112-588: The Kimball Towers Condominiums (originally known as The Hotel Kimball and later The Sheraton-Kimball Hotel ) is a historic former hotel, located in Springfield, Massachusetts , at 140 Chestnut Street, in Metro Center's Apremont Triangle Historic District . Designed by architect Albert Winslow Cobb in 1910 and constructed in the Renaissance Revival style , The Hotel Kimball is famous as
224-579: A Deposit Insurance Fund (DIF) that it uses to pay its operating costs and the depositors of failed banks. The amount of each bank's premiums is based on its balance of insured deposits and the degree of risk that it poses to the FDIC. The DIF is fully invested in Treasury securities and therefore earns interest that supplements the premiums. Under the Dodd–Frank Act of 2010, the FDIC is required to fund
336-412: A bridge bank , to take over the assets and liabilities of the failed institution, or it may sell or pledge the assets of the failed institution to the FDIC in its corporate capacity. The two most common ways for the FDIC to resolve a closed institution and fulfill its role as a receiver are: Originally the only resolution method was to establish a temporary deposit insurance national bank that assumed
448-491: A 165(d) resolution plan for the BHC that includes the BHC's core businesses and its most significant subsidiaries (i.e., "material entities"), as well as one or more CIDI plans depending on the number of US bank subsidiaries of the BHC that meet the $ 50 billion asset threshold. On December 17, 2014, the FDIC issued guidance for the 2015 resolution plans of CIDIs of large bank holding companies (BHCs). The guidance provides clarity on
560-605: A 1989 amendment to the Federal Deposit Insurance Act. Federal deposit insurance received its first large-scale test since the Great Depression in the late 1980s and early 1990s during the savings and loan crisis (which also affected commercial banks and savings banks). The Federal Savings and Loan Insurance Corporation (FSLIC) had been created to insure deposits held by savings and loan institutions ("S&Ls", or "thrifts" ). Because of
672-646: A collection of Asian curiosities; the Springfield Science Museum , which features a life-size Tyrannosaurus Rex, an aquarium and the first American-made planetarium , designed and built (1937) by Frank Korkosz; the Amazing World of Dr. Seuss Museum , as Springfield is the birthplace of Theodor Geisel ; and the Lyman and Merrie Wood Museum of Springfield History, a museum about the multi-faceted city. The Connecticut Valley Historical Museum
784-540: A collection of rare artifacts that tell stories about the ill-fated ocean liner's passengers and crew. The Springfield Symphony Orchestra performs in Springfield Symphony Hall . In 2011, Springfield's music scene was eclectic. It featured a notable heavy rock scene, from which the bands Gaiah, Staind , All That Remains , Shadows Fall , and The Acacia Strain rose to national prominence. Jazz and blues rival rock in popularity. In 2010 and 2011
896-708: A confluence of events, much of the S&;L industry was insolvent, and many large banks were in trouble as well. FSLIC's reserves were insufficient to pay off the depositors of all of the failing thrifts, and fell into insolvency. FSLIC was abolished in August 1989 and replaced by the Resolution Trust Corporation (RTC). On December 31, 1995, the RTC was merged into the FDIC, and the FDIC became responsible for resolving failed thrifts. Supervision of thrifts became
1008-425: A depositor's money is insured separately up to the insurance limit, and separately at each bank. Thus a depositor with $ 250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $ 250,000, for total insurance coverage of $ 1,500,000. The distinct ownership categories are: All amounts that a particular depositor has in accounts in any particular ownership category at
1120-531: A determination that a bank is insolvent, its chartering authority—either a state banking department or the U.S. Office of the Comptroller of the Currency—closes it and appoints the FDIC as receiver. In its role as a receiver the FDIC is tasked with protecting the depositors and maximizing the recoveries for the creditors of the failed institution. The FDIC as receiver is functionally and legally separate from
1232-417: A domestic office of an FDIC-insured bank. The FDIC publishes a guide which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance. Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are: Deposit accounts are insured only against
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#17327808456751344-448: A history spanning nearly four centuries, Springfield has been home to a number of legacy companies that were household names, including: Springfield's mosaic of ethnic communities have long played a role in its culinary institutions, with many newer smaller restaurants and several decades-old establishments in its downtown. Among its oldest institutions are Smith's Billiards, founded in 1902, which serves Theodore's Blues, Booze, & BBQ,
1456-685: A location well suited for distribution, and in the past this has played a significant role in its economy. For this reason in the early 20th century it was the largest producer in New England of commercially produced cakes and pastries, and among the largest in bread—with one 1926 estimate of 1.4 million loaves of bread and 14 million breakfast rolls produced in the city on a weekly basis. Today Springfield's top five industries (in order, by number of workers) are: Education and Health Services; Trade and Transportation; Manufacturing; Tourism and Hospitality; and Professional & Business Services. Springfield
1568-575: A luxury condominium building. The Hotel Kimball , (140 Chestnut Street), which hosted several U.S. Presidents as guests and once featured the United States' first commercial radio station (WBZ), has been converted into The Kimball Towers Condominiums . The former McIntosh Shoe Company (158 Chestnut Street), one of Springfield's finest examples of the Chicago School of Architecture , has been converted into industrial-style condominiums; and
