One Georgia Bank of Atlanta, Georgia, a $186 million dollar asset bank, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed bank to Ameris Bank. One Georgia Bank has been effectively insolvent since late last year with a troubled asset ratio of 350% which is […]
One Georgia Bank of Atlanta Fails, Sold To Bank With Outstanding TARP Loans
July 15, 2011 By Leave a Comment
3 Failed Banks In Colorado and Illinois Cost FDIC $632 Million
July 8, 2011 By Leave a Comment
After taking off a week from bank closings due to the fourth of July holiday weekend, regulators came back to work, closing two banks in Colorado and one in Illinois. The largest banking failure of the week was the failure of First Chicago Bank & Trust with almost $1 billion in assets. The FDIC loss […]
Signature Bank of Colorado Closed By Regulators
July 8, 2011 By Leave a Comment
A small Colorado bank became the nation’s 51st banking failure. Signature Bank, Windsor, CO, was closed by the Colorado Division of Banking. The FDIC, acting as receiver, sold the Bank to Points West Community Bank, Colorado. Signature Bank had three branches which will reopen as branches of Points West. Depositors will have full access to […]
Colorado Capital Bank Closed By Regulators
July 8, 2011 By Leave a Comment
Colorado Capital Bank, which described itself as a niche bank for privately-held businesses and nonprofit organizations, was closed today by the Colorado Division of Banking. The FDIC, as receiver, sold the failed bank to First-Citizens Bank & Trust Company, Raleigh, North Carolina. The seven branches of Colorado Capital will reopen as usual on Monday as […]
First Chicago Bank & Trust Closed – Illinois’s Billion Dollar Bank Failure
July 8, 2011 By Leave a Comment
Illinois, which has not seen a banking failure since April, witnessed the collapse of a billion dollar bank today as regulators closed First Chicago Bank & Trust, Chicago, Illinois. First Chicago is the fifth and largest banking failure in Illinois this year. The four banks that failed in Illinois prior to today were relatively small […]
Regulators Say Banks Have 20% Delinquency Rate On $2.6 Trillion Mortgage Portfolio
June 30, 2011 By 1 Comment
Who says the mortgage crisis is over? Regulators revealed today that the nation’s banks and thrifts have an alarming delinquency rate of almost 20% on their $2.6 trillion mortgage portfolio. The Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released the 2011 first quarter Mortgage Performance Report. The Report […]
FDIC Issues 57 Enforcement Actions Against Problem Banks In May
June 25, 2011 By 1 Comment
The FDIC issued 57 enforcement actions in May against various banks and individuals, down from 76 in April. Among the enforcement actions issued were 10 consent orders, 11 civil money penalties, 1 prompt corrective action and 13 orders terminating consent orders. As explained in previous posts, various enforcement actions are taken depending on the severity […]
Mountain Heritage Bank of Georgia Closed By Regulators
June 24, 2011 By Leave a Comment
Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and sold the small two branch community bank to First American Bank and Trust Company, Athens, Georgia. First American will assume all of the failed bank’s deposits and, in addition, purchase essentially all […]
Downward Spiral Of Bank Stocks Is Predicting An Economic Crisis
June 22, 2011 By 3 Comments
After rallying last fall, many of the big bank stocks have seen substantial declines from the beginning of the year. Growing fears about the health of the banking industry are discussed in the latest Economics and Mortgage Market Analysis issued by Fannie Mae. Fannie Mae cites a very weak housing market and an economic slowdown […]
First Commercial Bank of Tampa Bay 47th Banking Failure
June 17, 2011 By Leave a Comment
First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Stonegate Bank, Fort Lauderdale, Florida, which will assume all deposits and purchase all assets. First Commercial Bank was a small, two branch, locally owned […]