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12/6/2022 Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 12/06/2022
Notice of Termination of Receiverships
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Fund Receivership name City State Termination date
10005 ANB Financial, NA Bentonville AR12/01/2022
10012 Integrity Bank Alpharetta GA 12/01/2022
10037 Corn Belt Bank & Trust Company Pittsfield IL 12/01/2022
10061 Bankunited, FSB Coral Gables FL 12/01/2022
10131 Hillcrest Bank Florida Naples FL 12/01/2022
10220 Citizens Bank & Trust Company of Chicago Chicago IL 12/01/2022
10330 The Bank of Asheville Asheville NC 12/01/2022
10336 American Trust Bank Roswell GA12/01/2022
10531 THE Enloe State Bank Cooper TX 12/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(
Authority:12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 1, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-26505 Filed 12-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/12/06/2022-26505/notice-of-termination-of-receiverships
12/6/2022 Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 12/06/2022
Notice of Termination of Receiverships
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Fund Receivership name City State Termination date
10005 ANB Financial, NA Bentonville AR12/01/2022
10012 Integrity Bank Alpharetta GA 12/01/2022
10037 Corn Belt Bank & Trust Company Pittsfield IL 12/01/2022
10061 Bankunited, FSB Coral Gables FL 12/01/2022
10131 Hillcrest Bank Florida Naples FL 12/01/2022
10220 Citizens Bank & Trust Company of Chicago Chicago IL 12/01/2022
10330 The Bank of Asheville Asheville NC 12/01/2022
10336 American Trust Bank Roswell GA12/01/2022
10531 THE Enloe State Bank Cooper TX 12/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(
Authority:12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 1, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-26505 Filed 12-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/12/06/2022-26505/notice-of-termination-of-receiverships
Reports from 4,746 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $71.7 billion in third quarter 2022,
Trades in the symbols “BN WI” and “BN” on the NYSE and the TSX, respectively, on or after December 1, 2022
Brookfield Fund Buys J.P. Morgan Properties (which includes Washington Mutual)
****************************
Brookfield Fund Buys J.P. Morgan Properties
Feb. 11, 2010 9:33 pm ET
A real-estate fund run by Brookfield Asset Management said Thursday it acquired 16 office properties with about 2.9 million square feet from J.P. Morgan Chase & Co. The price was about $200 million, according to a person familiar with the matter.
J.P. Morgan acquired many of the properties as part of its deals to buy other financial services firms like Bear Stearns Cos. and the banking operations of Washington Mutual. Bank executives have repeatedly said they have too much real estate and intend to sell some of the office space. J.P. Morgan will lease back about 60% of the space on a long-term basis.
This deal includes four properties in Dallas, Tampa and Columbus 100% leased to J.P. Morgan. The other properties are located nationwide and include an 800,000-square foot office tower in Houston and a 650,000-square foot office campus/data center site in Whippany, NJ.
In the last four years, real-estate funds sponsored by Brookfield have acquired more than 100 properties from J.P. Morgan equaling about 12 million square feet. The latest deal comes at a time that deal activity in the commercial real-estate market has virtually ground to a halt because of the economic downturn and lack of financing.
"We are not aware of a similar transaction involving this scale that was not otherwise precipitated by a distress situation in the last two years," said Steven H. Ganeless, the fund's senior vice president.
Murray Leith, an analyst with Odlum Brown, predicts Brookfield will continue buying property. "They're definitely in the market to take advantage of opportunities," he said."They've stepped up their efforts to commit capital ... It's a buyer's market."
The Brookfield Real Estate Opportunity Fund invests and manages two funds with $1.8 billion of assets composed of commercial office, industrial and multi-family properties.
https://www.wsj.com/articles/SB10001424052748704337004575059951724498676
"The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors."