1680-573: A luxury hotel in the style of Cobb's admirers, McKim, Mead, and White , atop one of Springfield's prominent bluffs. On its opening in 1911, the Springfield Republican described Kimball's and Cobb's building as "representing an outlay of approximately $ 1,000,000, the Kimball stands as an example of all the latest ideas in hotel evolution. … Everywhere there is splendor, yet it is splendor with refinement." Cobb's exterior design for
1792-627: A neighboring barbecue and music venue since 1979, recognized as the "Best Blues Club in the Country" in 2004 by the Blues Foundation . Other venues include The Student Prince Cafe , a long-running German restaurant at its downtown location since 1935, featured on Thrillist 's 2014 Editor's Choice bars, and a wide array of long-running acclaimed Italian restaurants such as Frigo's (1950), The Red Rose (1963), and Leone's (1988) and pastry shops like La Fiorentina (1947). In recent decades
1904-489: A panic. During the Panics of 1893 and 1907, many banks filed bankruptcy due to bank runs. Both of the panics renewed discussion on deposit insurance. In 1893, William Jennings Bryan presented a bill to Congress proposing a national deposit insurance fund. No action was taken, as the legislature paid more attention to the agricultural depression at the time. After 1907, eight states established deposit insurance funds. Due to
2016-452: A particular bank are added together and are insured up to $ 250,000. For joint accounts, each co-owner is assumed (unless the account specifically states otherwise) to own the same fraction of the account as does each other co-owner (even though each co-owner may be eligible to withdraw all funds from the account). Thus if three people jointly own a $ 750,000 account, the entire account balance is insured because each depositor's $ 250,000 share of
2128-653: A population of 699,162 in 2020. Springfield was founded in 1636, the first Springfield in the New World. In the late 1700s, during the American Revolution , Springfield was designated by George Washington as the site of the Springfield Armory because of its central location. Subsequently it was the site of Shays' Rebellion . The city would also play a pivotal role in the Civil War , as
2240-524: A protracted decline during the second half of the 20th century, due largely to the decommissioning of the Springfield Armory in 1969; poor city planning decisions, such as the location of the elevated I-91 along the city's Connecticut River front; and overall decline of industry throughout the northeastern United States . During the 1980s and 1990s, Springfield developed a national reputation for crime, political corruption, and cronyism. During
2352-558: A resolution plan which can be activated if necessary. In addition to the Bank Holding Company ("BHC") resolution plans required under the Dodd Frank Act under Section 165(d), the FDIC requires a separate Covered Insured Depository Institution ("CIDI") resolution plan for US insured depositories with assets of $ 50 billion or more. Most of the largest, most complex BHCs are subject to both rules, requiring them to file
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#17327808456752464-582: A stop on the Underground Railroad and home of abolitionist John Brown , widely known for his raid on Harpers Ferry , and for the Armory's manufacture of the famed " Springfield rifles " used ubiquitously by Union troops. Closing during the Lyndon B. Johnson administration, today the national park site features the largest collection of historic American firearms in the world. Today the city
2576-459: A symbol of confidence for depositors. As part of a 1987 legislative enactment, Congress passed a measure stating "it is the sense of the Congress that it should reaffirm that deposits up to the statutorily prescribed amount in federally insured depository institutions are backed by the full faith and credit of the United States", and similar language is used in 12 U.S.C. § 1825(d) ,
2688-445: A warning to the bank. When the number drops below 6%, the primary regulator can change management and force the bank to take other corrective action. When the bank becomes critically undercapitalized the chartering authority closes the institution and appoints the FDIC as receiver of the bank. The FDIC insures deposits at member banks in the event that a bank fails—that is, the bank's regulating authority decides that it no longer meets
2800-400: Is considered to have a "mature economy", which protects the city to a degree during recessions and inhibits it somewhat during bubbles. Springfield is considered to have one of America's top emerging multi-cultural markets—the city features a 33% Latino population with buying power that has increased over 295% from 1990 to 2006. As of 2006, more than 60% of Hispanic Springfielders had arrived in
2912-412: Is divided into 17 distinct neighborhoods; in alphabetical order, they are: According to the 2010 Census , Springfield had a population of 153,060, of which 72,573 (47.4%) were male and 80,487 (52.6%) were female. 73.0% of the population were over 18 years old, and 10.9% were over 65 years old; the median age was 32.2 years. The median age for males was 30.2 years and 34.1 years for females. According to
3024-522: Is home to the Commonwealth of Massachusetts' largest Fortune 100 company, MassMutual Financial Group. It is also home to the world's largest producer of handguns, Smith & Wesson , founded in 1852. It is home to Merriam Webster , the first and most widely read American–English dictionary, founded in 1806. Springfield is also home to the Commonwealth of Massachusetts' third largest employer, Baystate Health , with over 10,000 employees. Baystate
3136-489: Is known as The City of Homes for its attractive architecture, which differentiates it from most medium-size, Northeastern American cities. Most of Springfield's housing stock consists of Victorian " Painted Ladies " (similar to those found in San Francisco); however, Springfield also features Gilded Age mansions, urban condominiums buildings, brick apartment blocks, and more suburban post-World War II architecture (in
