December 17, 2010 – Appalachian Community Bank, F.S.B., McCaysville, Georgia, was closed today by The Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the three branch bank to Peoples Bank of East Tennessee, which will assume all deposits except for brokered deposits and out-of-state certificates of deposit (CD). The FDIC […]
Archives for December 2010
Appalachian Community Bank, McCaysville, Georgia, Closed By Regulators
December 17, 2010 By Leave a Comment
Chestatee State Bank, Dawsonville, GA, Shut Down By Regulators
December 17, 2010 By Leave a Comment
December 17, 2010 – Chestatee State Bank, Dawsonville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Chestatee, a four branch bank, was sold by the FDIC to Bank of the Ozarks, Little Rock, Arkansas, which previously acquired three other failed banks this year in FDIC […]
Bank of Miami, N.A., Coral Gables, Florida, Closed By Regulators
December 17, 2010 By 1 Comment
December 17, 2010 – The Bank of Miami, National Association, Coral Gables, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC sold The Bank of Miami to the lst United Bank, Boca Raton, Florida, which will assume all deposits and purchase most of […]
Oversight Panel Blasts Treasury For Loan Modification Failure
December 15, 2010 By Leave a Comment
December 15, 2010 – The Congressional Oversight Panel (COP) was created by Congress during the height of the financial crisis to oversee the handling of $700 billion given to the US Treasury to stabilize the U.S. economy. Part of COP’s responsibility is to issue regular reports on the Treasury’s actions and to guarantee that Treasury’s […]
FDIC Projects Losses Of $50 Billion On Failed Banks – Insurance Fund To Remain Underfunded For Decades
December 15, 2010 By Leave a Comment
December 14, 2010 – The current banking crisis has completely depleted the FDIC’s Deposit Insurance Fund which currently has a negative balance of $8 billion. In an effort to rebuild the insurance fund that protects depositors from loss when banks fail, the FDIC Board approved a rule to set the designated reserve ratio (DRR) at […]
Banks May Be Facing A Tidal Wave Of Mortgage Defaults
December 14, 2010 By Leave a Comment
Although bank stocks have rallied recently, it may be premature to expect a recovery for the banking industry. There are multiple indicators that a housing recovery is little more than a distant dream and current trends suggest that mortgage defaults may increase substantially. With banks currently holding approximately $3 trillion dollars in residential mortgages, […]
Earthstar Bank, Southampton, PA, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Earthstar Bank, Southampton, PA, was closed today by the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Polonia Bank, Huntingdon Valley, Pennsylvania. Polonia will assume all Earthstar deposits, excluding certain out-of-state CDs (certificates of deposit). It is likely that […]
Paramount Bank, Farmington Hills, Michigan, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Paramount Bank, Farmington Hills, Michigan, a four branch community bank, was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. Level One Bank of Farmington Hills, Michigan, entered into a purchase and assumption agreement with the FDIC under which it will assume all deposits […]