The latest Quarterly Banking Profile issued by the FDIC today shows almost a 10% decline in the number of banks on the confidential FDIC Problem Bank List. The number of problem banks finally declined to under 600 for the first time since the first quarter of 2009. The number of problem banks declined by 59 […]
Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013
June 7, 2013 By Leave a Comment
Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank. Originally founded in 1998, Mountain National Bank becomes the first bank failure of […]
FDIC Problem Bank List Includes Almost 9% of All Banks
May 29, 2013 By 1 Comment
The number of problem banks declined slightly during the first quarter of 2013. According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks. Although profits for the overall banking industry have increased for the past 15 […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]
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 […]
Bank Earnings Soar To Six Year High But Bank Stocks Still Off 50% From Pre Crisis Levels
December 4, 2012 By Leave a Comment
According to the latest FDIC Quarterly Banking Profile, the banking industry recorded its 13th consecutive quarterly year-over-year increase in profits. Total net income for all FDIC-insured institutions rose to $37.6 billion in the third quarter of 2012, a 6.6% increase from the third quarter of last year. Most of the increase in net earnings were […]
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 […]
NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer
October 26, 2012 By 1 Comment
Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank. The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]
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 […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]