3248-583: Is on the National Register of Historic Places . During the first decade of the twentieth century, Springfield—at the time one of the United States' wealthiest cities—had a surfeit of wealthy travelers but only one first-class hotel, (i.e. the Hotel Worthy, constructed in the nineteenth century.) In 1910, wealthy businessman William Kimball commissioned architect Albert Winslow Cobb—notable for his advocacy of Shingle style architecture —to design
3360-703: Is relatively flat, and follows the north–south trajectory of the Connecticut River; however, as one moves eastward, the city becomes increasingly hilly. Aside from its rivers, Springfield's second most prominent topographical feature is the city's 735-acre (297 ha) Forest Park . Forest Park lies in the southwestern corner of the city, surrounded by Springfield's attractive garden districts, Forest Park and Forest Park Heights , which feature over 600 Victorian Painted Lady mansions. Forest Park also borders Longmeadow. Springfield shares borders with other suburbs such as East Longmeadow , Wilbraham , Ludlow and
3472-675: Is the largest in western New England , and the urban, economic, and media capital of Massachusetts' section of the Connecticut River Valley , colloquially known as the Pioneer Valley . Springfield has several nicknames—"The City of Firsts", due to the many innovations developed there , such as the first American dictionary , the first American gas-powered automobile , and the first machining lathe for interchangeable parts ; "The City of Homes", due to its Victorian residential architecture; and "Hoop City", as basketball
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3584-599: Is the western campus of Tufts University School of Medicine . Baystate Health is in the midst of a $ 300 million addition; nicknamed "The Hospital of the Future", it is the largest construction project in New England. In addition to Baystate, Springfield features two other nationally ranked hospitals; Mercy Medical , run by The Sisters of Providence , and Shriners Hospital for Children. The following companies maintain their headquarters in Springfield: With
3696-580: The 2010 Census , there were 61,706 housing units in Springfield, of which 56,752 were occupied. This was the highest average of home occupancy among the four distinct Western New England metropolises (the other three being Hartford, New Haven, and Bridgeport, Connecticut ). Also as of 2010, Springfield features the highest average homeowner occupancy ratio among the four Western New England metropolises at 50%—73,232 Springfielders live in owner-occupied units, versus 74,111 in rental units. By comparison, as of
3808-699: The City Beautiful movement. The Quadrangle's five distinct collections include the Dr. Seuss National Memorial Sculpture Garden ; the largest collection of Chinese cloisonne outside of China; and the original casting of Augustus Saint Gaudens 's most famous sculpture, Puritan . The Quadrangle's five museums are the Museum of Fine Arts, which features a large Impressionist collection; the George Walter Vincent Smith Art Museum,
3920-505: The FSLIC , was unable to recover from the savings and loan crisis. The existence of two separate funds for the same purpose led banks to shift business from one to the other, depending on the benefits each could provide. In the 1990s, SAIF premiums were, at one point, five times higher than BIF premiums; several banks attempted to qualify for the BIF, with some merging with institutions qualified for
4032-474: The Federal Financing Bank (FFB). Using this facility, the FDIC borrowed $ 15 billion to strengthen the fund, and repaid the debt by 1993. The FDIC faced its greatest challenge from the 2007–2008 financial crisis . From 2008 to 2017 a total of 528 member institutions failed, with the annual number peaking at 157 in 2010. These included the largest failure to date, Washington Mutual , and
4144-674: The Federal Financing Bank . Another option, which it has never used, is a direct line of credit with the Treasury on which it can borrow up to $ 100 billion. Between 1989 and 2006, there were two separate FDIC reserve funds: the Bank Insurance Fund (BIF), and the Savings Association Insurance Fund (SAIF). This division reflected the FDIC's assumption of responsibility for insuring savings and loan associations after another federal insurer,
4256-553: The Office of the Comptroller of the Currency (OCC), and state-chartered thrifts by the FDIC. The final combined total for all direct and indirect losses of FSLIC and RTC resolutions was an estimated $ 152.9 billion. Of this total amount, U.S. taxpayer losses amounted to approximately $ 123.8 billion (81% of the total costs). When the FDIC's Bank Insurance Fund was exhausted in 1990, it received authority from Congress to borrow through
4368-434: The tornado left three dead, hundreds injured, and over 500 homeless in the city alone. The tornado caused hundreds of millions of dollars worth of damage to Springfield and wrought significant destruction in a 39-mile-long (63 km) path from Westfield to Charlton, Massachusetts . It was the first deadly tornado to strike Massachusetts since May 29, 1995. Neighborhoods of Springfield, Massachusetts Springfield
4480-517: The "Windsor Indian" who, running 20 miles from Windsor, Connecticut , to the settlement, was able to give advance warning of the attack. The original settlement—today's downtown Springfield—was located atop bluffs at the confluence of four rivers, at the nexus of trade routes to Boston , Albany , New York City , and Montreal , and with some of the northeastern United States' most fertile soil. In 1777, Springfield's location at numerous crossroads led George Washington and Henry Knox to establish
4592-488: The 1930s, WBZ's standard broadcast identification was, "WBZ-AM, Hotel Kimball, Springfield" and later "WBZA-AM & FM, Hotel Kimball, Springfield." The radio station's headquarters in The Hotel Kimball lured the day's most popular entertainers to Springfield—a mid-sized city, although from the 1870s–1960s, also one of the United States' wealthiest. These entertainers were drawn by the hotel's reputation as much as
