Posted on November 28, 2013 ·
The Quarterly Banking Profile released by the FDIC showed that profits for the banking industry declined for the first time since the second quarter of 2009.
FDIC insured commercial banks and savings institutions reported net income of $36.0 billion for the third quarter of 2013 which was a $1.5 billion (3.9%) decline from the previous year. The FDIC attributed the lower quarterly [...]
Posted on October 30, 2013 ·
After a month and a half with no banking failures, regulators closed the small Bank of Jackson County, Graceville, FL. After being shut down by the Florida Office of Financial Regulation, the FDIC was named as receiver.
After selling the failed bank to First Federal Bank of Florida, Lake City, FL, all deposit accounts of Bank of Jackson County were transferred to the acquiring [...]
Posted on September 13, 2013 ·
The biggest banking failure of 2013 occurred today in Texas as regulators closed the First National Bank, Edinburg, Texas, The failed bank becomes the 22nd banking failure of the year and the first in Texas.
First National Bank, with $3.1 billion in total assets, is the largest bank failure since May 14, 2010 when Midwest Bank and Trust Company, Elmwood, IL, with $3.2 billion [...]
Posted on September 13, 2013 ·
For the first time in over a decade a Connecticut bank failed as regulators swooped in to close The Community’s Bank, with headquarters in Bridgeport, CT.
The Community’s Bank was a very small bank with only $26.3 million in assets that was floundering under an avalanche of nonperforming loans. Established in 2001 the Bank was the only minority-owned bank in the state [...]
Posted on August 30, 2013 ·
Anyone with money in a long term bond fund knows first hand how quickly losses can pile up when interest rates rise. The latest Quarterly Banking Profile shows that banks , just like individuals, are subject to interest rate risk on long duration assets.
Financial repression by the Federal Reserve has forced both individual investors and banks into long duration bonds which [...]
Posted on August 29, 2013 ·
The latest Quarterly Banking Profile issued by the FDIC today shows almost a 10% decline in the number of banks on the confidential FDIC Problem Bank List.
The number of problem banks finally declined to under 600 for the first time since the first quarter of 2009. The number of problem banks declined by 59 banks or 9.6% during the second quarter. As of June 30, 2013 a total [...]
Posted on August 24, 2013 ·
State regulators closed down the Sunrise Bank of Arizona, Phoenix, Arizona, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to First Fidelity Bank, N.A., Oklahoma City, Oklahoma, which will assume all deposits of Sunrise Bank.
The failure of Sunrise Bank of Arizona is noteworthy since it is the fifth banking failure in the past three month [...]
Posted on August 23, 2013 ·
The second largest bank failure of the year occurred today as regulators closed down Community South Bank, Parsons, Tennessee, which had total assets of $386.9 million as of June 30, 2013. The largest bank closing of the year in terms of total assets occurred on June 7, 2013 when regulators shuttered Mountain National Bank, also located in Tennessee, which had $437.5 million [...]
Posted on August 9, 2013 ·
Bank of Wausau, a small community bank serving central Wisconsin, was shut down by state financial regulators who appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Nicolet National Bank, Green Bay, Wisconsin, which will assume all deposits.
All depositors of Bank of Wausau will automatically become depositors of Nicolet National Bank with [...]
Posted on August 2, 2013 ·
After a hiatus of almost two months bank failures resumed with a Florida bank becoming the 17 bank failure of the year.
Regulators got back to work and closed the First Community Bank of Southwest Florida, Fort Meyers, FL, also operating as Community Bank of Cape Coral, Cape Coral, FL. The holding company for the failed bank is Southwest Florida Community Bancorp, Inc., Fort [...]