Sun West Bank, Las Vegas, Nevada Closed By Regulators – May 28, 2010 The Nevada Financial Institutions Division closed failed Sun West Bank today and appointed the FDIC as receiver.   Sun West’s seven branches will reopen on Tuesday as branches of City National Bank, Los Angeles, CA.  The FDIC, as receiver for Sun West, entered into a purchase and assumption agreement [...]

May 28, 2010 – Granite Community Bank, N.A. of Granite Bay, California was closed by the Comptroller of the Currency.   The FDIC, appointed as receiver, sold Granite Community to Tri Counties Bank, Chico, CA under a purchase and assumption agreement.   Tri Counties Bank will assume all of the deposits and purchase essentially all of the assets of Granite Bank.   All three [...]

May 28, 2010 - Bank of Florida – Southeast, Fort Lauderdale, Florida, Bank of Florida – Southwest, Naples, Florida and Bank of Florida – Tampa Bay, Tampa Florida were all closed today by the Florida Office of Financial Regulation.  All three banks were owned by the same holding company – Bank of Florida Corporation.   The FDIC, appointed as receiver, sold [...]

Today May 21, 2010, Pinehurst Bank of St. Paul Minnesota was closed by the Minnesota Department of Commerce, with the Federal Deposit Insurance Corporation appointed as receiver. All deposits of the bank were assumed by Coulee Bank of La Crosse, Wisconsin though a purchase and assumption agreement. Pinehurst Bank was formed in 2003 and opened its doors on April 2, 2004. They had [...]

Problem Banks Increase Again The latest FDIC Quarterly Banking Profile shows a 10% increase in the number of Problem Banks to 775 at March 31, 2010, up from 702 at December 31, 2009.    Although industry trends show improvement over previous quarters, almost 19% of all banking institutions reported net losses for the quarter, down from 22% a year earlier.   According to FDIC [...]

4 Banking Failures In 4 States Brings Year’s Total To 72 Four banks in four different states failed today, bringing the year’s total of banking failures to 72.  Regulators closed three relatively small banks in Georgia, Michigan and Missouri and one multi-billion dollar bank in Illinois, resulting in total losses to the Federal Deposit Insurance Corporation (FDIC) Deposit [...]

Four Banks Fail In Four States May 7, 2010 – The Federal Deposit Insurance Corporation (FDIC) closed four more banks in Florida, Arizona, Minnesota and California.  The total number of failed banks for the year is now 68, double the number of failures at this point during 2009.  During 2009, 140 banks failed in the United States, the most since 1992. The latest banking [...]