Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]
Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?
May 10, 2013 By Leave a Comment
Number of Banks on FDIC Problem Bank List Remains Historically High
March 1, 2013 By 1 Comment
The number of banks on the FDIC Problem Bank List declined for the seventh consecutive quarter. According to the latest FDIC Quarterly Banking Profile, the number of problem banks as of December 31, 2012, declined to 651 from 694 in the previous quarter. Despite significant recovery in the banking industry, the number of problem banks […]
FDIC Issues 71 Enforcement Actions Against Banks and Individuals In December
January 25, 2013 By 1 Comment
The FDIC today issued the list of 71 enforcement actions taken against banks and individuals in December 2012. In the previous month, there were a total of 72 enforcement actions taken. The December enforcement actions include the following: 11 consent orders 1 prompt corrective action 13 civil money penalties 12 section 19 orders 14 orders […]
2012 Bank Failures Lowest Since 2008 As Regulators Close 51 Banks
December 31, 2012 By Leave a Comment
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 […]
Citizens First National Bank, IL, Founded In 1865, Closed By Regulators
November 2, 2012 By 1 Comment
One of the country’s oldest banks, Citizens First National Bank, Princeton, IL, was closed today by the Comptroller of the Currency. The FDIC, acting as receiver, sold the failed bank to Heartland Bank and Trust Company, Bloomington, IL. Citizens First National, a large bank with 21 branches and almost $1 billion in assets, becomes the […]
FDIC Issues 67 Enforcement Actions In September Against Banks and Individuals
October 26, 2012 By 2 Comments
A total of 67 enforcement actions were taken by the FDIC against banks and individuals in September, down from 80 in the prior month. The September enforcement actions included the following: 8 consent orders 13 civil money penalties 20 section 19 orders 19 removal and prohibition orders 8 orders terminating consent orders and cease and […]
FDIC Issues 80 Enforcement Actions In August Against Banks and Individuals
September 28, 2012 By Leave a Comment
The FDIC announced today that a total of 80 enforcement actions were issued against banks and individuals in August. In the previous month, the FDIC issued 56 enforcement actions. Enforcement actions taken during August included the following: 19 civil money penalties 12 consent orders 19 orders terminating consent and cease and desist orders 18 section […]
Banks Desperate For Funds Victimized By Con Men
July 28, 2012 By 1 Comment
This post should trigger a snicker from many consumers who feel that they are victims of the banking industry. In a new twist, banks themselves are now at the top of the list for many con men One would think that with the increased regulatory scrutiny of the banking industry, banks would be last on […]
FDIC Issues 48 Enforcement Actions In June
July 27, 2012 By Leave a Comment
The FDIC announced in a press release today a total of 48 enforcement actions taken against banks and individuals in June 2012. In May, the FDIC issued 56 enforcement actions. Enforcement actions issued in June included three consent orders, two prompt corrective actions, nine removal and prohibition orders, twelve civil money penalties, five modifications of […]
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 […]