The FDIC seized Washington Mutuals flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly $4 billion in disputed deposit accounts.
WaMu attorney Brian Rosen told U.S. Bankruptcy Judge Mary Walrath on Friday that JPMorgan has agreed to turn over the money to Washington Mutual after deducting $172 million as its share of tax refunds received.
In return, JPMorgan will get 70 percent of expected tax refunds resulting from WaMus prior operating losses that are valued at about $3 billion, with Washington Mutual - - - - >

The FDIC was unable to find buyers for two banks — Centennial Bank in Ogden, Utah, and Waterfield Bank of Germantown, Maryland — according to statements posted on the agencys Web site. In the largest of yesterdays failures by assets, Boca Raton, Florida-based Sun American Bank was purchased by First-Citizens Bank & Trust Co.
“South Florida is a great market for our company, especially with our focus on individuals, small- to mid-sized businesses and the medical community,” Frank B. Holding Jr., chief executive officer of First-Citizens, said - - - - >

OneWest Bank purchased La Jolla Banks $3.6 billion in assets, according to the Federal Deposit Insurance Corp., which was named receiver. Banks in Florida, Texas and Illinois also collapsed yesterday, for a total cost to the agencys deposit- insurance fund of almost $1.1 billion, the FDIC said in statements on its Web site.
Pasadena, California-based OneWest, led by former Goldman Sachs Group Inc. banker Steven Mnuchin, assumed most operations of First Federal Bank of California in December last year. In yesterdays transaction, OneWest assumed $2.8 billion in - - - - >

First Citizens acquired First Regional Bank of Los Angeles, the Federal Deposit Insurance Corp. said in a statement on its Web site. Six lenders with total assets of $5.53 billion failed, according to the FDIC.
“This is a perfect extension for our company,” Barbara Thompson, a spokeswoman for First Citizens, said in a phone interview from Raleigh, North Carolina. Southern California “is an area we have been in with our subsidiary bank and we see a lot of potential in that market.”
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Mandatory calorie posting led to a 6 percent reduction in calories per transaction at Starbucks New York City stores, according to the study, published on the universitys Web site yesterday. Congress is considering making the disclosure a national requirement after some states introduced similar laws aimed at curbing obesity.
“Calorie posting causes consumers to not only substitute products within stores, but also to substitute across stores,” the authors said. “Consumers who were routinely purchasing coffee and donuts at Dunkin Donuts may have switched to buying coffee at - - - - >

The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new aid will boost the federal governments ownership in GMAC to 56 percent, from 35 percent, and means the U.S. now holds a majority stake in three companies that it bailed out with taxpayer funds - GMAC, General Motors and insurer American International Group Inc. The government also has taken control of mortgage giants Fannie Mae and Freddie Mac.
Keeping GMAC alive as it struggles with its mortgage loan problems has been a major component of the Obama administrations massive - - - - >

Banks with $14.4 billion in total assets were closed yesterday in six U.S. states, the FDIC said in statements on its Web site. The agency is overseeing the dissolution of banks at the fastest pace in 17 years.
Two of the closures were in California. The assets and deposits of Federal Bank of California in Santa Monica were bought by closely held OneWest Bank, which acquired IndyMac Federal Bank this year. Imperial Capital Bank was bought by City National Corp., the Beverly Hills-based parent of City National - - - - >

Pandit, 52, wants an agreement in place this week or next, the people said, speaking on condition of anonymity because the discussions are private. He accelerated efforts after last weeks announcement by Bank of America Corp. that it had won approval to pay back $45 billion of taxpayer funds and exit the Troubled Asset Relief Program, they said.
Citigroup is trying to avoid being the only large U.S. bank left on “exceptional assistance,” a Treasury designation reserved for companies including American International Group Inc. and General Motors - - - - >

Pandit, 52, wants an agreement in place this week or next, the people said, speaking on condition of anonymity because the discussions are private. He accelerated efforts after last weeks announcement by Bank of America Corp. that it had won approval to pay back $45 billion of taxpayer funds and exit the Troubled Asset Relief Program, they said.
Citigroup is trying to avoid being the only large U.S. bank left on “exceptional assistance,” a Treasury designation reserved for companies including American International Group Inc. and General Motors - - - - >

The number of bank failures has reached 115 since January - more than four times the total for 2008 and the most since the savings and loan crisis in 1992. And most experts expect problems caused by unpaid loans to force many more closures in the coming years, mostly among small, community-based banks.
Banks are typically shut down late Friday afternoon. That gives the Federal Deposit Insurance Corp. time over the weekend to handle the shutdown, which most often involves transferring deposits to another bank that is taking over the failed institution. The first sign of failure consumers see may be - - - - >