About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Bank Deals Blog: Bank Health

Melrose Credit Union Placed into Conservatorship Under the NCUA

The New York State Department of Financial Services (DFS) today took possession of Melrose Credit Union this afternoon and appointed the National Credit Union Administration (NCUA) as conservator. It’s important to note that this isn’t a closure of Melrose Credit Union. The NCUA explains what the conservatorship means in its press release and in thisFAQs document. Below is an excerpt from the FAQs:

The NCUA also states that members can continue to conduct business at the credit union. Melrose Credit Union will remain open during the conservatorship. The long-term future of...

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First Two Bank Failures of 2017
First Two Bank Failures of 2017

With only five bank failures in 2016, I was thinking we might go several months into 2017 without a bank failure. That wasn’t the case. Two banks have already failed in 2017, and January isn’t over yet. The latest one happened yesterday. Seaway Bank and Trust Company of Chicago was closed on Friday by Illinois regulators. The FDIC arranged for State Bank of Texas to assume all deposits. The first bank failure of 2017 occurred on January 13th when New Jersey regulators closed Harvest Community Bank. The FDIC arranged...

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Review of the 2016 Bank Failures and Their Effects on Depositors
Review of the 2016 Bank Failures and Their Effects on Depositors

Only five banks failed in 2016. The year looked similar to the years before the 2008 financial crisis when bank failures were rare. Last year continued the trend of a declining numbers of bank failures. This trend started in 2011 when 92 banks failed, which was a big improvement over 2010 when 157 banks failed. The year 2010 had the highest number of bank failures since the 2008 financial crisis. If you were a DA reader back in 2010, you probably remember my Friday bank failure posts. Almost every...

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Financial Health Grades Updated from Q3 FDIC and NCUA Reports
Financial Health Grades Updated from Q3 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the third quarter health of the institutions they insure. They also released the 2016 Third Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the September 30, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings...

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Fifth Bank Failure of the Year - Allied Bank in Arkansas
Fifth Bank Failure of the Year - Allied Bank in Arkansas

The fifth bank failure of 2016 occurred on Friday. Allied Bank of Mulberry, Arkansas was closed by state regulators, and the FDIC arranged for Today's Bank of Huntsville, Arkansas to assume all of the deposits. Allied Bank was small with five branches and $64.7 million in deposits.

The last bank failure was on August 19th. This year we’ve been averaging just under two bank failures per quarter. So it’s likely we’ll see fewer bank failures this year than last year when eight banks failed. In recent times, 2010 had...

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Financial Health Grades Updated from Q2 FDIC and NCUA Reports
Financial Health Grades Updated from Q2 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the second quarter health of the institutions they insure. They also released the 2016 Second Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the June 30, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings...

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Fourth Bank Failure of the Year - The Woodbury Banking Company
Fourth Bank Failure of the Year - The Woodbury Banking Company

The fourth bank failure of 2016 occurred on Friday. The Woodbury Banking Company in Georgia was closed by state regulators, and the FDIC arranged for United Bank to assume all of the deposits. The Woodbury Banking Company was small with only one branch and $21 million in deposits.

The last bank failure was on May 6th. The trend of fewer bank failures continues. Last year only eight banks failed. In recent times, 2010 had the most bank failures (157). Each year after 2010, fewer banks have failed.

The closure of The Woodbury...

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Centric FCU (LA) Has Both Competitive Kasasa Cash And Kasasa Saver
Availability: Residents of Ouachita and Lincoln Parishes, Louisiana

Often, a Kasasa Cash account with a good APY has a companion Kasasa Saver account with a somewhat disappointing rate and/or a small cap. Centric Federal Credit Union (Centric FCU) offers the exception, with a Kasasa Cash that earns 3.25% APY on qualifying balances up to $10k, and a Kasasa Saver that earns 1.01% APY up to $50k.

Both the Kasasa Cash and Kasasa Saver accounts earn 0.25% APY on qualifying balances over $10k and $50k, respectively, with non-qualifying balances in...

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Financial Health Grades Updated from Q1 FDIC and NCUA Reports
Financial Health Grades Updated from Q1 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the first quarter health of the institutions they insure. They also released the 2016 First Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the March 31, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings page....

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Third Bank Failure of the Year - First CornerStone Bank in Pennsylvania
Third Bank Failure of the Year - First CornerStone Bank in Pennsylvania

The third bank failure of 2016 occurred on Friday. First CornerStone Bank in Pennsylvania was closed by state regulators, and the FDIC arranged for First-Citizens Bank & Trust Company to assume all of the deposits. First CornerStone Bank was the largest of the three banks that have failed this year, but it was still relatively small with six branches and $101 million in deposits.

The last bank failure was on April 29th.This is the first time banks have failed on two consecutive Fridays since January 2015. Bank failures have become...

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