Rosemount National Bank of Rosemount, Minnesota, was closed today by the Comptroller of the Currency which appointed the FDIC as receiver. The FDIC sold the failed bank to Central Bank, Stillwater, MN. Central Bank will assume all deposits and purchase all assets of failed Rosemount Bank. Rosemount Bank was a tiny bank with only one […]
Bank Failures In Nevada and Illinois Bring Year’s Total To 28
April 9, 2011 By 3 Comments
Regulators closed two small banks in Nevada and Illinois bringing the total number of banking failures for 2011 to 28. During 2010, there were a total of 157 banking failures, the most since 1992 when 181 banks failed. A total of 140 banking failures occurred during 2009 and 25 in 2008. Although the pace of […]
The First National Bank of Davis and Legacy Bank Closed By Regulators
March 11, 2011 By 1 Comment
Two banking failures in Oklahoma and Wisconsin have raised the number of banking failures for 2010 to 25. Most of the banking failures this year have been smaller banking institutions that cannot raise capital or compete with larger banks. Banking failures have increased steadily since 2007 as a tidal wave of defaulting loans and plunging […]
Counterfeit Checks Among Top Ten Consumer Complaints To FTC
March 8, 2011 By Leave a Comment
That official looking bank check you receive in return for the sale of goods or services might actually be worthless. The con men and criminals producing counterfeit bank checks has prompted the FDIC to issue numerous warnings about specific banks that have reported counterfeit checks drawn in their name. The FDIC has noticed explosive growth […]
Big Banks Profit As Smaller Banks Join Problem Bank List
February 23, 2011 By Leave a Comment
According to the latest FDIC Quarterly Banking Profile (QBF), the industry recorded profits of $87.5 billion for 2010 compared to a full-year loss of $10.6 billion in 2009. While highlighting a general improvement, the QBF shows that the banking industry still faces major challenges. Revenue growth remains weak, loan balances declined for the ninth time […]
Four Banks Fail In Georgia and California
February 19, 2011 By 1 Comment
Four banking failures in Georgia and California have increased total banking failures for 2011 to 22. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Four Bank Failures In Four States Increase Total Failures To 18
February 12, 2011 By Leave a Comment
Four banking failures in four different states have increased total banking failures for 2011 to 18. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14
February 5, 2011 By Leave a Comment
Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses. The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]