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Inside Washington (09/01/2008)
* WASHINGTON (9/2/08)—Along with the eight credit unions who received a total of $4.2 million in assistance from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund (News Now Aug. 29), an additional five credit unions were awarded technical assistance grants bringing the credit union totals to 13 credit unions and $4.4 million in funds. Also, when including the Financial Assistance award to the National Federal of Community Development Credit Unions, the totals are 14 credit union organizations and $5.4 million in CDFI assistance. CDFI Director Donna Gambrell last week announced more than $54 million in awards for 89 organizations serving economically distressed communities across the nation … * WASHINGTON (9/2/08)—The Federal Deposit Insurance Corp. (FDIC) Friday announced it had become receiver of $1.1 billion-asset Integrity Bank, Alpharetta, Ga., after that institution was closed by the Georgia Department of Banking and Finance. The FDIC approved the assumption of Integrity’s $974.0 million in total deposits by Regions Bank, Birmingham, Ala. All depositors of Integrity Bank, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Regions Bank for the full amount of their deposits, and they will continue to have uninterrupted access to their deposits, the FDIC said in its announcement. Depositors will continue to be insured with Regions Bank so there is no need for customers to change their banking relationship to retain their deposit insurance, the agency reminded. The failed bank's five offices will reopen today as branches of Regions Bank, but temporarily customers of both banks are advised to use their existing branches until Regions Bank can fully integrate the deposit records of Integrity Bank. Regions Bank agreed to pay a total premium of 1.012%t for the failed bank's deposits. In addition, Regions Bank will purchase approximately $34.4 million of Integrity Bank's assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition… * WASHINGTON (9/2/08)--Federal Insurance Deposit Corp. Chairman Sheila Bair was named the U.S.’s most powerful woman by Forbes (Aug. 29). Bair was No. 2 on the list of the world’s 100 most powerful women, second to Germany’s Chancellor Angela Merkel ... * WASHINGTON (9/2/08)--The Federal Reserve Board and Security Pacific Bancorp of Los Angeles signed an agreement to maintain financial soundness of Security Pacific. Under terms of the agreement, Security Pacific cannot: take dividends or any other form of payment representing a reduction in capital from the bank without approval from the Fed; declare or pay dividends unless the declaration or payment is consistent with the Fed’s policy statement on cash dividends; and make any distributions of interest, principal or other sums on subordinated debentures without approval of the Fed ... * WASHINGTON (9/2/08)--The Treasury Department has distributed 2.404 million stimulus payments, totaling $1.5 billion, since mass disbursement of the payments ended July 11. As of the end of August, 114.809 million payments have been distributed, totaling $93.389 billion ...


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