"The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors."
wow, 22 banks, some from 2008 and 2009
wow, 22 banks, some from 2008 and 2009
11/17/2022 Notice of Intent To Terminate Receiverships
Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 11/17/2022
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Notice of Intent To Terminate Receiverships
Fund Receivership name City State Date of appointment of receiver
10019 FREEDOM BANK BRADENTON FL 10/31/2008
10036 FIRST BANK FINANCIAL SERVICES MCDONOUGH GA 02/06/2009
10053 AMERICAN SOUTHERN BANK KENNESAW GA 04/24/2009
10115 PLATINUM COMMUNITY BANK ROLLING MEADOWS IL 09/04/2009
10120 IRWIN UNION BANK AND TRUST COMPANY COLUMBUS IN 09/18/2009
10163 NEW SOUTH FEDERAL SAVINGS BANK IRON DALE AL12/18/2009
10205 DESERT HILLS BANK PHOENIX AZ 03/26/2010
10217 TAMALPAIS BANKS AN RAFAEL CA0 4/16/2010
10224 WHEATLAND BANK NAPERVILLE IL 04/23/2010
10234 THE BANK OF BONIFAY BONIFAY FL 05/07/2010
10251 FIRST NATIONAL BANK SAVANNAH GA 06/25/2010
10257 IDEAL FEDERAL SAVINGS BANK BALIMORE MD 07/09/2010
10296 WAKULLA BANK CRAWFORDVILLE FL10/01/2010
10306 FIRST ARIZONA SAVINGS, FSB SCOTTSDALE AZ 10/22/2010
10317 EARTHSTAR BANKSOUTHAMPTON PA 12/10/2010
10380 BANK OF CHOICEGREELEY CO 07/22/2011
10402 COUNTRY BANK ALEDO IL10/14/2011
10412 COMMUNITY BANK OF ROCKMART ROCKMART GA 11/10/2011
10425 SCB BANK SHELBYVILLE IN 02/10/2012
10433 FORT LEE FEDERAL SAVINGS BANKFORT LEE NJ 04/20/2012
10488 FIRST NATIONAL BANK EDINBURG TX 09/13/2013
The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Section, 600 North Pearl, Suite 700, Dallas, TX 75201.
No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this timeframe.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 14, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-25072 Filed 11-16-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/11/17/2022-25072/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
11/17/2022 Notice of Intent To Terminate Receiverships
Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 11/17/2022
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Notice of Intent To Terminate Receiverships
Fund Receivership name City State Date of appointment of receiver
10019 FREEDOM BANK BRADENTON FL 10/31/2008
10036 FIRST BANK FINANCIAL SERVICES MCDONOUGH GA 02/06/2009
10053 AMERICAN SOUTHERN BANK KENNESAW GA 04/24/2009
10115 PLATINUM COMMUNITY BANK ROLLING MEADOWS IL 09/04/2009
10120 IRWIN UNION BANK AND TRUST COMPANY COLUMBUS IN 09/18/2009
10163 NEW SOUTH FEDERAL SAVINGS BANK IRON DALE AL12/18/2009
10205 DESERT HILLS BANK PHOENIX AZ 03/26/2010
10217 TAMALPAIS BANKS AN RAFAEL CA0 4/16/2010
10224 WHEATLAND BANK NAPERVILLE IL 04/23/2010
10234 THE BANK OF BONIFAY BONIFAY FL 05/07/2010
10251 FIRST NATIONAL BANK SAVANNAH GA 06/25/2010
10257 IDEAL FEDERAL SAVINGS BANK BALIMORE MD 07/09/2010
10296 WAKULLA BANK CRAWFORDVILLE FL10/01/2010
10306 FIRST ARIZONA SAVINGS, FSB SCOTTSDALE AZ 10/22/2010
10317 EARTHSTAR BANKSOUTHAMPTON PA 12/10/2010
10380 BANK OF CHOICEGREELEY CO 07/22/2011
10402 COUNTRY BANK ALEDO IL10/14/2011
10412 COMMUNITY BANK OF ROCKMART ROCKMART GA 11/10/2011
10425 SCB BANK SHELBYVILLE IN 02/10/2012
10433 FORT LEE FEDERAL SAVINGS BANKFORT LEE NJ 04/20/2012
10488 FIRST NATIONAL BANK EDINBURG TX 09/13/2013
The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Section, 600 North Pearl, Suite 700, Dallas, TX 75201.
