Feds remove complete search list
It’s been a while since we visited the failed bank list. But bank closures in Scottsdale and Gold Canyon within weeks of one another are worthy of note.
Central Arizona Bank (click link for troubled asset ratio) was closed days ago by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Western State Bank, Devils Lake, North Dakota, to assume all of the deposits of Central Arizona Bank. Presto! The Central Arizona Bank reopened as a branch of Western State Bank
Gold Canyon Bank failed on April 5, 2013. It was acquired by First Scottsdale Bank.
The failed bank list for 2013, as of mid May (13), 2012 (50), 2011 (92), and 2010 (157). The number of failures for each year are in parentheses. Arizona banks have appeared on three of the four lists. The information is made available via an independent investigative reporting network.
Of significance is the fact that the list previously displayed all bank closures since October 1, 2000. The vast majority of bank failures have taken place since Barack Obama assumed office, January 2008. Interestingly, the list no longer reflects years prior to 2010. Now the search goes back to 1934, but you need specifics which no one has in order to discover information.
On September 5, 2009 we noted the number of bank failures that year stood at 89 after regulators shut down banks in Missouri, Illinois, Iowa and Arizona the previous day. Such information has mysteriously disappeared. All data has been scrubbed.
Anyone with a bank account has heard of the FDIC, but have you ever wondered who runs it and how they were put in their positions? Scroll down this lengthy list for names and titles. While detailed information is difficult to locate, the FDIC proudly proclaims its Mission, Vision and Values along with its 2013 Diversity and Inclusion Strategic Plan which “addresses the goals of President Obama’s executive order calling for federal agencies to develop and implement a more comprehensive, integrated, and strategic focus on diversity and inclusion” — an “important priority.”
All we wanted was the back list of bank closures going back to 2000. Apparently that information is not as important as “workplace diversity and sustainability.” Who’da guessed?
The FDIC is managed by a five-person Board of Directors, all of whom are appointed by the President and confirmed by the Senate, with no more than three being from the same political party. Wanna hazzard a guess at which party controls the majority votes?