July 23, 2010 - Thunder Bank – Banking Failure #100 See analysis of this week’s bank closings at - Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Thunder Bank, Sylvan Grove, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect [...]

July 23, 2010 – Williamsburg First National Bank - Banking Failure #99 See analysis of this week’s bank closings at - Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Williamsburg First National Bank, Kingstree, South Carolina, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance [...]

July 23, 2010 -Crescent Bank and Trust Company - Banking Failure #98 See analysis of this week’s bank closings at - Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Crescent Bank and Trust Company, Jasper, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) [...]

July 23, 2010 - Sterling Bank – Banking Failure #97 See analysis of this week’s bank closings at - Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Sterling Bank, Lantana, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, [...]

July 23, 2010 – State and Federal regulators closed seven banks today as the banking industry continues to struggle with loan losses in a weak economy.   At the current pace, the number of bank failures in 2010 may reach 200, compared to a total of 140 banking failures in 2009. In addition, the number of banks on the FDIC’s confidential Problem Bank List continues to [...]

July 16, 2010 – Mainstreet Savings Bank, FSB, Hastings, Michigan, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. Mainstreet Savings was acquired by Commercial Bank, Alma, Michigan under a purchase and assumption agreement with the FDIC.  Commercial Bank agreed to purchase all the deposits and essentially all of the assets of failed Mainstreet [...]

July 16, 2010 – Olde Cypress Community Bank, Clewiston, Florida was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver.   To protect depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, N.A., Winter Haven, Florida.   CenterState Bank will assume all of the deposits and assets of failed Olde [...]

July 16, 2010 – First National Bank of the South was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver.  The FDIC entered into a purchase and assumption agreement with NAFH National Bank, Miami, Florida (a newly-chartered bank subsidiary of North American Financial Holdings, Inc., Charlotte, North Carolina) to take over failed [...]

The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, permanently increases the deposit insurance limit to a maximum of $250,000. Deposit insurance limits had previously been temporarily increased from $100,000 to $250,000 effective from October 3, 2008, through December 31, 2010.  The higher insurance coverage applies [...]

The Office of Thrift Supervision shut down Turnberry Bank of Aventura, Florida, yesterday on July 16, 2010. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Turnberry Bank was a full service community bank which had served South Florida since 1985. Branches were located in Aventura, Coral Gables, Pinecrest, and South Miami, Florida. The bank had total [...]