August 20, 2010 – Sonoma Valley Bank, Sonoma, California, was closed today and the FDIC appointed as receiver.  To protect depositors, the FDIC sold failed Sonoma Valley Bank to Westamerica Bank, San Rafael, California, which will assume all deposits and purchase essentially all assets of Sonoma Valley Bank. <!– /* Font Definitions */ @font-face {font-family:Calibri; [...]

August 20, 2010 – Los Padres Bank, Solvang, California, was closed today and the FDIC appointed as receiver.  To protect depositors, the FDIC sold failed Los Padres Bank to Pacific Western Bank, San Diego, California, which will assume all deposits and purchase essentially all assets of Los Padres. All 14 branches of Los Padres will be opened as usual this weekend and all [...]

August 20, 2010 – Butte Community Bank, Chico, California, and Pacific State Bank, Stockton, California, were closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver.   Both failed banks with a total of 23 branches were acquired by Rabobank, N.A., El Centro, California which agreed to assume all deposits and purchase essentially [...]

August 20, 2010 – ShoreBank, a large and politically well connected Chicago based lender was closed by Illinois regulators who appointed the FDIC as receiver.  The failed bank was purchased from the FDIC by the Urban Partnership Bank, Chicago, Illinois, a newly-chartered institution which will wind up owning essentially all of the deposits and assets of failed ShoreBank.  [...]

August 20, 2010 -Imperial Savings and Loan Association, Martinsville, Virginia, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.  Imperial Savings was purchased by another local bank, River Community Bank, N.A., Martinsville, Virginia, which will assume all deposits and purchase essentially all assets of the failed bank. Imperial Savings, [...]

August 20, 2010 – Independent National Bank, Ocala, Florida, was closed today 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 CenterState Bank of Florida, N.A., Winter Haven, Florida, to assume all deposits and assets of failed Independent National. Normal business hours [...]

August 20, 2010 – Community National Bank at Bartow, Bartow, Florida, was closed today 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 CenterState Bank of Florida, N.A., Winter Haven, Florida, to assume all deposits and assets of failed Community National. Normal business [...]

August 19, 2010 – After another bad jobs report, President Obama called for an increase in lending to small businesses.  According to the President, “Small businesses and community banks that loan to small businesses have been lagging behind.  If we want this economy to create more jobs more quickly, we need to help them.”  The President’s emphasis on the importance [...]

August 19, 2010 – The latest Federal Reserve survey of bank lending practices showed a net modest easing in credit standards and terms in the second quarter.  The slight loosening of credit standards, however, was not widespread.  The Fed’s report noted that “While the survey results suggest that lending conditions are beginning to ease, the improvement to date [...]

August 13, 2010 – Palos  Bank and Trust Company, Palos Heights, Illinois was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois to assume all deposits and purchase essentially all assets of failed Palos Bank. The [...]