Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank.
Originally founded in 1998, Mountain National Bank becomes the first bank failure of the year in Tennessee. The last [...]
Nevada had its first bank failure in over two years as regulators swooped in to close tiny 1st Commerce Bank, North Las Vegas, Nevada. After closing the bank, the FDIC exercised its powers as receiver and sold the failed bank to Plaza Bank, Irvine, CA.
All customer of 1st Commerce will automatically become customers of Plaza Bank on Friday when the bank reopens. In addition, [...]
Wisconsin had its first bank failure in over two years on Friday when state regulators closed Banks of Wisconsin, Kenosha, Wisconsin. The FDIC, appointed as receiver, sold the failed bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all deposits of Banks of Wisconsin.
Banks of Wisconsin, established in June 2000, had two branches which did business as Bank [...]
The number of problem banks declined slightly during the first quarter of 2013. According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks.
Although profits for the overall banking industry have increased for the past 15 consecutive quarters, the number of problem banks remains [...]
A short number of years ago the “too big to fail banks” had to be bailed out with trillions of dollars in financial aid from both the taxpayers and the Federal Reserve. At one point there were serious discussions about nationalizing the entire U.S. banking industry.
As a sign of how rapidly America’s largest banks have recovered from the 2008 financial meltdown, [...]
In an unusual weekday action, state regulators closed Central Arizona Bank, Scottsdale, AZ, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Western State Bank, Devils Lake, North Dakota, which will assume all deposits of Central Arizona Bank.
With only $31.6 million in assets, the failure of Central Arizona Bank would be insignificant [...]
Regulators closed the second bank of the day controlled by Capitol Bancorp, the troubled holding company that holds 11 different banks in nine different states. Sunrise Bank, Valdosta, GA, was closed by state regulators while earlier in the day, regulators closed Pisgah Community Bank, N.C., also owned by Capitol Bancorp.
The FDIC, acting as receiver, sold the failed bank to Synovus [...]
Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks.
Pisgah Community Bank was established on May 15, 2008 on the eve of the largest banking collapse in U.S. [...]
In early April Fannie Mae announced blockbuster profits of $17.2 billion for 2012 and $7.6 billion for the fourth quarter. The profits reported for 2012 represented the largest annual and quarterly net profits in the company’s history. The financial position of Fannie Mae had improved dramatically since 2011 when Fannie Mae reported a loss of $16.9 billion.
Fannie Mae [...]
Posted on April 26, 2013 ·
Douglas County Bank, Douglasville, GA, was closed today by the Georgia Banking Department. The FDIC, acting as receiver, sold Douglas County Bank to Hamilton State Bank, Hoschton, Georgia, which will assume all deposits of the failed bank.
Regulators have been closing a series of small sized banks this year that were unable to recover financially or raise additional capital. [...]