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 [...]

The continued decline in real estate values and aggressive lending during the real estate boom continue to haunt the banking industry.  Regulators closed four banks in three states this week bringing the total banking failures for the year to 84. Two banks were closed in Georgia which now accounts for 26% of all U.S. banking failures this year.  Two additional banks were closed [...]

Community Banks of Colorado, Greenwood Village, CO, was closed by the Board of Governors of the Federal Reserve System.  The FDIC, appointed as receiver, sold the failed bank to Bank Midwest, N.A., Kansas City, Missouri. Bank Midwest will assume all deposits and purchase all assets of failed Community Banks.  All 40 branches of failed Community Banks will reopen on Saturday as [...]

State regulators closed Community Capital Bank of Jonesboro, GA, today and appointed the FDIC as receiver. The FDIC sold the failed bank to State Bank and Trust Company, Macon, GA, which will assume all deposits and purchase all assets of Community Capital Bank. Community Capital Bank began operations in August 2002.  The Bank was owned by local business owners and operated in [...]

Decatur First Bank, Decatur, Georgia, became the 21st bank to fail in Georgia this year.  Georgia leads the nation in banking failures, accounting for 26% of all failed banks during 2011.  A second Georgia bank, Community Capital Bank of Jonesboro, was also closed by regulators today.  Georgia accounts for 22 of the nation’s 84 banking failures as of October 21, 2011. After [...]

Old Harbor Bank of Clearwater, Florida, an eight year old community bank, was closed today by the Florida Office of Financial Regulation.  The FDIC, appointed as receiver, sold the failed bank to 1st United Bank, Boca Raton, Florida. All seven branches of Old Harbor Bank will reopen on Saturday as branches of 1st United.  Depositors will have full access to their money over the [...]