June 11, 2010 – The Washington Department of Financial Institutions closed today Washington First International Bank, Seattle, Washington. Washington First, a half billion dollar asset bank, became the nation’s 82 banking failure and the seventh in Washington state. Failed Washington First was acquired by East West Bank of Pasadena, CA in a purchase and assumption […]
Washington First International Bank, Seattle, WA Closed By State Regulators
June 11, 2010 By Leave a Comment
FDIC Chairman Questions Government’s Obsession With Promoting Home Ownership
June 9, 2010 By 1 Comment
June 7, 2010 – In a speech given today, FDIC Chairman Sheila Bair questioned the wisdom of government policies that over-subsidize home ownership while devoting insufficient attention to the need for affordable rental housing. The Chairman noted that expansive public and private efforts to push homeownership to a record level of 69% ultimately proved to […]
Nebraska Rocked By Closing Of $3 Billion TierOne Bank, Lincoln, NE
June 4, 2010 By Leave a Comment
Shareholders Facing 100% Loss On Investment June 4, 2010 – Nebraska’s first bank closing of 2010 was the giant TierOne Bank of Lincoln, Nebraska. TierOne was one of the largest publicly held thrifts in the Midwest and had 69 branches located in Nebraska, Iowa and Kansas. According to the bank’s website, TierOne was originally organized […]
FDIC Finds No Buyer For Failed Arcola Homestead Savings of Illinois
June 4, 2010 By Leave a Comment
June 4, 2010 – Arcola Homestead Savings Bank, Arcola, IL became the 80th banking failure of 2010 after the bank was closed by the Illinois Department of Financial Professional Regulation. Illinois has now had 12 banking failures this year, trailing only Florida with 13 banking failures. The FDIC, appointed as receiver for the failed bank, […]
Granite Community Bank Closed By Regulators
May 28, 2010 By Leave a Comment
May 28, 2010 – Granite Community Bank, N.A. of Granite Bay, California was closed by the Comptroller of the Currency. The FDIC, appointed as receiver, sold Granite Community to Tri Counties Bank, Chico, CA under a purchase and assumption agreement. Tri Counties Bank will assume all of the deposits and purchase essentially all of […]
Bank Of Florida – Southeast, Bank Of Florida – Southwest, and Bank Of Florida – Tampa Bay, Closed by Regulators
May 28, 2010 By 1 Comment
May 28, 2010 – Bank of Florida – Southeast, Fort Lauderdale, Florida, Bank of Florida – Southwest, Naples, Florida and Bank of Florida – Tampa Bay, Tampa Florida were all closed today by the Florida Office of Financial Regulation. All three banks were owned by the same holding company – Bank of Florida Corporation. […]
Regulators Close Pinehurst Bank
May 21, 2010 By Leave a Comment
Today May 21, 2010, Pinehurst Bank of St. Paul Minnesota was closed by the Minnesota Department of Commerce, with the Federal Deposit Insurance Corporation appointed as receiver. All deposits of the bank were assumed by Coulee Bank of La Crosse, Wisconsin though a purchase and assumption agreement. Pinehurst Bank was formed in 2003 and opened […]
FDIC Problem Banks Increase 10% In First Quarter
May 21, 2010 By Leave a Comment
Problem Banks Increase Again The latest FDIC Quarterly Banking Profile shows a 10% increase in the number of Problem Banks to 775 at March 31, 2010, up from 702 at December 31, 2009. Although industry trends show improvement over previous quarters, almost 19% of all banking institutions reported net losses for the quarter, down from […]