No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this timeframe.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 14, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-25072 Filed 11-16-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/11/17/2022-25072/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
11/4/2022 - Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 11/04/2022
Notice of Termination of Receiverships
Fund Receivership name City State Termination date1
0024 PFF BANK AND TRUST POMONA CA 11/01/2022
10026 SANDERSON STATE BANK SANDERSON TX 11/01/2022
10062 STRATEGIC CAPITAL BANK CHAMPAIGN IL 11/01/2022
10185 LA JOLLA BANK, FSBLA JOLLA CA 11/01/2022
10190 WATERFIELD BANK GERMANTOWN MD 11/01/2022
10226 CF BANCORP PORT HURON MI 11/01/2022
10267 SOUTHWEST USA BANK LAS VEGAS NV 11/01/2022
10298 SECURITY SAVINGS BANK OLATHE KS 11/01/2022
10305 THE GORDON BANK GORDON GA 11/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 1, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-24095 Filed 11-3-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/11/04/2022-24095/notice-of-termination-of-receiverships
11/4/2022 - Notice of Termination of Receiverships
A Notice by the Federal Deposit Insurance Corporation on 11/04/2022
Notice of Termination of Receiverships
Fund Receivership name City State Termination date1
0024 PFF BANK AND TRUST POMONA CA 11/01/2022
10026 SANDERSON STATE BANK SANDERSON TX 11/01/2022
10062 STRATEGIC CAPITAL BANK CHAMPAIGN IL 11/01/2022
10185 LA JOLLA BANK, FSBLA JOLLA CA 11/01/2022
10190 WATERFIELD BANK GERMANTOWN MD 11/01/2022
10226 CF BANCORP PORT HURON MI 11/01/2022
10267 SOUTHWEST USA BANK LAS VEGAS NV 11/01/2022
10298 SECURITY SAVINGS BANK OLATHE KS 11/01/2022
10305 THE GORDON BANK GORDON GA 11/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 1, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-24095 Filed 11-3-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/11/04/2022-24095/notice-of-termination-of-receiverships
Sure, lol….
Fred, all your united western bank predictions have been wrong.. so if you can’t figure out tiny uwb, I doubt you know anything about wamu.
Legal Update/ São Tomé and Príncipe: Framework for the provision of services to the oil industry
18 October 2022
São Tomé e Príncipe has reviewed the framework for the provision of services to the country´s oil industry, according to official legal database Legis-PALOP+TL.
As of January 1, 2023, Authorized Persons, that is, contractors who have entered into a petroleum contract with the São Toméan Government, may enter into contracts with petroleum subcontractors for the provision of exploration, drilling, offshore construction, pipeline/ production, equipment supply services, laboratory, maritime or special transport, pressure testing, calibration, diving, among others, provided they meet the following conditions:
– Preferably hire local service providers, insofar as the services they provide are identical to those available on the international market and their prices, when subject to the same tax charges, do not exceed 10% of the prices charged by foreign contractors for the same services.
– Consult Santomean companies under the same conditions as for consultations with the international market, under the terms to be previously agreed with the National Petroleum Agency (ANP)
Petroleum subcontractors must comply with the following under penalty of a fine in the amount of USD 6,000:
– Register with the ANP, even if the services are provided outside the national territory, by means of an application addressed to the Executive Director of the ANP, which issues a registration certificate that qualifies the applicants as Petroleum Subcontractors and authorizes to provide support services to the industry national oil company in this capacity;
– Submit a copy of the contract between the Authorized Persons or Associates and the Petroleum Subcontractors to the ANP within 10 days.
Subcontractor registration fees of USD 2,500 apply. For the provision of ordinary related services, that is, which do not constitute specific services specific to the oil industry, oil contractors must, under penalty of a fine in the amount of USD 10,000, resort to citizens or companies residing in São Tomé and Príncipe, except in cases of high technical complexity and which do not exist in the country or which, for duly proven reasons, cannot be provided only by national companies and citizens, in which case the creation of international consortia is allowed.
https://www.clbrief.com/legal-update-sao-tome-and-principe-framework-for-the-provision-of-services-to-the-oil-industry/
LOL, of course, it's Xoom. I knew that. Sorry. LOL.
