The Freedom State Bank, Freedom, OK, Closed by Regulators

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 […]

Valley Bank, Moline, IL, Closed by Regulators, Tenth and Largest Bank Failure of 2014

The Illinois Department of Financial and Professional Regulation closed the Valley Bank, Moline, Illinois, and appointed the FDIC as receiver.  To protect depositors, the FDIC sold the failed bank to Great Southern Bank, Reeds Spring, Missouri, which will assume all deposits of Valley Bank. Valley Bank was founded by a group of local bankers and […]

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 […]

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. […]