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4704-616: The 2010 Census, New Haven features an owner occupancy rate of 31%; Hartford of 26%; and Bridgeport of 43%. In terms of race and ethnicity, Springfield is 51.8% White , 22.3% Black or African American, 0.6% American Indian and Alaska Native, 2.4% Asian (1.2% Vietnamese, 0.3% Chinese, 0.2% Indian, 0.1% Cambodian, 0.1% Filipino, 0.1% Korean, 0.1% Pakistani, 0.1% Laotian), 0.1% Native Hawaiian and Other Pacific Islander, 18.0% from Some Other Race, and 4.7% from Two or More Races (1.5% White and Black or African American; 1.0% White and Some Other Race). Hispanics and Latinos of any race made up 38.8% of
4816-667: The 309-room Hotel Kimball into the 132-room Kimball Towers, its developers filed for bankruptcy. Later they were imprisoned for a different development. For nearly a decade thereafter, the Kimball Towers were managed by the Federal Deposit Insurance Corporation . Many of the Kimball's units were left unfinished or bare by the developers, who had completed only the top three floors of the ten-story building, (floors 6, 7, and 8.) During this period, many Kimball units were sold to absentee landlords, as
4928-648: The BIF to avoid the higher premiums of the SAIF. This drove up the BIF premiums as well, resulting in a situation where both funds were charging higher premiums than necessary. Then- Chair of the Federal Reserve Alan Greenspan was a critic of the system, saying, "We are, in effect, attempting to use government to enforce two different prices for the same item – namely, government-mandated deposit insurance. Such price differences only create efforts by market participants to arbitrage
5040-563: The Board of Directors passed a Final Rule to simplify the Ownership Categories by combining Revocable and Irrevocable Trusts into a single ownership category. The policy came into effect on April 4, 2022. On April 1, 2024, the Board of Directors changed how accounts held under the same name would be insured. The FDIC receives no funding from the federal budget. Instead it assesses premiums on each member and accumulates them in
5152-648: The Currency and the director of the Consumer Financial Protection Bureau (CFPB). The current board members as of September 25, 2024: President Biden has nominated the following to fill seats on the board. They await Senate confirmation. Without deposit insurance, bank depositors took the risk that their bank could run out of cash due to losses on its loans or an unexpected surge in withdrawals, leaving them with few options to recover their money. The failure of one bank might shift losses and withdrawal demands to others and spread into
5264-473: The DIF to at least 1.35% of all insured deposits; in 2020, the amount of insured deposits was approximately $ 8.9 trillion and therefore the fund requirement was $ 120 billion. During two banking crises—the savings and loan crisis and the 2007–2008 financial crisis —the FDIC has expended its entire insurance fund. On these occasions it has met insurance obligations directly from operating cash, or by borrowing through
5376-461: The FBI, and indexed by NeighborhoodScout showed between 2010 and 2018 the violent crime rate for Springfield decreased by approximately 52.5%, whereas the property crime rate declined by 54%; both rates remain more than twice their respective state averages, as of 2018. Distribution of Greater Springfield NECTA Labor Force (2016) Springfield's vicinity to both Boston and New York City lends it
5488-414: The FDIC a permanent agency of the government and provided permanent deposit insurance maintained at the $ 5,000 level. The per-depositor insurance limit has increased over time to accommodate inflation . Congress approved a temporary increase in the deposit insurance limit from $ 100,000 to $ 250,000, which was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase
5600-507: The FDIC acting in its corporate role as deposit insurer. Courts have long recognized these dual and separate capacities as having distinct rights, duties and obligations. The goals of receivership are to market the assets of a failed institution, liquidate them, and distribute the proceeds to the institution's creditors. The FDIC as receiver succeeds to the rights, powers, and privileges of the institution and its stockholders, officers, and directors. It may collect all obligations and money due to
5712-412: The FDIC insures deposits in member banks up to $ 250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States , and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds". Deposits placed with non-bank fintech financial technology companies are not protected by the FDIC against failure of
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#17327808456755824-514: The FDIC's creation in 1933, 150 bills were submitted in Congress proposing deposit insurance. The problem of bank instability was already apparent before the onset of the Great Depression. From 1921 to 1929, approximately 5,700 bank failures occurred, concentrated in rural areas. Nearly 10,000 failures occurred from 1929 to 1933, or more than one-third of all U.S. banks. A panic in February 1933 spread so rapidly that most state governments ordered
5936-584: The Hotel Kimball included a rusticated stone base; arched window openings with stone voussoirs; vertical stone banding; and a detailed cornice profile. The interior featured grand function rooms, including a ballroom and lounge, as well as ample guest accommodations. On its opening in 1911, it was reviewed by the New York Times as "ranking with the finest [hotels] in the country. A magnificent hotel, modern and metropolitan in every appointment." At
6048-424: The Kimball celebrated its 100th anniversary on St. Patrick's Day, 2011. As of 2012, the Kimball Towers is primarily owner-occupied, and currently undergoing extensive renovations in accordance with its Historic Preservation Certificate. The Kimball is famous as the site one of the United States' first-ever commercial radio station, Westinghouse's WBZ . From 1921 until the station moved to Boston, Massachusetts in
6160-463: The Kimball hosted U.S. Presidents like Calvin Coolidge , Franklin D. Roosevelt , Dwight D. Eisenhower and John F. Kennedy , among many movie actors, actresses, kings, and wealthy industrialists. During the late 1960s, the construction of Interstate 91 and the resulting white flight of wealthy and upper-middle class Springfielders to Western Massachusetts ' suburbs had a detrimental effect on
