Author: Ari Socolow on August 26, 2009
I haven't seen this before. I suppose that it is a sign of the times.
Emigrant Direct and Dollar Savings Direct (both owned by Emigrant Bank) has started to list its foreclosed homes for sale on its online banking website.
They have put a link to "real estate opportunities" just below the sign in for online banking accounts.
While it seems a little unusual, it makes sense for the bank to use this avenue to get exposure for its inventory of foreclosed homes and to try to a direct to market approach with these properties through its deposit vehicles.
Author: Cindy Lewis on July 24, 2009
Corus Bankshares, the parent company of Corus Bank may be taken over by an investment consortium, with the financial support of the FDIC. Corus has long offered competitive CD rates and currently has rates that are at the top of the BestCashCow rate charts. The bank may be seized by the FDIC as soon as August 6.
Corus Bankshares, the parent company of Corus Bank may be taken over by an investment consortium, with the financial support of the FDIC. Corus has long offered competitive CD rates and currently has rates that are at the top of the BestCashCow rate charts. For example, it currently has the third highest 18-month CD rate.
"New York developer Related Cos., Thomas Barrack’s Colony Capital LLC and J.C. Flowers & Co. are also mulling bids for Corus. The 51-year-old bank’s fate rests with the FDIC because the lender and its financial adviser, Bank of America Corp., haven’t been able to find a buyer willing to complete a deal without government assistance."
For those that have deposit accounts with Corus, rest easy as long as your money is below FDIC insurance limits. The FDIC will make sure depositors do not lose money below the proper limits.
Corus lost $301 million in the first quarter of 2009 mainly on bad condo loans. The bank has a commercial loan portfolio of $5.4 billion of which $997 million was tied up in condo developments in Southern Florida.
Many expect that the bank will be seized as soon as August 6 by the FDIC.
Author: Cindy Lewis on July 21, 2009
WTDirect is at it again, offering $150 to open a savings account. This is similar to a promotion they ran last year.
WTDirect is at it again, offering $150 to open a savings account. This is similar to a promotion they ran last year.
Deposit $50,000 into a WT Direct savings account by July 31, 2009, keep the money in their through October and the $150 will be added to your account balance. WT Direct is paying a lower bonus for smaller deposit amounts:
Bonus amounts start at $25 for the first $10,000 and increase by $25 for each additional $10 deposited, up to the $150.
WT Direct is currently offering 1.76% APY on its savings accounts for the first 60 days. If your balance falls below this amount after the 60 days, the rate falls to .15% APY. Compare WT Direct's rate to other savings and money market rates on the BestCashCow rate tables.
