October 30, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks in September, including 30 “Consent Orders” (formerly called “cease and desist consent orders”) and 5 Prompt Corrective Actions. Formal enforcement actions are publicly disclosed by regulators and used to address severe deficiencies or when regulators have […]
Many Of These Problem Banks Will Fail – FDIC Discloses Enforcement Actions
October 30, 2010 By Leave a Comment
FDIC Sells 3 Failed Banks To Bailed Out Banks With Unpaid TARP Loans
October 23, 2010 By 2 Comments
October 22, 2010 – There has been much discussion in the press lately about the increased competition among buyers for failed banks. The theory is that buyers see a looming economic recovery that will result in huge gains by purchasing failed banks at bargain prices. This week’s sale of failed banks by the FDIC, however, […]
First Arizona Savings of Arizona Fails – FDIC Finds No Buyer and Depositors Lose $6 Million
October 22, 2010 By 2 Comments
October 22, 2010- There are likely to be some shell shocked depositors tonight at First Arizona Savings, A FSB, Scottsdale, Arizona, who stand to lose $5.8 million in uninsured deposits. After the Office of Thrift Supervision closed First Arizona and appointed the FDIC as receiver, the FDIC was unable to find a buyer for failed […]
Hillcrest Bank, Overland Park, Kansas, Collapses Under Bad Loans
October 22, 2010 By Leave a Comment
October 22, 2010 – Hillcrest Bank, Overland Park, Kansas, a $1.6 billion dollar asset institution, became the largest banking failure this week. Regulators also closed six other banking institutions in Florida, Georgia, Illinois and Arizona. Hillcrest Bank was closed by the Kansas Office of the State Banking Commissioner, which appointed the FDIC as receiver. The […]
First Suburban National Bank of Illinois Closed By Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – First Suburban National Bank, Maywood, Illinois, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the FDIC as receiver. The OCC, in its press release stated that “The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to […]
The First National Bank of Barnesville, Georgia, Closed By Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – The First National Bank of Barnesville, Barnesville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC sold First National to United Bank, Zebulon, Georgia, which will assume all deposits and purchase essentially all of the assets of the failed […]
Progress Bank of Florida, Tampa, Florida, Closed By Bank Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – Progress Bank of Florida, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed two branch bank to Bay Cities Bank, Tampa, Florida, under a purchase and assumption agreement under which Bay Cities will assume all of the […]
First Bank of Jacksonville, Florida, Closed By Regulators
October 22, 2010 By 1 Comment
October 22, 2010 – First Bank of Jacksonville, Jacksonville, Florida, which has been under a consent order since November 2009, was closed today by the Florida Office of Financial Regulation. First Bank had been attempting to raise $5 million in a private stock placement to fulfill regulators demands to increase capital, but was unable to […]
Premier Bank, Jefferson City, MO, Closed By Regulators
October 15, 2010 By Leave a Comment
October 15, 2010 -Premier Bank, Jefferson, Missouri, was shut down by the Missouri Division of Finance, which appointed the FDIC as receiver. The Missouri Division of Finance was particularly blunt in its assessment of Premier Bank’s failure. “There will be no interruption of services for customers of the former Premier Bank,” said Richard J. Weaver, […]