MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year. Metro Bank had a total of six branches […]
Archives for July 2010
Woodlands Bank of Bluffton, South Carolina Closed by Regulators
July 17, 2010 By Leave a Comment
Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office […]
Over 600 Small Banks May Default On Bailout Loans
July 15, 2010 By Leave a Comment
July 15, 2010 – The Congressional Oversight Panel’s report on TARP loans to small banks has determined that many small banks may find it difficult or impossible to repay funds borrowed from the U.S. Treasury. The Treasury program to bailout banks, formally known as the Capital Purchase Program (CPP), was established during the height of the […]
Senate Passage of Regulatory Reform Bill Hailed As Milestone By FDIC
July 15, 2010 By Leave a Comment
July 15, 2010 – New regulations for Wall Street and banks as well as broad new lending protection for consumers now awaits the President’s signature to become law. On a 60-39 vote, the Senate today passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad new powers given to regulators by the new bill was in response […]
Bay National Bank, Baltimore, Maryland – Banking Failure Number 87
July 9, 2010 By Leave a Comment
July 9, 2010 – Bay National Bank, Baltimore, Maryland, became the nation’s 87th banking failure this year and the second banking failure in Maryland this week. Bay National, which had been classified as “critically undercapitalized” by regulators, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The […]
Ideal Federal Savings Bank, Baltimore, MD, Closed By Regulators
July 9, 2010 By Leave a Comment
July 9, 2010- Ideal Federal Savings Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC, as receiver, could not find a buyer for this tiny one branch bank with only $6.3 million in assets and $5.8 million in deposits. Accordingly, the FDIC will payoff […]
Collapse of USA Bank, Port Chester, New York, Becomes Nation’s 89th Banking Failure
July 9, 2010 By 1 Comment
July 9, 2010 – USA Bank, Port Chester, New York, was closed today by the New York State Banking Department, which appointed the FDIC as receiver. USA Bank was acquired by New Century Bank, Phoenixville, PA, under a purchase and assumption agreement with the FDIC. New Century will assume all of the deposits and all […]
Home National Bank, Blackwell, Oklahoma Closed By OCC
July 9, 2010 By Leave a Comment
July 9, 2010 – Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Home National Bank of Blackwell, Oklahoma with $644.5 million in assets was the week’s largest banking failure. Home National was acquired by RCB Bank, Claremore, Oklahoma, and […]
Four Banks Closed In Maryland, New York And Oklahoma
July 9, 2010 By Leave a Comment
July 9, 2010 – Regulators closed four banks today – two in Maryland and one in New York and Oklahoma. The four banks had a total of 19 branches and $1.1 billion in assets. The estimated loss to the FDIC Deposit Insurance Fund for the four banking failures amounted to $159.9 million. Three of the […]