6272-579: The Sixteen Acres and Pine Point neighborhoods). While Springfield's architecture is attractive, much of its built-environment stems from the 19th and early 20th centuries when the city experienced a period of "intense and concentrated prosperity"—today, its Victorian architecture can be found in various states of rehabilitation and disrepair. As of 2011, Springfield's housing prices are considerably lower than nearby New England cities which do not feature such intricate architecture. In Metro Center, stands
6384-658: The Springfield-headquartered Hampden Bank sponsored the Hoops City Jazz & Art Festival, a three-day event that drew approximately 30,000 people to Metro Center to hear varieties of different jazz music—from smooth jazz, to hard bop, to New Orleans-style jazz. Headliners included Springfield great Taj Mahal , the Average White Band , and Poncho Sanchez . In addition to its nickname The City of Firsts , Springfield
6496-482: The United States' National Armory at Springfield , which produced the first American musket in 1794, and later the famous Springfield rifle . From 1777 until its closing during the Vietnam War , the Springfield Armory attracted skilled laborers to Springfield, making it the United States' longtime center for precision manufacturing. The near-capture of the armory during Shays' Rebellion of 1787 led directly to
6608-472: The United States' City Crime Rankings—its second-lowest ranking in recent years, (in 2009, it ranked 51st). Springfield's 2010 crime rating of 142 is down approximately 50% from its heights in the late 1990s and 2000s. The Urban Land Institute stated in 2010 that "the perception of crime [in Springfield] appears to be worse than the reality". By another measure, crime and population data collected by
6720-408: The United States. The city of Springfield itself is home to Springfield College , Western New England University , American International College , and Springfield Technical Community College , among other higher educational institutions. The area that would become Springfield was historically inhabited by indigenous people, with documented middle archaic period sites, a ceramic workshop site from
6832-577: The Woodland period in south Springfield, and the contact period Long Hill site, excavated in 1895. At the time of European contact at settlement, the Springfield area was inhabited by the Agawam tribe, who sold land to English settlers. Springfield was founded in 1636 by English Puritan William Pynchon as "Agawam Plantation" under the administration of the Connecticut Colony . In 1641 it
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#17327808456756944-407: The account is insured. The owner of a revocable trust account is generally insured up to $ 250,000 for each unique beneficiary (subject to special rules if there are more than five of them). Thus if there is a single owner of an account that is specified as in trust for (payable on death to, etc.) three different beneficiaries, the funds in the account are insured up to $ 750,000. On January 21, 2022,
7056-481: The arms industry of the Armory, as well as from private companies such as Smith & Wesson , established by Horace Smith and Daniel B. Wesson . Similarly, the industrial economy led Thomas and Charles Wason to establish the Wason Manufacturing Company , which produced the first manufactured sleeping car . The largest railcar works in New England, Wason produced 100 cars a day at its peak;
7168-595: The assumptions that are to be made in the CIDI resolution plans and what must be addressed and analyzed in the 2015 CIDI resolution plans including: The board of directors is the governing body of the FDIC. The board is composed of five members, three appointed by the president of the United States with the consent of the United States Senate and two ex officio members. The three appointed members each serve six-year terms. These may continue to serve after
7280-482: The banks' financial performance, including leverage ratio (but not CET1 Capital Requirements & Liquidity Coverage Ratio as specified in Basel III ). To qualify for deposit insurance, member banks must follow certain liquidity and reserve requirements. Banks are classified in five groups according to their risk-based capital ratio : When a bank becomes undercapitalized, the institution's primary regulator issues
7392-523: The boards of the FDIC and the National Credit Union Administration (NCUA) to consider inflation and other factors every five years beginning in 2010 and, if warranted, to adjust the amounts under a specified formula. FDIC-insured institutions are permitted to display a sign stating the terms of its insurance—that is, the per-depositor limit and the guarantee of the United States government. The FDIC describes this sign as
7504-573: The building's (and Springfield's) future seemed uncertain. During the new millennium, the Kimball staged a comeback. It achieved financial and managerial stability, which had eluded it since its days as the Sheraton-Kimball Hotel. The "Millennium Room"—originally part of the Kimball's famous Pickwick Lounge restaurant and bar, which played host to numerous Kennedy family campaign meetings—was renovated and now features regular art shows and entertainment by artists and musicians. In 2011,
7616-575: The city has also become home to a number of cuisines not found elsewhere in the region, including Cajun restaurant Chef Wayne's Big Mamou, Lebanese restaurant Nadim's Downtown, local chain Puerto Rican Bakery, and a host of other Greek, Jamaican, Mexican, and Vietnamese venues. Springfield is home to five distinct museums at the Quadrangle , along with the ornate Springfield City Library —an architecturally significant example of
7728-460: The city of Chicopee (which constituted one of Springfield's most populous neighborhoods until it separated and became an independent municipality in 1852). The Connecticut state line is only 4 miles (6 km) south of Springfield, beside the wealthy suburb of Longmeadow , which itself separated from Springfield in 1783. Springfield's densely urban Metro Center district surrounding Main Street
