F.D.I.C. Closes 5 Banks, Pushing the Total for the Year to 39

The Federal Deposit Insurance Corporation seized First National Bank of Central Florida, based in Winter Park, with $352 million in assets, and Cortez Community Bank of Brooksville, Fla., with $70.9 million in assets.

The agency also took over First Choice Community Bank of Dallas, Ga., with $308.5 million in assets; Park Avenue Bank, based in Valdosta, Ga., with $953.3 million in assets; and Community Central Bank in Mount Clemens, Mich., with $476.3 million in assets.

The Miami-based Premier American Bank agreed to assume the assets and deposits of First National Bank of Central Florida and Cortez Community Bank. Bank of the Ozarks, based in Little Rock, Ark., is acquiring the assets and deposits of First Choice Community Bank and Park Avenue Bank. Talmer Bank & Trust, based in Troy, Mich., agreed to assume the assets and deposits of Community Central Bank.

In addition, the F.D.I.C. and Premier American Bank agreed to share losses on $270 million of First National Bank of Central Florida’s loans and other assets, and on $51.3 million of Cortez Community Bank’s assets.

The agency and Bank of the Ozarks are sharing losses on $260.7 million of First Choice Community Bank’s assets and $514.1 million of Park Avenue Bank’s assets. Talmer Bank & Trust is sharing with the F.D.I.C. $362.4 million of Community Central Bank’s assets.

The failure of First National Bank of Central Florida is expected to cost the deposit insurance fund $42.9 million. The failure of Cortez Community Bank is expected to cost $18.6 million; that of First Choice Community Bank $92.4 million; Park Avenue Bank, $306.1 million; and Community Central Bank, $183.2 million.

Florida and Georgia have been the hardest-hit states for bank failures. Twenty-nine banks were shuttered in Florida last year and 16 in Georgia. Counting the shutdowns on Friday, four Florida banks have been closed this year, and 10 in Georgia.

California and Illinois also have had large numbers of bank failures.

In 2010, authorities seized 157 banks that succumbed to mounting soured loans and the hobbled economy. It was the most in a year since the savings-and-loan crisis two decades ago.

The F.D.I.C. has said that 2010 most likely would be the peak for bank failures.

 

Nintendo 3DS clocks up 400,000 US sales in opening week, nearly matches month-long total for DS

。 By Vlad Savov posted Apr 15th 2011 4:15AM Now we're talking. After Nintendo slyly told us that the 3DS set a day-one US sales record for its handheld division, it has now been more forthright and actually disclosed some cold hard numbers. 400,000 3DS units were shifted in the month of March, says Nintendo of America chief Reggie Fils-Aime, which amounts to just one working week's worth of sales when you consider the portable console launched on March 27th. That was still enough time for it to threaten the DS' overall March tally of 460,000, however, and extrapolated over a full 30 days would total a whopping 2.4 million transactions. Of course, sales rarely sustain such a roaring pace after launch, but Reggie foresees good things for the 3DS with a marquee Legend of Zelda game, the launch of the E-Shop, and Netflix integration all coming over the summer. So the future's bright, we just wish it didn't have to be turquoise.

 

MPs repaid total £1.46m expenses

 11 April 2011 Last updated at 08:22 ET MPs rushed to make repayments in the face of public anger about the expenses scandal MPs repaid expenses totalling ￡1.46m in 12 months before the 2010 election - but some got cash back, it has emerged.

The figure includes repayments volunteered by MPs in the face of public anger and those recommended by an expenses audit.

It follows a Freedom of Information request by the Press Association.

The figures show that some MPs got money back when the audit suggested they repay less than they had already paid out.

In addition to 23 MPs already named as having received money back by the News of the World last year - the Commons said Labour MPs Liam Byrne, Rob Marris and Jim Sheridan also received refunds.

It is the first time the full figure for repayments has been published.

Expenses audit

In the weeks following the expenses scandal, MPs began making repayments - some at the urging of their party leaders, some after investigation by the Commons standards and privileges committee and others voluntarily because of their constituents' reaction.

But in June, a separate audit of all MPs' claims made under the second homes allowance from April 2004 to March 2009 was ordered, after over payments and other mistakes were uncovered by the Telegraph investigation.

The audit, headed by Sir Thomas Legg, eventually recommended MPs should repay ￡1.12m.

But the FOI request shows that the total amount repaid between April 2009 and the general election was ￡1.46m.

It also emerged that former Chief Secretary to the Treasury - now shadow work and pensions secretary - Liam Byrne, who originally repaid ￡3,618 across various expenses, got ￡1,349.41 back. The Legg Inquiry recommended he repay just ￡111.84.

Labour MP Jim Sheridan was refunded ￡379.41 while former Labour MP Rob Marris got ￡3,283.39 returned - after initially repaying ￡4,400 for furniture costs.

Dog food

Others did not pay back the full amount requested by Sir Thomas Legg because they had already voluntarily paid back significant sums - even though they were for separate expenses.

Mr Marris said he had "abided by what he [Sir Thomas Legg] asked for" while Mr Sheridan said he would not be commenting. Mr Byrne has not yet responded.

Among those MPs previously named as having received refunds on their repayments are former Conservative MP Sir John Butterfill - he got ￡15,000 back having agreed to repay ￡20,000 following criticism that he made claims towards staff quarters at his home. Welsh Secretary Cheryl Gillan also got ￡4.47 back, the same amount she was criticised for having claimed towards dog food for her pet.

The Legg report proved controversial because some MPs complained that he had applied his own retrospective limits to what should have been claimed for gardening and maintenance - and told them to repay the rest.

But the audit was also limited in scope to the validity of second home payments "under the rules and standards in force at the time" - among other things it meant MPs were not penalised for "flipping" homes - repeatedly switching expenses claims between properties - one of the practices criticised when expenses claims were leaked.

Sir Thomas also acknowledged in his report that rules were "vague" and interpreting them had not been "straightforward".