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Canadian Internet Banks
Banking is a major industry in Canada. It plays a key role in the country's financial system and economic growth. In fact, banks account for more than 70 percent of the assets of the financial services sector of the country. Over 90 percent of which is from the country's six giant domestic banks. As of 2002, the banking industry was composed of 14 domestic banks, 20 foreign bank branches and 33 foreign bank subsidiaries. Collectively, these institutions managed more than $1.7 trillion in assets. The financial world is growing rapidly due to its unstoppable technological development. Technology tremendously alters the landscape of the banking industries across the globe. Canada is not an exception. As new banks emerge and penetrate the market, Canadian banks face increased competition from other financial services giants and new foreign entrants. Thus, as international Internet banks mushroom left and right, Canadian banks are setting online branches, allowing their clients to make transactions over the Internet. Many of Canada's major banks made considerable investments in technology to address these challenges. They now provide innovative products and services that fulfill customer demands, intensifying their competitiveness. Through online banking, they are able to expand their customer base and break national borders. Today, Canada's largest banks offer services online. The Bank of Montreal, the Canadian Imperial Bank of Commerce, the TD Bank, the Royal Bank of Canada and many others have launched their own websites that their clients can use to conduct transactions easily and efficiently. These banks also make sure that they are not only informative and helpful, but also secure. Competition is stiff, but online banking has broadened the horizons for Canadian banks. They are now extending their services to the United States, Europe and Asia. Canada is also the birthplace of many new online banks such as the Bank West. If you want to know more about Canada's leading Internet banks, you have come to the right place. This site contains a collection of their profiles, complete with their history and services being offered.
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Latest News from FDIC.gov
2009
The list of Bank Failures in Brief is updated through August 28, 2009. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662).
August
Affinity Bank, Ventura, CA with approximately $1 billion in assets and approximately $922 million in deposits was closed. Pacific Western Bank, San Diego, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-157-2009)
Mainstreet Bank, Forest Lake, MN with approximately $459 million in assets and approximately $434 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits, excluding certain brokered deposits. (PR-156-2009)
Bradford Bank, Baltimore, MD with approximately $452 million in assets and approximately $383 million in deposits was closed. Manufacturers and Traders Trust Company, Buffalo, NY has agreed to assume all deposits. (PR-155-2009)
Guaranty Bank, Austin, TX with approximately $13 billion in assets and approximately $12 billion in deposits was closed. BBVA Compass, Birmingham, AL has agreed to assume all deposits, excluding certain brokered deposits. (PR-150-2009)
CapitalSouth Bank, Birmingham, AL with approximately $617 million in assets and approximately $546 million in deposits was closed. IBERIABANK, Lafayette, LA has agreed to assume all deposits, excluding certain brokered deposits. (PR-149-2009)
First Coweta Bank, Newnan, GA, with approximately $167 million in assets and approximately $155 million in deposits was closed. United Bank, Zebulon, GA, has agreed to assume all deposits, excluding certain brokered deposits. (PR-148-2009)
ebank, Atlanta, Georgia, with approximately $143 million in assets and approximately $130 million in deposits was closed. Stearns Bank, National Association, St. Cloud, MN, has agreed to assume all deposits. (PR-147-2009)
Community Bank of Nevada, Las Vegas, Nevada, with approximately $1.52 billion in assets and approximately $1.38 billion in deposits was closed. The FDIC has created the Deposit Insurance National Bank of Las Vegas, NV ("DINB of Las Vegas") to facilitate the resolution of Community Bank of Nevada, Las Vegas, NV. (PR-146-2009)
Community Bank of Arizona, Phoenix, Arizona, with approximately $158.5 million in total assets, was closed. MidFirst Bank, Oklahoma City, OK, has agreed to assume all deposits, excluding certain brokered deposits (approximately $143.8 million). (PR-145-2009)
Union Bank, N.A., Gilbert, Arizona, with approximately $124 million in assets and approximately $112 in deposits was closed. MidFirst Bank, Oklahoma City, OK, has agreed to assume all non-brokered deposits. (PR-144-2009)
Colonial Bank, Montgomery, Alabama, with approximately $25 billion in assets, was closed. Branch Banking and Trust Company (BB&T), Winston-Salem, NC, has agreed to assume all deposits (approximately $20 million). (PR-143-2009)
Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania, with approximately $13.4 million in assets, was closed. PNC Bank, Pittsburgh, PA, has agreed to assume all deposits (approximately $13.8 million). (PR-142-2009)
Community First Bank, Prineville, Oregon, with approximately $209 million in total assets, was closed. Home Federal Bank, Nampa, ID, has agreed to assume all deposits, excluding certain brokered deposits (approximately $182 million). (PR-141-2009)
Community National Bank of Sarasota County, Venice, Florida, with approximately $97 million in assets, was closed. Stearns Bank, N.A., St. Cloud, MN, has agreed to assume all deposits (approximately $93 million). (PR-140-2009)
First State Bank, Sarasota, Florida, with approximately $463 million in assets, was closed. Stearns Bank, N.A., St. Cloud, MN, has agreed to assume all deposits, excluding certain brokered deposits (approximately $387 million). (PR-139-2009)
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