During the past five years we have witnessed the greatest financial turmoil since the Great Depression. Hundreds of giant bank failures rocked the nation, real estate values crashed, trillions of dollars of wealth vanished overnight and millions of Americans lost their jobs. Although a relative calm has been restored due to unprecedented actions by both […]
2012 Bank Failures Lowest Since 2008 As Regulators Close 51 Banks
December 31, 2012 By Leave a Comment
Hometown Community Bank, Georgia, Closed By Regulators
November 16, 2012 By 1 Comment
Hometown Community Bank, established at the peak of the real estate lending mania in 2005, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, protected depositors by selling the failed bank to CertusBank, National Association, Easley, South Carolina, which will assume all deposits of Hometown Community Bank. According […]
Excel Bank, Sedalia, MO, Closed By Regulators
October 19, 2012 By Leave a Comment
The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri. The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]
Five Bank Failures Bring Year’s Total To 38 – FDIC Losses Top $1.9 Billion
July 21, 2012 By Leave a Comment
Regulators had a busy week closing five banks in four different states on Friday. Although bank failures have been proceeding at a slower pace than last year, the total losses to the FDIC Deposit Insurance Fund now top $1.9 billion and the number of problem banks remains very high considering that we are four years […]
First Cherokee State Bank, GA, Closed By Regulators
July 20, 2012 By Leave a Comment
Georgia, which had the most bank failures of any state during 2011, looks like it may retain this dubious record for 2012. Regulators closed two banks in Georgia today, bringing the year to date total of bank failures in the State to eight, representing 22% of bank failures this year. During 2011, Georgia accounted for […]
Montgomery Bank & Trust, Georgia, Closed By Regulators
July 6, 2012 By Leave a Comment
Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance. Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]
The Farmers Bank of Lynchburg, TN, Closed By Regulators After 124 Years Of Operations
June 16, 2012 By Leave a Comment
One of the oldest banking institutions in the country was closed by regulators after becoming critically undercapitalized. The Farmers Bank of Lynchburg, established in 1888, was closed by the Tennessee Department of Financial Institutions which appointed the FDIC as receiver. In order to protect depositors, the failed bank was sold by the FDIC to Clayton […]
Waccamaw Bank, Whiteville, NC, Closed By Regulators
June 9, 2012 By 1 Comment
The North Carolina Office of the Commissioner of Banks closed struggling Waccamaw Bank, Whiteville, NC, after the Bank was unable to raise additional capital. The FDIC, as receiver, sold the failed bank to First Community Bank, Bluefield, VA. Waccamaw Bank, established in 1997, had been desperately trying to raise additional capital to offset losses from […]
Fidelity Bank of Michigan Closed By Regulators, Sold To The Huntington National Bank
March 30, 2012 By Leave a Comment
Fidelity Bank of Dearborn, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation which appointed the FDIC as receiver. Fidelity Bank, owned by holding company parent Dearborn Bancorp, Inc. was established in 1994 and had a total of 15 branches. According to the failed Bank’s website, Fidelity Bank is the only […]
Central Bank of Georgia Fails After Serving Public For 102 Years
February 24, 2012 By Leave a Comment
Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions. The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]