GreenChoice Bank, fsb, Chicago, Illinois, a small community bank, was closed today by the Office of the Comptroller. The FDIC, appointed as receiver, sold the failed bank to Providence Bank, LLC, South Holland, Illinois, which will assume all deposits of GreenChoice Bank. GreenChoice Bank had been around for over 100 years, having been founded in […]
Eastside Commercial Bank, Conyers, GA, Becomes 13th Bank Failure of 2014
July 18, 2014 By Leave a Comment
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
July 2, 2014 By Leave a Comment
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. […]
The Freedom State Bank, Freedom, OK, Closed by Regulators
June 27, 2014 By Leave a Comment
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
June 20, 2014 By Leave a Comment
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
June 20, 2014 By Leave a Comment
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 […]
Slavie Federal Savings Bank, MD, Closed by Regulators, Ninth Bank Failure of 2014
May 30, 2014 By Leave a Comment
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 […]
Columbia Savings Bank, Ohio, Eighth Bank Failure of 2014 – Hundreds of Zombie Banks Remain Open for Business
May 24, 2014 By Leave a Comment
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
May 16, 2014 By Leave a Comment
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
April 26, 2014 By 2 Comments
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 […]