Most people would probably assume that a bank that can stay in business for almost one hundred years would be The Rock of Gibraltar from a financial standpoint. This was not the case today as state regulators closed 95 year old The Freedom State Bank located in Freedom, Oklahoma. Founded in 1919 The Freedom State […]
Valley Bank, Fort Lauderdale, FL, Closed by Regulators, 11th Banking Failure of 2014
Valley Bank of Fort Lauderdale, Florida, was one of two banks shuttered by regulators today. The other banking failure was Valley Bank, Moline, Illinois. Both failed banks were owned by the same holding company, River Valley Bancorp, Inc., Davenport, IA. The holding company was not included in the bank closings or the receivership. Florida state […]
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 […]
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 […]
Allendale County Bank, Fairfax, SC, Closed by Regulators, Sixth Bank Failure of 2014
South Carolina state regulators closed Allendale County Bank, Fairfax, SC, and appointed the FDIC as receiver. In order to protect depositors the FDIC sold the failed bank to Palmetto State Bank, Hampton, South Carolina, which will assume all deposits of failed Allendale County Bank. According to the FDIC, selling a failed bank to another bank […]
Vantage Point Bank, Horsham, PA, Becomes Fifth Banking Failure of 2014
Vantage Point Bank, Horsham, PA, became the fifth banking failure of 2014 as regulators swooped in to close the insolvent bank. Established in December 2007 as real estate values were already collapsing this small community bank quickly ran into financial difficulties with bad loans, declining revenues, troubles with their home mortgage financing programs, and the […]
Millennium Bank, Sterling, VA, Closed By Regulators
Millennium Bank, Sterling, Virginia, was close today by the Office of the Comptroller. The failed bank which was established in 1999 was placed into receivership with the FDIC. To protect depositors the FDIC sold the failed bank to WashingtonFirst Bank, Reston, VA. Under the terms of the purchase and assumption agreement with the FDIC, WashingtonFirst […]
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. […]