Zoom, thanks......... I do remember that. ND9
FDIC: Resolution-Related Resource Requirements for Large Banking Organizations
Federal Deposit Insurance Corporation
Proposed Rules
Resolution-Related Resource Requirements for Large Banking Organizations
Filed on:10/21/2022 at 8:45 am
Scheduled Pub. Date:10/24/2022FR Document:2022-23003
FEDERAL RESERVE SYSTEM
12 CFR Chapter II
[Docket No. R-1786]
RIN 7100-AG44
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Chapter III
RIN 3064-AF86
Resolution-Related Resource Requirements for Large Banking Organizations
AGENCY: Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation.
ACTION: Advance notice of proposed rulemaking; request for comment.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) and
Federal Deposit Insurance Corporation (FDIC) (together, the agencies) are publishing for
public comment this advance notice of proposed rulemaking (ANPR) to solicit public
input regarding whether an extra layer of loss-absorbing capacity could improve
optionality in resolving a large banking organization or its insured depository institution,
and the costs and benefits of such a requirement. This may, among other things, address
financial stability by limiting contagion risk through the reduction in the likelihood of
uninsured depositors suffering loss, and keep various resolution options open for the
FDIC to resolve a firm in a way that minimizes the long term risk to financial stability
and preserves optionality. The agencies are seeking comment on all aspects of the ANPR
from all interested parties and also request commenters to identify other issues that the
Board and FDIC should consider.
DATES: Comments must be received on or before [INSERT DATE ?? DAYS AFTER
DATE OF PUBLICATION IN THE FEDERAL REGISTER].
See link below for actual document. It's pretty large.
https://public-inspection.federalregister.gov/2022-23003.pdf
Split T, can you be more specific. What documents did you pay for?
thanks,
ND9
Statement by Martin J. Gruenberg, Acting Chairman, FDIC Board of Directors, Advance Notice of Proposed Rulemaking: Resolution-Related Resource Requirements for Large Banking Organizations
Last Updated: October 18, 2022
Today, the FDIC Board is considering an Advance Notice of Proposed Rulemaking (ANPR), which would be issued jointly with the Board of Governors of the Federal Reserve System, to seek public feedback on steps the agencies can take to improve the prospects for the orderly resolution of large banks in the United States.
In response to the global financial crisis of 2008, the FDIC and the Federal Reserve have promulgated rules and guidance, both jointly and individually, to support the orderly resolution of large banking organizations. Many of these actions focused on the Global Systemically Important Banks (GSIBs), including the requirement that U.S. top tier bank holding companies maintain outstanding minimum loss-absorbing resources on a "gone-concern" or closed basis in resolution, and meet certain other requirements such as the establishment of a clean holding company. However, there are currently no comparable requirements for large non-GSIB banks, which pose significant resolution challenges to the FDIC. These challenges are distinct from those posed by GSIBs, and from smaller community banks as well, where the purchase and assumption transaction by another institution is in most cases a practicable and least-costly option.
These large banks continue to grow, both through organic growth and through mergers and acquisitions. In addition, most of these banks have increased their reliance on large uninsured deposits to fund their operations over the past decade, with uninsured deposits often exceeding 40 percent of total deposits. While the activities of these banks are concentrated in traditional banking activities, certain of these banks have other significant complexities that add to the challenge of resolving the insured bank under the Federal Deposit Insurance Act (FDI Act), including material operations, assets, liabilities and services outside the bank chain. These complicating features can pose challenges due to the potential for discontinuity of operations and the destruction of value. The complexities, as well as the sheer size of these banks, present challenges to the orderly resolution of these large banks under the FDI Act, and increase the potential impact of a possibly costly resolution.
In general, the FDIC's options for the resolution of these large insured banks are limited. Approximately 95 percent of the resolutions conducted by the FDIC since 2007 involved purchase and assumption transactions, generally involving a single acquirer assuming nearly all of the failing bank's liabilities. This resolution approach, particularly applicable to community banks, has generally been the least costly, the least disruptive to depositors and the local community, and the easiest for the FDIC to execute.
