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Guest Fedup

Move Your Money From Big Banks

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Guest Fedup

People all over the country are choosing to move their money out of bigger banks and into smaller, community-oriented financial institutions that generally avoided the reckless investments and schemes that helped cause the financial crisis.

 

Fueled by the personal initiatives of thousands, it’s a grassroots effort that has the potential to shift power in the financial system away from Wall Street and to Main Street.

 

 

Even though community banks with less than $1 billion in assets hold only 12 percent of all bank assets, they have made 40 percent of all small business loans currently outstanding. These community banks make the majority (58 percent) of all small business loans less than $100,000. Community banks with less than $10 billion in assets have made two-thirds, or 67 percent, of small business loans currently outstanding and hold 62 percent of outstanding loan balances. Banks with less than $1 billion in assets made 48 percent of loans and held 40 percent of loan balances. In contrast, banks with more than $100 billion in assets—the nation’s largest financial institutions—made only 22 percent of small business loans and held only 25 percent of balances.

 

Here is list of good small banks in Washington DC.

 

UNITED BANK

1001 G Street, N.W.

Washington, DC 20001

member of

UNITED BANKSHARES, INC.

 

NATIONAL CAPITAL BANK OF WA

316 Pennsylvania Avenue, S.E.

Washington, DC 20003

 

UNITED BANK

1275 Pennsylvania Avenue, N.W.

Washington, DC 20004

member of

UNITED BANKSHARES, INC.

 

INDEPENDENCE FSB

1006-E Street NW

Washington, DC 20004

 

AMERICAN BANK

1301 K Street, NW Washington, Dc 2000

District Of Columbia, DC 20005

 

EAGLEBANK

1425 K Street, NW

Washington, DC 20005

member of

EAGLE BANCORP, INC.

 

UNITED BANK

1667 K Street, N.W.

Washington, DC 20006

member of

UNITED BANKSHARES, INC.

 

UNITED BANK

1875 Eye Street, N.W.

Washington, DC 20006

member of

UNITED BANKSHARES, INC.

 

CAPITAL BANK NATIONAL ASSN

1776 I Street, N.W.

Washington, DC 20006

member of

CAPITAL BANCORP, INC.

 

CARDINAL BANK

1776 K Street, NW

Washington, DC 20006

member of

CARDINAL FINANCIAL CORPORATION

 

EAGLEBANK

1725 Eye Street N.W.

Washington, DC 20006

member of

EAGLE BANCORP, INC.

 

EAGLEBANK

2001 K Street NW

Washington, DC 20006

member of

EAGLE BANCORP, INC.

 

EAGLEBANK

1044 Wisconsin Avenue N.W.

Washington, DC 20007

member of

EAGLE BANCORP, INC.

 

AMERICAN BANK

5600 Connecticut Avenue N.W.

Washington, DC 20015

 

UNITED BANK

3050 Military Road, N.W.

Washington, DC 20015

member of

UNITED BANKSHARES, INC.

 

NATIONAL CAPITAL BANK OF WA

5228 44th Street, NW

Washington, DC 20015

 

UNITED BANK

4900 Massachusetts Avenue, N.W.

Washington, DC 20016

member of

UNITED BANKSHARES, INC.

 

INDEPENDENCE FSB

1229 Connecticut Ave. NW

Washington, DC 20036

 

EAGLEBANK

1228 Connecticut Avenue NW

Washington, DC 20036

member of

EAGLE BANCORP, INC.

 

UNITED BANK

2301 M Street, N.W.

Washington, DC 20037

member of

UNITED BANKSHARES, INC.

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Guest American for Progress

Big banks are racking in the cash. Unfortunately, its our taxpayer dollars.

 

http://www.nytimes.com/2010/01/16/business/16morgan.html

 

JPMorgan Chase Earns $11.7 Billion

By ERIC DASH

 

JPMorgan Chase kicked off what is expected to be a robust — and controversial — reporting season for the nation’s banks on Friday with news that its profit and pay for 2009 soared.

 

In a remarkable rebound from the depths of the financial crisis, JPMorgan earned $11.7 billion last year, more than double its profit in 2008, and generated record revenue. The bank earned $3.3 billion in the fourth quarter alone.

 

Those cheery figures were accompanied by news that JPMorgan had earmarked $26.9 billion to compensate its workers, much of which will be paid out as bonuses. That is up about 18 percent, with employees, on average, earning about $129,000.

 

Workers in JPMorgan’s investment bank, on average, earned roughly $380,000 each. Top producers, however, expect to collect multimillion-dollar paychecks.

 

The strong results — coming a day after the Obama administration, to howls from Wall Street, announced plans to tax big banks to recoup some of the money the government expects to lose from bailing out the financial system — underscored the gaping divide between the financial industry and the many ordinary Americans who are still waiting for an economic recovery.

 

Over the next week or so, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are expected to report similar surges in pay when they release their year-end numbers.

 

But not all the news from JPMorgan Chase was good. Signs of lingering weakness in its consumer banking business unnerved Wall Street and drove down its share price along with those of other banks.

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Guest Matt Kirsch

This really gets my goat. These big guys bleed my savings dry and boast record profits. It is not right. Thanks ET for telling me about this page.

 

Goldman Sachs bankers to lead $108bn bonus windfall

18/01/2010 10:30:00 AM

Wall Street bankers are set to receive a windfall of $108 billion

 

 

Wall Street bankers are set to receive a windfall of $108 billion in pay and bonuses - more than four times Australia's annual military spending.

 

Goldman Sachs hot shots are expected to land an 81 percent rise in pay and bonuses for 2009, leading Wall Street's biggest banks in rewarding staff with a total of $108 billion (US$100 billion).

