The number of failed banks reached 157 as regulators closed six banks in Florida, Georgia, Arkansas and Minnesota. The six failed banks this week had a total of $1.2 billion in assets and resulted in a loss to the FDIC Deposit Insurance Fund of $267.6 million. The total loss to the depleted FDIC Deposit Insurance […]
Six Problem Banks With $1.2 Billion In Assets Fail – Failed Banks For Year Total 157
December 18, 2010 By 2 Comments
Community National Bank, Lino Lakes, MN, Closed By Regulators
December 18, 2010 By 1 Comment
December 17, 2010 – Community National Bank, Lino Lakes, Minnesota, was closed today by The Office of the Comptroller of the Currency. The FDIC was appointed as receiver and sold the failed bank to Farmers & Merchants Savings Bank, Manchester, Iowa, which will assume all deposits of Community National. The two branches of Community National […]
Failed United Americas Bank, Atlanta, GA, Purchased By State Bank & Trust
December 17, 2010 By Leave a Comment
December 17, 2010 – United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas […]
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 […]
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, […]
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 […]
FDIC Sells Failed Allegiance Bank of North America To Bank With Outstanding TARP Loan
November 19, 2010 By 1 Comment
Allegiance Bank of North America, Bala Cynwyd, Pennsylvania, was closed today by the Secretary of the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with VIST Bank, Wyomissing, PA, to assume all deposits and purchase all assets of failed Allegiance. Allegiance was a state-chartered […]
Gulf State Community Bank, Carrabelle, Florida, Fails Under Mountain Of Bad Loans
November 19, 2010 By Leave a Comment
Gulf State Community Bank, Carrabelle, Florida was closed today by the Florida Office of Financial Regulation, and the FDIC was named as receiver. Gulf State had been operating under an FDIC consent order issued November 20, 2009 which required the bank, among other things, to increase capital to adequate levels. Unable to comply with the […]