7840-605: The city of Chicopee. The small cities of Agawam and West Springfield lie less than a mile (1.6 km) from Springfield's Metro Center, across the Connecticut River. The City of Springfield also owns the Springfield Country Club, located in the autonomous city of West Springfield, which separated from Springfield in 1774. Springfield, like other cities in southern New England, has a hot-summer humid continental climate ( Köppen : Dfa ) with four distinct seasons and precipitation evenly distributed throughout
7952-681: The city since 1986. With 25 universities and colleges within a 15-mile (24 km) radius from Springfield, including several universities and liberal arts colleges , and more than six institutions within the city itself, the Hartford–Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen—touting its 32 universities and liberal arts colleges , numerous highly regarded hospitals, and nearly 120,000 students. The Knowledge Corridor universities and colleges provide
8064-477: The city's Metro Center and the Sheraton-Kimball Hotel, as it did on most U.S. cities and their urban hotels. During the 1970s and early 1980s, many gilded age hotels like the Kimball were torn down in the United States. In 1983, the Kimball was spared the wrecking ball by the National Register of Historic Places. Soon after, two developers purchased it to develop condominiums. Amidst the renovation of
8176-524: The closure of all banks. President Franklin D. Roosevelt himself was dubious about insuring bank deposits, saying, "We do not wish to make the United States Government liable for the mistakes and errors of individual banks, and put a premium on unsound banking in the future." Bankers likewise opposed insurance, arguing that it would create a moral hazard for bankers and depositors, and even denounced it as socialist. Yet public support
8288-494: The company was eventually purchased by Brill in 1907 and closed during the Depression in 1937. Among numerous other industries, during the first half of the 20th century Springfield also produced brass goods, chemicals, clothing and knit goods, paper goods, watches, boilers, engines, manufacturing machinery, silverware, jewelry, skates, carriages, buttons, needles, toys, and printed books and magazines. Springfield underwent
8400-417: The costs to the deposit insurance funds. The procedures require the FDIC to choose the resolution alternative that is least costly to the deposit insurance fund of all possible methods for resolving the failed institution. Bids are submitted to the FDIC where they are reviewed and the least cost determination is made. To assist the FDIC in resolving an insolvent bank, covered institutions are required to submit
8512-409: The country. On the occasions that hurricanes have hit New England, Springfield's inland, upriver location has caused its damages to be considerably less than shoreline cities like New Haven, Connecticut , and Providence, Rhode Island . On June 1, 2011, Springfield was directly struck by the second-largest tornado ever to hit Massachusetts . With wind speeds exceeding 160 mph (257 km/h),
8624-524: The difference." Greenspan proposed "to end this game and merge SAIF and BIF". In February 2006, President George W. Bush signed into law the Federal Deposit Insurance Reform Act of 2005 (FDIRA). Among other purposes, the act merged the BIF and SAIF into a single fund. As of December 31, 2022, the balance of FDIC's Deposit Insurance Fund is $ 128.2 billion. The year-end balance has increased every year since 2009. Upon
8736-473: The early 21st century, Springfield saw long-term revitalization projects and several large projects, including the $ 1 billion New Haven–Hartford–Springfield intercity rail ; a $ 1 billion MGM casino ., and the $ 95 million redevelopment of Springfield Union Station. In December 2022, Springfield was designated by the National Park Service as an American World War II Heritage City,
8848-470: The expiration of their terms of office until a successor has taken office. No more than three members of the board may be of the same political affiliation. The president, with the consent of the Senate, also designates one of the appointed members as chairman of the board, to serve a five-year term and one of the appointed members as vice chairman of the board. The two ex officio members are the Comptroller of
8960-408: The failed bank's deposits on behalf of the FDIC. This method fell into disuse after the law was revised in 1935 to allow the other options above, although it has been used occasionally when the FDIC determines that it is the most practical way to continue banking service to the failed bank's community. In 1991, to comply with legislation, the FDIC amended its failure resolution procedures to decrease
9072-513: The failure of a member bank. Deposit losses that occur in the course of the bank's business, such as theft , fraud or accounting errors, must be addressed through the bank or state or federal law. Deposit insurance also does not cover the failure of non-bank entities that use a bank to offer financial services, e.g. fintech financial technology companies. If the company places the money in an FDIC-insured bank account consumers are protected only under some conditions. Each ownership category of
9184-577: The federal government, or issue debt through the Federal Financing Bank on terms that the bank decides. As of June 2024 , the FDIC provided deposit insurance at 4,539 institutions. As of Q2 2024, the Deposit Insurance Fund stood at $ 129.2 billion. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages receiverships of failed banks. Quarterly reports are published indicating details of
9296-587: The fertile Connecticut River Valley , surrounded by mountains, bluffs, and rolling hills in all cardinal directions, Springfield sits on the eastern bank of the Connecticut River, near its confluence with two major tributary rivers—the western Westfield River , which flows into the Connecticut opposite Springfield's South End Bridge; and the eastern Chicopee River , which flows into the Connecticut less than 0.5 mi (0.8 km) north of Springfield, in
