The fifth largest bank failure of the year occurred in Florida today as regulators closed the $1.7 billion asset Lydian Private Bank of Palm Beach. Although the banking failures of 2011 do not come close to the size of bank failures witnessed during the financial meltdown of 2008, the collective size of this year’s banking […]
Lydian Private Bank of Florida With $1.7 Billion In Assets Closed By Regulators
August 19, 2011 By Leave a Comment
Did Regulators Stop A Run on the Bank At Failed Public Savings Bank?
August 18, 2011 By 3 Comments
Regulators closed a small 83 year old bank today in an unusual Thursday afternoon closing. Traditionally, failed banks are closed by regulators at the close on business on Friday afternoon to minimize customer disruption. Was the unusual timing of the bank closing related to panicked depositors withdrawing money? Although the FDIC did not comment on […]
First National Bank of Olathe, Kansas, Closed By Regulators
August 12, 2011 By Leave a Comment
The First National Bank of Olathe, established in 1887, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Enterprise Bank & Trust, Clayton, Missouri. Enterprise Bank & Trust will assume all deposits of failed First National Bank of Olathe. All six branches […]
Feds Close Two Banks In Washington and Illinois – Depositor’s Concerns Grow
August 5, 2011 By Leave a Comment
Regulators closed two banks today, bringing the total number of banking failures for the year to 63. The FDIC classifies 888 banks as “Problem Banks”, a number which has risen nonstop since 2006. The number of troubled banks comprise almost 12% of all federally insured institutions. With many analysts forecasting another recession, a further increase […]
S&P Downgrades US Debt – Feds Tell Banks US Securities Still “Riskless”
August 5, 2011 By Leave a Comment
The credit rating of the United States was downgraded for the first time in its history by Standard & Poor’s. The credit rating agencies had previously warned Congress that unless a credible deficit reduction plan was enacted, the United States could expect a downgrade. Standard & Poor’s reduced the US credit rating from AAA to […]
Bank of Whitman, Colfax, WA, Closed By Regulators
August 5, 2011 By 1 Comment
Bank of Whitman, Colfax, Washington, was closed today by state banking regulators who appointed the FDIC as receiver. The failed bank was sold to Columbia State Bank which will assume all deposits of Bank of Whitman. Bank of Whitman, established in 1977, was an employee owned community bank with 20 branches and $548.6 million in […]
Bank of Shorewood, IL, Closed By Regulators
August 5, 2011 By 1 Comment
Bank of Shorewood, Illinois, which survived the high inflation of the 1980’s and the savings and loan disaster of the 1990’s, collapsed today under the weight of bad loans. The Bank was closed by state regulators who appointed the FDIC as receiver. The FDIC sold Bank of Shorewood to Heartland Bank and Trust of Bloomington, […]
Three Banks Fail In Virginia, South Carolina and Indiana
July 30, 2011 By Leave a Comment
Regulators closed three banks this week in three different states – Virginia, South Carolina and Indiana. With today’s three bank closings, the number of failed banks in 2011 has increased to 61. The three banks that failed today had total assets of $2.5 billion and resulted in a loss to the FDIC Deposit Insurance Fund […]
Integra Bank of Indiana Collapses As Regulators Seize Bank
July 29, 2011 By Leave a Comment
Integra Bank, N.A., Evansville, Indiana, became the nation’s second largest banking failure of 2011 as regulators closed the insolvent bank. The FDIC, appointed as receiver, protected depositors by entering into a purchase and assumption agreement with Old National Bank, Evansville, Indiana, which will assume all deposits of the failed bank. All 52 branches of Integra […]
BankMeridian, Columbia, SC, Closed By Regulators
July 29, 2011 By Leave a Comment
BankMeridian, N.A., Columbia, South Carolina, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to SCBT, Orangeburg, South Carolina, which will assume all deposits of the failed bank. BankMeridian which had a total of 3 branches, opened for business in May 2006. The Bank raised $31.5 […]