However, the size of large banks, by definition, limits the universe of banks with the capability to acquire them if they fail. Even the acquisition of a $50 or $100 billion institution is a significant challenge, both operationally and financially, while only a limited number of the largest institutions, particularly GSIBs, would have the capability to acquire these large banks. Thus, while the ANPR generally focuses on the domestic institutions above $250 billion in total group assets, it contains questions about alternative approaches to scope, and how and whether any new requirement should be applied to the U.S. subsidiaries of foreign banking organizations.
It is clear that the FDIC must have other options for the orderly resolution of these large institutions in a way that minimizes the destruction of value, addresses the impact on depositors and local communities, maintains U.S. financial stability, and minimizes the cost to the Deposit Insurance Fund (DIF). One such option is the formation of a bridge bank, which can be established to take over the operations of the failed institution to allow time for restructuring and marketing the institution – but only if that approach can preserve the franchise value of the failed institution sufficient to make that approach less costly to the DIF than liquidation of the bank and payoff of the insured depositors.
The challenges posed by a large bank failure are illustrated by two examples from the financial crisis: Washington Mutual Bank and IndyMac Bank.
In the case of IndyMac, we saw how the lack of non-deposit liabilities, such as long-term debt, can have an outsized impact on the Deposit Insurance Fund. The failure of the $30 billion thrift institution in 2008 resulted in losses to the DIF of approximately $12 billion - 40 percent of the asset size of the institution.
In contrast, the failure of Washington Mutual Bank (WaMu) with $300 billion in assets, also in 2008 and the largest resolution ever undertaken by the FDIC, resulted in minimal costs to the DIF. This is due in large part to the fact that WaMu had significant long-term debt outstanding at the time of failure – approximately 4.5 percent of total bank assets – which was available to absorb losses in resolution. While in the case of WaMu there was also an acquirer available with the capacity to assume all of the deposits of the bank and in a position to close quickly, we know that is not always an option.
Gone concern resources at the insured depository institution potentially can improve the FDIC's options to complete an orderly resolution of a large bank under the Federal Deposit Insurance Act by increasing the likelihood that a transfer to a bridge depository institution to preserve franchise value would be less costly to the Deposit Insurance Fund and less disruptive to the financial system and local communities than a liquidation of the insured institution and a payout of insured deposits.
Accordingly, the FDIC and the Federal Reserve are considering whether additional measures are warranted to increase the optionality for an orderly resolution of a large bank. This includes whether a layer of loss-absorbing debt held at the bank would be effective in supporting options to resolve large insured depository institutions across a range of scenarios in a manner that is least costly to the Deposit Insurance Fund while minimizing contagion risk and impact to the financial system and local communities. In particular, we would like to consider how to expand the options for resolution without resorting to the sale of the failed institution to another large banking organization or GISB.
In this ANPR, the agencies will explore the effectiveness of a long-term debt requirement in promoting optionality in orderly resolution. The agencies are seeking input on questions such as: how the debt, which could be held at the bank, should be structured and issued; what is the right approach to determining the institutions in scope for such a requirement; what is the right calibration of the amount of any such requirement; and what other requirements should be considered. The agencies also seek to gain a better understanding of how the different alternatives being considered might impact the cost or burden of such requirements.
This is the first step in developing an approach, in conjunction with the Federal Reserve, to address the risks associated with the resolution of large banks, including the risks to the Deposit Insurance Fund, to the customers and counterparties of the banks, to local communities, and to the safety and soundness and stability of the banking system. I am pleased to support this Advance Notice of Proposed Rulemaking.
Finally, I would like to thank the FDIC staff, and their colleagues at the Federal Reserve, for their thoughtful work on this important issue. I look forward to reviewing the comments we receive.
https://www.fdic.gov/news/speeches/2022/spoct1822b.html
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Proposals to Prevent Bailout Risk and Guard Against Increased Concentration in Banking
OCT 18, 2022
Today, the Federal Deposit Insurance Corporation is taking an important step to reduce bailout risk among a group of systemically important financial institutions and guard against increasing concentration in banking. In conjunction with the Federal Reserve Board of Governors, the FDIC Board of Directors is issuing an Advanced Notice of Proposed Rulemaking to help prepare for a potential failure of a very large bank that isn’t one of the big Wall Street banks.
