The first bank closing of the year in New Jersey occurred today with the failure of Fort Lee Federal Savings Bank, Fort Lee, New Jersey.  The total number of bank failures in New Jersey has been very small since the beginning of the financial crisis in 2008.  New Jersey has accounted for only 5 of the 431 bank failures that have occurred nationwide since 2008. Fort Lee Federal [...]

The FDIC released the list of enforcement actions taken in February 2012 against 53 banks.  In the previous month of January, the FDIC had issued 42 enforcement actions. The orders issued by the FDIC included 10 civil money penalties, 1 prompt corrective action, 13 consent orders, 1 order terminating deposit insurance and 19 orders terminating consent orders and desist orders.  [...]

Fidelity Bank of Dearborn, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation which appointed the FDIC as receiver. Fidelity Bank, owned by holding company parent Dearborn Bancorp, Inc. was established in 1994 and had a total of 15  branches.  According to the failed Bank’s website, Fidelity Bank is the only commercial bank headquartered [...]

Troubled Premier Bank of Wilmette, IL, was closed today by state regulators.  The FDIC, named as receiver, sold the failed bank to International Bank of Chicago, Chicago, IL, which will assume all deposits of failed Premier Bank. Premier’s two branches will reopen Saturday as branches of International Bank and all Premier depositors will automatically become depositors of [...]

Covenant Bank & Trust, Rock Spring, Georgia, in business since only 2006, was closed today by the Georgia Department of Banking and Finance.  The FDIC, appointed as receiver, sold the failed bank to Stearns Bank, N.A., St. Cloud, Minnesota, which will assume all deposits of failed Covenant Bank. Covenant Bank & Trust was established as a community bank in 2006 at a time [...]

New City Bank, Chicago, Illinois, is the second bank to fail in Illinois this year.  The insolvent bank was closed by the Illinois Department of Financial and Professional Regulation and the FDIC was named as receiver.  The FDIC was unable to find a buyer for the failed bank, the second time this has happened in the past month. The failure of the FDIC to find a buyer for failed [...]

Georgia was the epicenter of banking failures last year and the trend seems to be continuing in 2012 as regulators close another failed Georgia bank.  During 2011 Georgia had 23 bank failures, accounting for 25% of all 92 bank failures that occurred last year.  Of the 12 failed banks this year, three have been in Georgia. The latest Georgia banking failure is Global Commerce Bank, [...]

The FDIC’s Quarterly Banking Profile for the fourth quarter of 2011 shows a modest but steady recovery in the banking industry.  Despite the fact that a majority of banks reported improved quarterly earnings, 813 institutions remain on the Problem Bank List, comprising 11% of all FDIC insured banks and savings associations. Highlights of the 2011 fourth quarter Quarterly [...]

Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven.  A total of four bank failures have now occurred in Minnesota and Georgia.  During all of 2011 a total of only two banks failed in Minnesota.  Georgia had a total of 23 bank failures during 2011, the most of any state and accounting for 25% of the 92 bank [...]

Home Savings of America, which was established during the depths of the Great Depression, was closed by regulators today.  The Bank was established on September 1, 1934 and operated as a federally chartered stock savings and loan association, headquartered in Little Falls, Minnesota. According to Home Savings of America’s website, the Bank’s niche was serving senior [...]