Four Banks Fail – FDIC Losses Approach $1 Billion On YTD Bank Closings

Regulators closed four banks in Tennessee, Minnesota and Florida, bringing the total for the year to seven. Tennessee, with two bank closings, had previously not had a single bank failure since 2002.  The combined assets of the two failed banks in Tennessee totaled $1.5 billion.  Tennessee Commerce Bank of Franklin, TN, became the first billion […]

First Guaranty Bank and Trust Co of Jacksonville, FL, Closed By Regulators

First Guaranty Bank and Trust Company of Jacksonville, Florida, the oldest bank in Jacksonville, was closed today by state regulators.  The FDIC, named as receiver, sold the failed bank to CenterState Bank of Florida, N.A. First Guaranty Band and Trust was a family owned bank with a 62 year history.  Inexplicably, according to the Bank’s […]