Here’s the pickle that we’re in. The United States now has a substantial number of massive banks with over $100 billion in assets.1 These aren’t the very biggest banks that are deeply integrated into the global financial system, like JPMorgan Chase and Citigroup.2 These are domestic systemically important banks that are heavily focused on retail and commercial banking.3 They have grown much larger over time given that the Justice Department and the bank regulators have been relatively strict when reviewing small bank mergers and quite lax when evaluating big bank buyouts.
If one of these domestic systemically important banks were to fail, we would be in trouble. Avoiding a severe disruption to households and the broader economy would likely require a bailout or a government-facilitated sale to an even larger bank. The sales of Wachovia to Wells Fargo and Washington Mutual to JPMorgan Chase helped the FDIC avoid enormous losses to the Deposit Insurance Fund, but also increased the concentration of banks that were already too big to fail.4
This Advanced Notice of Proposed Rulemaking seeks public input on whether a domestic systemically important bank needs to have a funding structure that gives the FDIC more options to deal with its failure beyond selling it to a much larger bank.5
I support the issuance of the Notice, and I also want to offer a few cautionary notes.
First, if we do pursue rulemaking in this area, this should not serve as a rationale for continuing a lax and opaque merger review process. I fear that merger applicants might point to enhanced resolvability upon failure as the basis for allowing very large mergers to proceed without a rigorous analysis grounded in law. I look forward to the FDIC updating its Bank Merger Act policy statement to address some of these challenges.
Second, our effort to reduce the risk of bailouts or increased concentration upon the failure of domestic systemically important banks should be complemented by efforts to reduce the probability of their failure. One of the best ways to limit the harms associated with large bank failures is to stop them from happening in the first place. We should continue our work to better utilize our existing tools to accomplish this, particularly given the loosening of certain prudential requirements in recent years.
Third, our increased attention on domestic systemically important banks should not be interpreted to mean that it is “mission accomplished” when it comes to the very largest, global systemically important banks. If one of these institutions runs into trouble, there is still a risk that it will create chaos and require taxpayer support or a backdoor bailout. The work on this front is far from over.
Thank you.
https://www.consumerfinance.gov/about-us/newsroom/statement-of-director-chopra-on-proposal-to-prevent-bailout-risk-and-concentration-in-banking/
Invictus Energy, Annual Report for year ending June 30, 2022
https://www.invictusenergy.com/wp-content/uploads/2022/10/61116964-1.pdf
Another one, just like I said.
Just like I said, unfortunately, not commercial.
ND9
10/6/2022 Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 10/06/2022
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Notice of Intent To Terminate Receiverships
Fund Receivership name City State Date of appointment of receiver
10011 THE COLUMBIAN BANK and TRUST CO TOPEKA KS 08/22/2008
10200 ADVANTA BANK CORP DRAPER UT0 3/19/2010
10282 LOS PADRES BANK SOLVANG CA 08/20/2010
The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Section, 600 North Pearl, Suite 700, Dallas, TX 75201.
No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this timeframe.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 3, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-21756 Filed 10-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/10/06/2022-21756/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
10/6/2022 - Notice of Termination of Receiverships (Two different 10/6 notices)
A Notice by the Federal Deposit Insurance Corporation on 10/06/2022
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Notice of Termination of Receiverships
Fund Receivership name City State Termination date
10074 Founders Bank Worth IL 10/01/2022
10158 Republic Federal Bank, NA Miami FL 10/01/2022
10188 Carson River Community Bank Carson City NV 10/01/2022
10212 City Bank Lynwood WA 10/01/2022
10295 Shoreline Bank Shoreline WA 10/01/2022
10300 First Bank of Jacksonville Jacksonville FL 10/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 3, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-21759 Filed 10-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/10/06/2022-21759/notice-of-termination-of-receiverships
10/6/2022 - Notice of Termination of Receiverships (Two different 10/6 notices)
A Notice by the Federal Deposit Insurance Corporation on 10/06/2022
The Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for each of the following insured depository institutions, was charged with the duty of winding up the affairs of the former institutions and liquidating all related assets. The Receiver has fulfilled its obligations and made all dividend distributions required by law.
