Eastside Commercial Bank, Conyers, GA, Becomes 13th Bank Failure of 2014

Georgia state regulators closed the Eastside Commercial Bank, Conyers, Georgia, and appointed the FDIC as receiver.  In order to protect depositors, the FDIC sold Eastside Commercial Bank to Community & Southern Bank, Atlanta, Georgia, which will assume all deposits of the failed bank. Eastside Commercial Bank did not even last a decade, having been founded […]

FDIC Issues Enforcement Actions to Three Problem Banks

The FDIC took enforcement actions against 39 banks in May, up from 31 during the previous month.  The 39 orders issued by the FDIC in May 2014 included two consent orders, one prompt corrective action directive, seven section 19 orders, three civil money penalties, and sixteen orders terminating consent orders and cease and desist orders. […]

FDIC Directs Two Illinois Banks To Immediately Raise More Capital – Illinois Leads Nation in Bank Failures

The FDIC issued a list of 31 administrative enforcement actions taken against banks and individuals during April 2014.  The enforcement actions include the following: 2 consent orders 2 prompt corrective action directives 12 orders terminating consent and cease and desist orders 1 civil money penalty 3 section 19 orders The most serious enforcement actions are […]

Slavie Federal Savings Bank, MD, Closed by Regulators, Ninth Bank Failure of 2014

Slavie Federal Savings Bank, Bel Air, Maryland, became the ninth banking failure of 2014 as the Office of the Comptroller of the Currency closed the insolvent bank.  The FDIC, appointed as receiver, sold the failed bank to Bay Bank, FSB, Lutherville, Maryland, which will assume all deposits of failed Slavie Federal. The severe banking crisis […]

FDIC Reveals That Over 400 Banks Remain on the Problem Bank List

The recently released Quarterly Banking Profile from the FDIC reveals that over 400 banks remain on the Problem Bank List more than six years after the start of the biggest banking crisis since the 1930s. As of March 31, 2014, the FDIC’s confidential Problem Bank List contains the names of 411 banking institutions that have […]

Banking Industry Profits Decline On Plunge in Mortgage Demand

The banking industry has made a dramatic recovery since the depths of the financial crisis when many of the country’s biggest banks survived only after receiving trillions of dollars in government support.  After losing a record $37.8 billion during the fourth quarter of 2008, banking industry profits rebounded to a record high of $40.3 billion […]

Columbia Savings Bank, Ohio, Eighth Bank Failure of 2014 – Hundreds of Zombie Banks Remain Open for Business

State regulators shuttered a small Ohio bank which became the eighth banking failure of the year.  The Ohio Division of Financial Institutions closed Columbia Savings Bank, Cincinnati, Ohio, and appointed the FDIC as receiver. To protect depositors the FDIC sold the failed bank to United Fidelity Bank, fsb, Evansville, Indiana, which assumed all deposits. Although […]

AztecAmerica Bank, Berwyn, Illinois, Seventh Bank Failure of 2014

AztecAmerica Bank, Berwyn, Illinois was closed today by state regulators and the FDIC was named as receiver. Founded in September 2005 at the height of the real estate boom, AztecAmerica remained a small bank with assets of only $66 million at the time of its failure.  The Bank was founded with the intent of appealing […]

FDIC Issues 40 Enforcement Actions

The FDIC issued a list of 40 enforcement actions taken against banks and individuals during March 2014.  The enforcement actions include the following: 4 consent orders 1 prompt corrective action directive 9 section 19 orders 14 orders terminating consent orders and cease and desist orders 1 order terminating a prompt corrective action 2 civil money […]

FDIC Says Problem Banks Still Six Times Higher Than in 2007

The FDIC Quarterly Banking Profile for the fourth quarter of 2013 shows a continued reduction in the number of problem banks.  The total number of banks on the FDIC Problem Bank List decreased for the 11th consecutive quarter to 467 banks as of December 31, 2013 compared to 515 problem banks in the previous quarter. […]