9408-410: The fintech company. If the company places the money in an FDIC-insured bank account consumers are protected only under some conditions. The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding. The FDIC charges premiums based upon the risk that the insured bank poses. When dues and the proceeds of bank liquidations are insufficient, it can borrow from
9520-468: The first American gasoline-powered car (1893, Duryea Brothers ); the first successful motorcycle company (1901, " Indian "); one of America's first commercial radio stations (1921, WBZ , broadcast from the Hotel Kimball ); and most famously, the world's second-most-popular sport, basketball (1891, Dr. James Naismith ). Springfield would play major roles in machine production, initially driven by
9632-558: The first in the Commonwealth of Massachusetts and one of only 18 communities in the country. According to the United States Census Bureau , the city has a total area of 33.1 square miles (85.7 km ), of which 31.9 square miles (82.5 km ) are land and 1.2 square miles (3.1 km ), or 3.65%, are water. Once nicknamed "The City in a Forest", Springfield features over 4.0 square miles (10.4 km ) of urban parkland, 12% of its total land area. Located in
9744-449: The formation of the U.S. Constitutional Convention . During the 19th and 20th centuries, Springfielders produced many innovations, including the first American-English dictionary (1805, Merriam-Webster ); the first use of interchangeable parts and the assembly line in manufacturing (1819, Thomas Blanchard ); the first American horseless car (1825, Thomas Blanchard); the mass production of vulcanized rubber (1844, Charles Goodyear );
9856-653: The ground . During that attack, three-quarters of the original settlement was burned to the ground, with many of Springfield's residents survived by taking refuge in John Pynchon's brick house, the "Old Fort", the first such house to be built in the Connecticut River Valley. Out of the siege, Miles Morgan and his sons were lauded as heroes; as one of the few homesteads to survive the attack, alerting troops in Hadley, as well as Toto, often referred to as
9968-484: The high snowfall amounts and blustery wind averages of nearby cities such as Worcester, Massachusetts , and Albany, New York . Springfield's summers are very warm and sometimes humid. During summer, several times per month, on hot days afternoon thunderstorms will develop when unstable warm air collides with approaching cold fronts . The daily average in July is around 74 °F (23 °C). Usually several days during
10080-418: The institution, preserve or liquidate its assets and property, and perform any other function of the institution consistent with its appointment. It also has the power to merge a failed institution with another insured depository institution and to transfer its assets and liabilities without the consent or approval of any other agency, court, or party with contractual rights. It may form a new institution, such as
10192-520: The lax regulation of banks and the widespread inability of banks to branch, small, local unit banks—often with poor financial health—grew in numbers, especially in the western and southern states. In 1921, there were about 31,000 banks in the US. The Federal Reserve Act initially included a provision for nationwide deposit insurance, but it was removed from the bill by the House of Representatives . From 1893 to
10304-426: The population (33.2% Puerto Rican, 1.7% Dominican, 1.0% Mexican, 0.5% Guatemalan, 0.3% Cuban, 0.2% Colombian, 0.2% Spanish, 0.2% Salvadoran, 0.1% Peruvian, 0.1% Ecuadorian, 0.1% Panamanian, 0.1% Costa Rican, 0.1% Honduran). Non-Hispanic Whites were 36.7% of the population in 2010, down from 84.1% in 1970. Data is from the 2009–2013 American Community Survey 5-Year Estimates. In 2010, Springfield ranked 35th in
10416-479: The radio station's, and Springfield's. 42°6′18.6″N 72°35′21.1″W / 42.105167°N 72.589194°W / 42.105167; -72.589194 Springfield, Massachusetts Springfield is the most populous city in and the seat of Hampden County, Massachusetts , United States. Springfield sits on the eastern bank of the Connecticut River near its confluence with three rivers:
10528-673: The red-brick, former Milton Bradley toy factory is now Stockbridge Court Apartments (45 Willow Street). In the Ridgewood Historic District, the 1950s-futurist Mulberry House (101 Mulberry Street), is now a condominium building that features some of the finest views of Springfield. Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation ( FDIC ) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks . The FDIC
10640-404: The region with an educated workforce, which yields a yearly GDP of over $ 100 billion—more than at least 16 U.S. States. Hartford–Springfield has become home to a number of biotech firms and high-speed computing centers. As of 2009 Springfield ranks as the 24th most important high-tech center in the United States with approximately 14,000 high-tech jobs. In 2010, the median household income
10752-468: The requirements for remaining in business. FDIC deposit insurance covers deposit accounts , which, by the FDIC definition, include: Accounts at different banks are insured separately. All branches of a bank are considered to form a single bank. Also, an Internet bank that is part of a brick and mortar bank is not considered to be a separate bank, even if the name differs. Non-US citizens are also covered by FDIC insurance as long as their deposits are in
10864-710: The responsibility of a new agency, the Office of Thrift Supervision ( credit unions remained insured by the National Credit Union Administration ). The primary legislative responses to the crisis were the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), and the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). Federally chartered thrifts are now regulated by
10976-526: The site of the United States' first-ever commercial radio station, Westinghouse 's WBZ , and also for hosting celebrated guests, including many U.S. Presidents, dignitaries, and film stars. The Kimball is located in the Apremont Triangle Historic District , with its main entrance on Chestnut Street, between Bridge and Hillman Streets. Since 1983, the Kimball has been protected by the Apremont Triangle Historic District , which
