Four banking failures in Georgia and California have increased total banking failures for 2011 to 22. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
San Luis Trust Bank of California Fails And Sold To Bank With Unpaid TARP Loan
February 18, 2011 By Leave a Comment
San Luis Trust Bank, FSB, San Luis Obispo, California, was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC sold the failed bank to First California Bank, Westlake Village, California. First California will assume all deposits of the failed bank. San Luis Trust was beset by a high […]
Failed Bank of Asheville, NC, Sold By FDIC To Bank Owing TARP Money
January 22, 2011 By 1 Comment
January 21, 2011 – The Bank of Asheville, Asheville, NC,was closed today by the North Carolina Office of Commissioner of Banks, which named the FDIC as receiver. The FDIC sold the failed bank to First Bank, Troy, North Carolina, which assumed all deposits. The Bank of Asheville had five branches which will all reopen on […]
First Two Banking Failures Of 2011 Hit Florida And Arizona
January 7, 2011 By Leave a Comment
Banking regulators started off the new year by closing banks in Florida and Arizona, two of the States hit hardest by the real estate collapse. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. During all of […]
Legacy Bank of Scottsdale, Arizona Closed By Regulators And Purchased By Bank With Unpaid TARP Loans
January 7, 2011 By Leave a Comment
January 7, 2011 – Legacy Bank of Scottsdale, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC, acting as receiver, sold failed Legacy Bank to Enterprise Bank & Trust, St. Louis, Missouri. Enterprise will assume all deposits and purchase essentially all assets of failed Legacy […]
Banks With $1.2 Billion In Unpaid TARP Loans Buy 18 Failed Banks From FDIC
January 5, 2011 By 1 Comment
During 2010, 12 different banks with $1.2 billion in outstanding TARP loans to the US Treasury purchased 18 different failed banks from the FDIC. According to a recent report from the Congressional Oversight Committee, TARP funds totaling $205 billion were distributed to a total of 707 banks. The largest recipients of TARP money have repaid […]
First Southern Bank, Batesville, Arkansas Fails & Purchased By Bank With Outstanding TARP Loan
December 17, 2010 By Leave a Comment
December 17, 2010 – First Southern Bank, Batesville, Arkansas, a two branch locally owned bank, was closed today by the Arkansas State Bank Department, which appointed the FDIC as receiver. The FDIC sold the failed bank to Southern Bank, Poplar Bluff, Missouri, which will assume all deposits of First Southern. Depositors will have access to […]
Banking Failures In Wisconsin, Pennsylvania and Florida Bring Year’s Total To 149
November 19, 2010 By Leave a Comment
November 19, 2010 – Three additional banking failures this week brings the year’s total to 149 as regulators closed banks in Wisconsin, Pennsylvania and Florida. In 2009 a total of 140 banks were closed. This year has now seen the largest number of bank failures since 1992 when 181 banks were closed. During all of […]
FDIC Sells Failed Allegiance Bank of North America To Bank With Outstanding TARP Loan
November 19, 2010 By 1 Comment
Allegiance Bank of North America, Bala Cynwyd, Pennsylvania, was closed today by the Secretary of the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with VIST Bank, Wyomissing, PA, to assume all deposits and purchase all assets of failed Allegiance. Allegiance was a state-chartered […]
Gulf State Community Bank, Carrabelle, Florida, Fails Under Mountain Of Bad Loans
November 19, 2010 By Leave a Comment
Gulf State Community Bank, Carrabelle, Florida was closed today by the Florida Office of Financial Regulation, and the FDIC was named as receiver. Gulf State had been operating under an FDIC consent order issued November 20, 2009 which required the bank, among other things, to increase capital to adequate levels. Unable to comply with the […]