 

Analysts predict that Goldman will hand out up to $22 billion to its 30,000 staff members - a windfall of around $715,780 a head – sparking further public backlash over fat cat pay.

 

Australia's defence budget for 2009-10 was set at $25 billion in May last year - increased by $1.7 billion to help fund the cost of operations in Afghanistan ($1.4 billion), Iraq ($62.2 million) and East Timor ($213.8 millon).

 

Goldman, which will round up the US banks reporting season on Thursday, is bracing itself for outrage despite many staff taking bonuses in shares rather than cash, as well as higher-paid executives being forced to donate money to charity.

 

Rival bank JP Morgan was slammed by politicians across the globe on Friday when it revealed plans to pay up 24,654 traders a vast $10.1 billion in bonuses.

 

JP Morgan's bankers in London are thought to be in line for an average $409,500, according to UK reports.

 

The bank was awarded $16.6 billion of US taxpayers' cash amid the global financial crisis last year. It has since repaid the loan, and last week posted a huge jump in profits to almost $13 billion.

 

Meanwhile, rival Morgan Stanley is rumored to be planning payouts worth $16 billion, despite being slated to have lost around $922 million this year.

 

Citigroup is expected to pay out $5.5 billion in bonuses to its investment banking arm, despite preparing to report losses of $9.2 billion this week, according to The Sunday Times.

 

The bank, which was the last of its peers to repay the US government, is expected to admit to paying staff more than $32.5 billion in bonuses, salaries and benefits overall.

 

The windfalls come days after the US President Barack Obama unveiled a "Spank the Banks" tax which will net $125 billion over a decade, in a bid to curb the "obscene" bonus culture.

 

In the UK, the new 50 percent "super-tax" on bonuses above $44,000 should pull around $530 million into the government's coffers.

 

However, Chancellor of the Exchequer Alistair Darling has been urged to match Obama's move.

 

Liberal Democrat shadow chancellor Vince Cable told The Sun newspaper that continuing to reward reckless bankers was akin to "giving a gambling addict a ticket to Las Vegas".

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Guest NAFCU

More than half in Bank Transfer Day survey report growth

 

More than half, or 54 percent, of respondents to a NAFCU Bank Transfer Day survey reported that either this event or the rise in bank fees helped drive more consumers and deposits to their institutions over the past month.

 

NAFCU conducted an informal Bank Transfer Day survey to gauge the impact on credit unions of people’s frustration with big banks and their growing fees. It asked credit unions about membership and share growth, the reasons cited by consumers switching from banks and what credit unions intend to do to keep up the momentum well past this special moment in time.

 

The survey was posted online Friday and will remain open through this Friday. NAFCU President Fred Becker is encouraging all NAFCU members to participate.

 

With the significant boost from Bank Transfer Day, Becker said credit unions “are no longer the best kept secret in banking.”

 

The Bank Transfer Day social media event was launched on the heels of Bank of America’s Sept. 29 announcement that it planned a $5 month debit-card fee next year. That fee was abandoned last week, but reports said consumers were still fed up with the proliferation of new fees at big banks.

 

So far, in the NAFCU Bank Transfer Day survey:

 

41.7 percent of respondents saw share growth exceeding 20 percent compared with September;

21.7 percent said share growth this October was 20 percent higher than in October 2010;

63.9 percent of respondents reported membership growth in October, with 20.7 percent of this group reporting the growth was 20 percent higher than in September.

 

As to why consumers said they switched from banks:

 

50.8 percent of survey respondents heard people were switching because they were dissatisfied with banks;

23.8 percent were switching because of debit-card fee increases; and

11.1 percent switched because of poor customer service at their banks.

 

Respondents plan to utilize a range of tactics aimed at sustaining membership growth going forward, including marketing campaigns focusing on the advantages of credit unions over banks, auto loan promotions and holiday loan rates.

 

Membership and share growth aside, survey respondents said they are noticing stronger interest in credit unions overall. Most respondents, or 52.4 percent, reported a boost in website traffic during the month.

 

Numerous credit unions also said lobbies are more crowded, and they are fielding more questions about the differences between banks and credit unions. One credit union is adding Saturday hours at its branches for the first time in 50 years.

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Guest Marc

If you are not happy with the way Wall Street operates, there is an alternative. We can create public banks to create public money for the public good. In fact, here in DC, a group has already formed to look into creating a public bank for the city modeled after the only public bank in the U.S., the Bank of North Dakota, formed back in 1919 and going strong today.

 

This is going to be a very lively debate.

 

Mark Calabria spent 6 years as senior professional staff of the Senate Banking Committee, handling issues related to housing, mortgage finance, economics, banking, and insurance. Prior to this, he served as deputy assistant secretary for regulatory affairs at HUD and held positions at Harvard and in the private sector regarding housing and real estate, as well as a research associate with the U.S. Census Bureau’s Center for Economic Studies. He holds a doctorate in economics from George Mason University.

 

Marc Armstrong is a business development and communications consultant. Marc got involved in public banking after reading Ellen Brown's book, "Web of Debt." He founded the Public Banking Institute which has resulted in over seventeen bills being introduced in statehouses in the last 18 months. His previous positions included working for IBM Finance with both Bank of America and Wells Fargo Wholesale Banking Divisions as primary customers. He has an MBA from the Anderson School of Business UCLA in Information Systems and Organizational Behavior.

 

The Great Public Banking Debate

Public Banks vs. Wall Street Banks Which Will Serve the Public Better?

 

Friday, April 13

11 AM - 1PM

Florida Avenue Meeting House

2111 Florida Avenue between Decatur and S Street NW

 

Featuring

Marc Armstrong, Executive Director, Public Banking Institute

Mark Calabria, Director, Financial Regulation Studies, CATO Institute

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