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. […]
Syringa Bank, Idaho, Becomes Third Banking Failure of 2014
February 1, 2014 By Leave a Comment
Idaho state banking regulators closed Syringa Bank, Boise, Idaho, and appointed the FDIC as receiver for the failed bank. The FDIC sold Syringa Bank to Sunwest Bank, Irvine, CA, which will assume all deposits of the failed bank. Syringa Bank, founded in 1997, had total assets of $153.4 million and total deposits of $145.1 million […]
The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
January 24, 2014 By Leave a Comment
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world wars but found itself unable to cope with a massive amount of defaulted loans. As of September 30, 2013, The Bank […]
Number of Problem Banks Decline By 10% In Second Quarter
August 29, 2013 By Leave a Comment
The latest Quarterly Banking Profile issued by the FDIC today shows almost a 10% decline in the number of banks on the confidential FDIC Problem Bank List. The number of problem banks finally declined to under 600 for the first time since the first quarter of 2009. The number of problem banks declined by 59 […]
Bank of Wausau, WI, Closed by Regulators – 18th Bank Failure of 2013
August 9, 2013 By Leave a Comment
Bank of Wausau, a small community bank serving central Wisconsin, was shut down by state financial regulators who appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Nicolet National Bank, Green Bay, Wisconsin, which will assume all deposits. All depositors of Bank of Wausau will automatically become depositors of […]
Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013
June 7, 2013 By Leave a Comment
Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank. Originally founded in 1998, Mountain National Bank becomes the first bank failure of […]
FDIC Problem Bank List Includes Almost 9% of All Banks
May 29, 2013 By 1 Comment
The number of problem banks declined slightly during the first quarter of 2013. According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks. Although profits for the overall banking industry have increased for the past 15 […]
Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp
May 10, 2013 By Leave a Comment
Regulators closed the second bank of the day controlled by Capitol Bancorp, the troubled holding company that holds 11 different banks in nine different states. Sunrise Bank, Valdosta, GA, was closed by state regulators while earlier in the day, regulators closed Pisgah Community Bank, N.C., also owned by Capitol Bancorp. The FDIC, acting as receiver, […]
Parkway Bank, NC, Closed By Regulators
April 26, 2013 By Leave a Comment
Parkway Bank, a North Carolina chartered bank headquartered in Lenoir, NC, was closed today by state regulators. Acting as receiver, the FDIC entered into a purchase and assumption agreement with CertusBank, N.A., Easley, South Carolina, which will assume all deposits of Parkway Bank. Founded in 2001, Parkway Bank has been a problem bank for regulators […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]