Fed Reports Sharp Increase in Banking Mergers and Acquisitions

The first semiannual report on banking applications activity by the Federal Reserve shows a sharp increase in mergers and acquisitions during the first six months of 2014. The Federal Reserve, as one of the primary U.S. regulators, reviews applications from bank holding companies, state member banks, foreign banking organizations, and  savings and loan companies.  Applications […]

Central Arizona Bank Fails – Third Bank Failure In A Week For Capitol Bancorp, Ltd

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 […]

Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp

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, […]

Feds Approve FirstMerit Corp Acquisition of Citizens Republic Bancorp

The Federal Reserve today issued an order approving the acquisition of Citizens Republic Bancorp by FirstMerit Corporation. FirstMerit Corp, which had announced the acquisition last September was waiting for regulatory approval before consummating the transaction which is still subject to shareholder approval.  Completion of the acquisition is expected to occur in the second quarter of […]

Hometown Community Bank, Georgia, Closed By Regulators

Hometown Community Bank, established at the peak of the real estate lending mania in 2005, was closed today by the Georgia Department of Banking and Finance.  The FDIC, acting as receiver, protected depositors by selling the failed bank to CertusBank, National Association, Easley, South Carolina, which will assume all deposits of Hometown Community Bank. According […]

Citizens First National Bank, IL, Founded In 1865, Closed By Regulators

One of the country’s oldest banks, Citizens First National Bank, Princeton, IL, was closed today by the Comptroller of the Currency.  The FDIC, acting as receiver, sold the failed bank to Heartland Bank and Trust Company, Bloomington, IL. Citizens First National, a large bank with 21 branches and almost $1 billion in assets, becomes the […]

Heritage Bank of Florida Closed By Regulators

Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation and the FDIC was appointed as receiver.  The failed bank was taken over by Centennial Bank, Conway, Arkansas, under a purchase and assumption agreement with the FDIC. Heritage Bank of Florida, which was established on August 3, 1999, had […]

Excel Bank, Sedalia, MO, Closed By Regulators

The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri.  The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]

First East Side Savings Bank, Florida, Closed By Regulators

First Side Savings Bank, Tamarac, Florida, was closed today by the Office of the Comptroller of the Currency.  Earlier in the day, a second Florida bank, GulfSouth Private Bank, was closed by Florida banking officials.  Florida has now had a total of seven banking failures this year, representing 16% of total U.S. bank failures during […]

GulfSouth Private Bank, Florida, Closed By Regulators

The state of Florida had its sixth banking failure of the year today when regulators closed GulfSouth Private Bank, Destin, Florida.  The FDIC, acting as receiver, sold the failed bank to SmartBank, Pigeon Forge, Tennessee. All four branches of GulfSouth will reopen as branches of SmartBank on Monday.  All depositors of failed GulfSouth will have […]