lender, bought a U.S. unit of Fortis Securities for $1.

ICBC is the world’s largest bank by market value and is 70% owned by the Chinese government, The Wall Street Journal said. ICBC bought the unit from France’s BNP Paribas (BNPQY).

The unit is small, with 75 existing customers and a balance sheet of $10…

Continue reading China’s ICBC Buys Fortis U.S. Unit for $1

China’s ICBC Buys Fortis U.S. Unit for $1 originally appeared on DailyFinance on Mon, 01 Nov 2010 08:30:00.

Filed Under: Company News, Investing, Market News

Bank of America (BAC) is reportedly laying off as many as 400 people as revenue from trading and advising clients falls.

Bank of America, the country’s largest bank by assets, is laying off people ranging from junior analysts to managing directors, Bloomberg News said without naming its sources.

“This sounds like an acceleration of the usual year-end cutbacks among the lowest…

Continue reading Bank of America Reportedly Planning Layoffs

Bank of America Reportedly Planning Layoffs originally appeared on DailyFinance on Tue, 21 Sep 2010 07:02:00.

Filed Under: Company News, People, Investing, Bank of America, Credit

Bank of America (BAC) may introduce a tiered fee structure modeled on mobile phone service contracts.

Under the proposed scheme, the bank would reward customers who maintain minimum current account balances, use their credit card a certain number of times each month, or do all their banking online, The Financial Times reported. Customers who don’t do these things would be charged more.

Continue reading Bank of America Considers Tiered Fee Structure

Bank of America Considers Tiered Fee Structure originally appeared on DailyFinance on Mon, 20 Sep 2010 07:36:00.

Filed Under: Company News, Economy, Bank of America, Credit, Retail

Investor Wilbur Ross will buy Ireland’s troubled Education Savings Bank as part of a consortium with private equity outfit Carlyle and Dublin-based Cardinal Group.

The consortium will close the deal for the bank, which has about $15 billion in deposits, as soon as next week, Ross told CNBC.

The consortium will “buy the bank and pour capital into it”, CNBC reported.

The Irish bank…

Continue reading Wilbur Ross, Carlyle Will Buy Ireland’s Education Savings Bank

Wilbur Ross, Carlyle Will Buy Ireland’s Education Savings Bank originally appeared on DailyFinance on Wed, 15 Sep 2010 07:49:00.

Filed Under: Company News, People, Investing, Taxes, Credit