11088-454: The sixth largest, IndyMac . Wachovia , another large bank, avoided failure through last-minute merger arrangements at the FDIC's insistence. At the height of the crisis in late 2008, Treasury secretary Henry Paulson and Federal Reserve officials Ben Bernanke and Timothy Geithner proposed that the FDIC should guarantee debts across the US financial sector, including investment banks . Chairman Sheila Bair resisted, and after negotiations
11200-472: The summer exceed 90 °F (32 °C), constituting a " heat wave ". Spring and fall temperatures are usually pleasant, with mild days and crisp, cool nights. Precipitation averages 45.85 inches (1,165 mm) annually, and snowfall averages 40.5 inches (103 cm), most of which falls from mid-December to early March. Although not unheard of, extreme weather events like hurricanes and tornadoes occur infrequently in Springfield compared with other areas in
11312-600: The time, guest-rooms featured "solid mahogany floors and chairs with upholstery of hand tooled-leather, bearing the Kimball coat-of-arms." Built in what was the affluent residential neighborhood of Chestnut and Bridge Streets, the Kimball offered 309 rooms, a dining-room capacity for 450, a 22-foot (6.7 m)-high grand ballroom for 350 guests, and, in 1912, room rates from "$ 1.50 to $ 3.50 per day". Proms, wedding receptions, conventions, banquets, and weekly Rotary and Kiwanis meetings kept Kimball facilities fully booked for decades. For decades following its 1911 opening, The Kimball
11424-563: The two prominent skyscrapers, Tower Square, and Monarch Place , the latter of which is the tallest building in Massachusetts outside of Boston. Many of the city's Victorian buildings including former hotels, factories, and other institutions have been converted into apartment buildings and luxury condominiums. For example, Springfield's ornate Classical High School (235 State Street), with its immense Victorian atrium—where Dr. Seuss, Timothy Leary, and Taj Mahal all went to high school—is now
11536-503: The western Westfield River , the eastern Chicopee River , and the eastern Mill River . At the 2020 census , the city's population was 155,929, making it the third most populous city in the U.S. state of Massachusetts and the fourth most populous city in New England after Boston , Worcester , and Providence . Metropolitan Springfield , as one of two metropolitan areas in Massachusetts (the other being Greater Boston ), had
11648-465: The year, but the intensity (and sometimes the duration) of warmer periods is greater than in northern areas. Winters are cold with a daily average in January of around 26 °F (−3 °C). During winter, nor'easter storms can drop significant snowfalls on Springfield and the Connecticut River Valley . Temperatures below 0 °F (−18 °C) can occur each year, though the area does not experience
11760-529: Was "the leading hotel in Western Massachusetts ." During the 1940s, it was the first grand hotel purchased by Sheraton Hotels and Resorts , (which was then based in Springfield.) After its purchase, the Kimball was renamed the Sheraton -Kimball Hotel and remained a 4-star property until the early 1980s, when it began a long conversion into The Kimball Towers Condominiums. In its time as a hotel,
11872-464: Was $ 35,236. Median income for the family was $ 51,110. The per capita income was $ 16,863. About 21.3% of families and 26.8% of the population were below the poverty line, including 40.0% of those under age 18 and 17.5% of those age 65 or over. The City of Springfield is the economic center of Western Massachusetts. It features the Pioneer Valley 's largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. Springfield
11984-654: Was created by the Banking Act of 1933 , enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$ 2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010,
12096-509: Was extended through December 31, 2013. The Dodd–Frank Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $ 250,000 insurance limit permanent, and extended the guarantee retroactively to January 1, 2008, meaning it covered uninsured deposits banks like IndyMac . In addition, the Federal Deposit Insurance Reform Act of 2005 (P.L.109-171) allows for
12208-444: Was invented in Springfield in 1891 by Canadian James Naismith . Hartford , the capital of Connecticut , lies 24 miles (39 km) south of Springfield, on the western bank of the Connecticut River. The Hartford–Springfield region is known as the Knowledge Corridor because it hosts over 160,000 university students and over 32 universities and liberal arts colleges —the second-highest concentration of higher-learning institutions in
12320-761: Was one of the Quadrangle's five museums until 2009. In 2017 the Amazing World of Dr. Seuss Museum opened in the former location, the William Pynchon Memorial Building. The collections of the Connecticut Valley Historical Museum are now located in the Lyman and Merrie Wood Museum of Springfield History. Springfield's Indian Orchard neighborhood is home to the RMS Titanic Historical Society's Titanic Museum , which displays
12432-458: Was overwhelmingly in favor. On June 16, 1933, Roosevelt signed the 1933 Banking Act into law, creating the FDIC. The initial plan set by Congress in 1934 was to insure deposits up to $ 2,500 ($ 56,940 today) and adoption of a more generous, long-term plan after six months. However, the latter plan was abandoned for an increase of the insurance limit to $ 5,000 (equivalent to $ 113,881 in 2023). The 1933 Banking Act: The Banking Act of 1935 made
12544-645: Was renamed after Pynchon's hometown of Springfield, Essex , England, following incidents, including trade disputes as well as Captain John Mason's hostilities toward native tribes, which precipitated the settlement's joining the Massachusetts Bay Colony . During its early existence, Springfield flourished both as an agricultural settlement and as a trading post, although its prosperity waned dramatically during (and after) King Philip's War in 1675, when natives laid siege to it and burned it to
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