Notice of Termination of Receiverships
Fund Receivership name City State Termination date
10074 Founders Bank Worth IL 10/01/2022
10158 Republic Federal Bank, NA Miami FL 10/01/2022
10188 Carson River Community Bank Carson City NV 10/01/2022
10212 City Bank Lynwood WA 10/01/2022
10295 Shoreline Bank Shoreline WA 10/01/2022
10300 First Bank of Jacksonville Jacksonville FL 10/01/2022
The Receiver has further irrevocably authorized and appointed FDIC-Corporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary, including but not limited to releases, discharges, satisfactions, endorsements, assignments, and deeds. Effective on the termination dates listed above, the Receiverships have been terminated, the Receiver has been discharged, and the Receiverships have ceased to exist as legal entities.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 3, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-21759 Filed 10-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/10/06/2022-21759/notice-of-termination-of-receiverships
10/6/2022 Notice to All Interested Parties of Intent To Terminate Receiverships
A Notice by the Federal Deposit Insurance Corporation on 10/06/2022
Notice is hereby given that the Federal Deposit Insurance Corporation (FDIC or Receiver), as Receiver for the institutions listed below, intends to terminate its receivership for said institutions.
Notice of Intent To Terminate Receiverships
Fund Receivership name City State Date of appointment of receiver
10011 THE COLUMBIAN BANK and TRUST CO TOPEKA KS 08/22/2008
10200 ADVANTA BANK CORP DRAPER UT0 3/19/2010
10282 LOS PADRES BANK SOLVANG CA 08/20/2010
The liquidation of the assets for each receivership has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors.
Based upon the foregoing, the Receiver has determined that the continued existence of the receiverships will serve no useful purpose. Consequently, notice is given that the receiverships shall be terminated, to be effective no sooner than thirty days after the date of this notice. If any person wishes to comment concerning the termination of any of the receiverships, such comment must be made in writing, identify the receivership to which the comment pertains, and be sent within thirty days of the date of this notice to: Federal Deposit Insurance Corporation, Division of Resolutions and Receiverships, Attention: Receivership Oversight Section, 600 North Pearl, Suite 700, Dallas, TX 75201.
No comments concerning the termination of the above-mentioned receiverships will be considered which are not sent within this timeframe.
(Authority: 12 U.S.C. 1819)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on October 3, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-21756 Filed 10-5-22; 8:45 am]
BILLING CODE 6714-01-P
https://www.federalregister.gov/documents/2022/10/06/2022-21756/notice-to-all-interested-parties-of-intent-to-terminate-receiverships
JACA-1 not commercial.
Here is latest Kosmos extension to Block #5:. Seventh amendment to Production Sharing Contract dated July 20, 2022.
ND9
http://www.grip.st/?cntnr_informac=informac&ficherselt=DT-205-Seventh%20A%20To%20The%20PSC%20Block5.pdf
ANP-STP October 5, 2022 letter:
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Assuming I translated correctly, JACA-1 is not commercial.
ND9
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"confirms the existence of an "Active Petroleum System", but the initial results indicate that there is no evidence that the prospect has a sufficiently large recoverable potential to be commercial."
https://www.anp-stp.gov.st/index.php/pt/publicacoes/noticias-pt/item/177-resultado-da-perfuracao-do-poco-jaca-1
I think kosmos will also have to share their part of eez block 6 with shell or total. Kosmos gave up all their international exploration a couple of yrs ago… São Tomé, Namibia, Surinam, Congo, etc, etc.. when they did that, a lot of good people left… not sure they still have the technical resources needed for STP, without a big partner..
Oil giant Shell snaps up African solar provider Daystar Power
**********************************
I wish they would snap up ERHC Energy.
