Failures

Bankers at Sonoma Valley Bank were convicted of bank fraud, money laundering and other offenses.

Greater Christ Baptist Church Credit Union had assets of just $608,000, and saw mounting losses during each of the last three years.

Good times end eventually. And it is inevitable that some new approach to banking will cause financial institutions to fall flat in a downturn.

A judge rules the accounting firm should have detected the fraud that brought down Colonial Bank; Fed deal with Goldman and Morgan Stanley shows softer side.

The agreement was tied to the Puerto Rico company's 2010 purchase of the failed Westernbank.

First Jersey is the second federally insured CU to be liquidated this year.

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.

The Fed determined that Jacob Goldstein, who was also president of NBRS Financial Bank, improperly signed off on loans without telling the board that he would benefit from them. The bank failed in 2014.

The tiny Chicago-based CU, with less than $1 million in assets -- is the first credit union failure of 2018.

But bank will benefit long-term from tax reform; judge says accounting firm failed to detect mortgage fraud that did in Colonial Bank.

We never promised the news would be good for all these community bankers, and it wasn’t. One couldn’t stop a failure, and another quit soon after an acquisition. The rest have their banks at different points on the comeback trail.

Readers sound off on Mick Mulvaney’s plan to hire political appointees at the Consumer Financial Protection Bureau, question what’s behind the failure of Washington Federal Bank for Savings in Chicago, react to an argument that Equifax must endure, and more.

Washington Federal in Chicago, which had a clean balance sheet and plenty of capital on Sept. 30, was shuttered shortly after the death of its CEO and regulators' discovery of "substantial dissipation of assets."

For the first time in nearly nine years, an acquirer of a failed bank agreed to purchase only the institution’s insured deposits, making it likely that some customers will not recoup all of their uninsured funds.

The Federal Deposit Insurance Corp. has forged a pact with the European Union-based entity that handles failed-bank cleanups to share information and collaborate on planning for cross-border resolutions.

Alabama-based CU had operated under conservatorship since June.

Palisades FCU will assume the New York City-based credit union’s members, shares and loans.

Farmers and Merchants State Bank of Argonia, Kan., was the seventh institution to fail this year.

A recent failed-bank resolution in Europe may serve as a harbinger of how new authorities could cause problems in the U.S. and highlights the potential need for a modified bankruptcy process.

Banco Santander stepped in to take over stricken rival Banco Popular Espanol in a deal brokered by regulators that imposes billions of losses on investors.