The FDIC issued 57 enforcement actions against banks in December 2011, down from 72 in November. The December enforcement actions included 9 consent orders, 19 civil money penalties, 4 prompt corrective actions, 3 voluntary terminations of insurance, 12 removal and prohibition orders and 10 orders terminating previous consent orders and cease and desist orders. A consent order is [...]

A total of 92 banks failed during 2011, signaling a continuation of the crisis in the banking industry.  Although total banking failures during 2011 declined from the previous year, the number remains historically high.  The last time more than 50 banks failed in one year was 1992 or 20 years ago. The complete list of 2011 banking failures is listed below followed by some interesting [...]

The number of banks on the confidential FDIC Problem Bank List is at a 20 year high.  As of September 30, 2011, there were 844 institutions on the Problem Bank List, the largest number since 1992 when the total was 1,066. Since the beginning of the financial crisis in 2008, a total of 417 banks have failed nationwide, yet the number of problem banks remains stubbornly high.  Considering [...]

In its capacity as receiver for failed banks, the FDIC is responsible for either selling or winding down the operations of failed banks.  In the vast majority of cases, the FDIC is able to sell a failed bank to a purchaser who agrees to purchase some or all of the assets of the failed institution. In order to attract bids on failed banks, the FDIC agrees to absorb a large percentage [...]

The FDIC issued a total of 72 enforcement actions against banks in November 2011, down slightly from 75 in October. Included in the November enforcement actions were 9 civil money penalties, 1 prompt corrective action and 13 consent orders.  The FDIC also terminated 37 consent orders and prompt corrective action directives due to either the failure of the bank involved or compliance [...]

Western National Bank, Phoenix, AZ, was closed today by the Comptroller of the Currency and the FDIC was appointed as receiver.   The FDIC entered into a purchase and assumption agreement with Washington-Federal , Seattle, Washington, to assume all deposits of failed Western National Bank. Western National had three branches, all of which will reopen on Monday as branches of Washington-Federal.  [...]

The Premier Community Bank of the Emerald Coast, Crestview, Florida, was closed today by state regulators and the FDIC was named as receiver.  The FDIC sold the failed bank to Summit Bank, N.A., Panama City.  All deposits of failed Premier Community Bank were assumed by Summit Bank and depositors will have immediate access to their funds. The two branches of Premier will reopen [...]

For the first time in three years, the number of U.S. banking failures should total less than 100. Total bank closings for 2011 currently total 90.  The FDIC has been giving their closing teams some time off, with the last bank closing occurring on November 18, 2011. Bank closings usually occur on Friday and unless there are an unusually large number of closings this week, total [...]

A total of 56 administrative enforcement actions were taken by the FDIC against problem banks in September, up from 53 in August. The most serious September enforcement actions taken by the FDIC included 10 consent orders, 3 prompt corrective actions and 16 civil money penalties.  Please see the complete list of enforcement actions taken below. The FDIC publicly issues enforcement [...]

All American Bank, Des Plaines, Illinois, was closed by the State of Illinois, which appointed the FDIC as receiver.  The FDIC sold the failed bank to International Bank of Chicago.  Under a purchase and assumption agreement, International Bank will assume all deposits and purchase all assets of failed All American Bank. All American Bank, established in August 2005, was a very [...]