ND9
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Oil giant Shell snaps up African solar provider Daystar Power
By Libby George
September 28, 20229:49 AM CDT
Last Updated 11 hours ago
https://www.reuters.com/markets/commodities/oil-giant-shell-snaps-up-african-solar-provider-daystar-power-2022-09-28/
Or the storm surge which at times, can easily wash homes away.. there are some sad pictures from galveston texas, I think 2009, when Hurricane Ike washed away numerous homes.. pictures show a couple of days before Hurricane and then after.. just incredible.. Mother Nature.. in lots of instances, not just the house but foundation gone also..
lodas, lodas, lodas, come on, Rosen was working the WMI bankruptcy. Theoretically, even if he had knowledge of safe harbor assets, he could not speak about them because they were not part of the bankruptcy.. Exactly why everytime Susman and Godfrey brought them up, Walrath shut them down.
Nice try.
ND9
As much as I would love Total/Shell to pay $20 for ERHC, it will never happen.
As I just stated, Kosmos found 100 TRILLION cubic feet of Natural Gas. That is the 4th largest find in history. They will be producing natural gas for 30+ years. Yet again, over the last few years, KOS was selling for $4, then $2, then down to $0.55, then recently back up to $6 as oil recovered. Ok, so why wasn't KOS selling for $20 if they are sitting on billions of barrels of oil (i.e, 100 TRILLION cubic feet of natural gas)? Think about it.
First, nobody will ever pay $20 x 2.88B shares (per yahoo) = $57.6B without first proving there are billions and billions of barrels of oil there. Second, even if they find oil, does ERHC have billions of dollars to pay for designing/building an infrastructure and extracting the oil over the next 20 years? No. How could you even put that infrastructure in place, based off 1 well in EEZ block 6 and the previous JDZ wells that were not commercial? Impossible... All these future possible expenses and unknown risks must be accounted for in sale price...
Yes, it could happen in the middle of the night, but you need to be realistic about price expectations. Also, if you have hundreds of millions of shares, and you get 50 cents, or 20 cents per share, you should be ecstatic. Not upset that you didn't get $20/share..
JMHO
ND9
oldoil, yes, I would definitely sell for 50 cents before exploration. You have to remember, ERHE has 1.9B shares. At this point, nobody is going to pay $9/share. That's $17B dollars. Impossible.
Look at Komos. They discovered 100 Trillion cubic feet of natural gas off Mauritania/Senegal a few years ago. Convert that into oil and they own billions of barrels of oil (with their BP partner). A couple of years ago, during oil crisis, their stock was 0.55 cents. The point being, it costs billions and billions of dollars (& years to put infrastructure in place), that are needed, to get this natural gas and or oil, out of the ground, underneath a couple of miles of water.
Small companies can't pay for the extraction/production. So you may be sitting on lots of oil but if you can't get it out of the ground, it's not worth anything. Thus, these small companies are at the mercy of the supermajors. Total and Shell can just wait ERHC out. They have plenty to do with new discoveries in Namibia, South Africa, etc. So speaking just for me, yeah, after 17 years of waiting, I would take 50 cents in a heartbeat.
JMHO
ND9
Morgan Stanley expects the S&P 500 to plunge another 15%-25% within the next four months — use these 3 top recession-resistant stocks for protection
Jing Pan
Fri, September 9, 2022 at 8:35 AM·
4 min read
If you think the stock market selloff has come to an end, Morgan Stanley has some bad news.
The S&P 500 is already down 17% year to date, but the Wall Street juggernaut believes the market has yet to hit a bottom.
“Our '22/'23/'24 base case estimates are now 3%/13%/14% below consensus, respectively,” a team of Morgan Stanley analysts led by Mike Wilson write in a recent note to investors. “In our base case, 2023 now marks a modest earnings contraction (-3% year-over-year growth), though we do not embed an economic recession in this scenario.”
“While acknowledging the poor performance in equities year-to-date, we do not think the bear market is over if our earnings forecasts are correct.”
The analysts expect the S&P 500 to fall to 3,400 by year-end. And if a recession hits the economy, they say the benchmark index could drop to 3,000.
Considering that the S&P 500 sits at around 3,980 right now, Morgan Stanley’s projection implies a further downside of 15% to 25%.
https://finance.yahoo.com/news/morgan-stanley-expects-p-500-133500318.html
The STP EEZ block authorization link that I had posted previously, in this thread, is not currently working. I thought I would check the link after the African Intelligence article on Block 4 was posted (i.e., from carsonkid). Maybe nothing, maybe just a coincidence.
ND9