New Horizons Bank of East Ellijay, GA, Fails and Sold To Bank With Unpaid TARP Loan

New Horizons Bank, East Ellijay, Georgia, was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver.  The FDIC entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, North Carolina, to assume all deposits and purchase all assets of failed New Horizons. New Horizons was a […]

Nevada Commerce Bank, Las Vegas, NV, Closed By Regulators

Nevada Commerce Bank, Las Vegas, Nevada, overwhelmed by loan defaults, was closed today by the Nevada Financial Institutions Division, which appointed the FDIC as receiver.  The FDIC sold the failed bank to City National Bank, Los Angeles, CA, which will assume all deposits of the failed bank. The two branches of Nevada Commerce will reopen […]

FDIC Issues 60 Enforcement Actions To Problem Banks In February

The FDIC issued 60 enforcement actions against problem banks in February, down slightly from 61 in January.  Among the more serious administrative enforcement actions processed were 22 consent orders, 13 civil money penalties and 7 prompt corrective actions. The FDIC and other regulators use enforcement actions to address serious deficiencies and when there is regulatory […]

Legacy Bank, Milwaukee, WI, Becomes 25th Bank Failure

The Wisconsin Department of Financial Institutions closed the Legacy Bank of Milwaukee, WI, today and appointed the FDIC as receiver.   The FDIC  was able to sell the bank to Seaway Bank and Trust Company, Chicago, IL, which assumed all deposits of the failed bank. Depositors of Legacy have full access to their money over the […]

Valley Community Bank of Illinois Closed By Regulators

Valley Community Bank, St. Charles, Illinois, joined the failed bank list today as the Illinois Department of Financial and Professional Regulation swooped in to close the bank.  The FDIC was appointed as receiver to protect depositors and sold the failed bank to First State Bank, Mendota, Illinois, which will assume all deposits of Valley Community. […]

Citizens Bank of Effingham Becomes Sixth Banking Failure In Georgia

Georgia may be one of the Nation’s smaller states, but it has the dubious distinction of being number one in banking failures this year.   The failure of Citizens Bank of Effingham, Springfield, Georgia, today marks the sixth banking failure in Georgia this year.  With four more banking failures today, the total number of failed banks […]

Failed Badger State Bank of Wisconsin Taken Over By Royal Bank

Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver.  The FDIC sold Badger to Royal Bank, Elroy, Wisconsin, which assumed all deposits of failed Badger Bank. Badger State Bank was a one branch bank with total assets of $83.8 million and total deposits […]

Five Year Treasury Notes Zoom Ahead Of Bank CD Rates

Longer term CD rates have been gradually climbing since last December as the long end of the yield curve has moved up.   Abused savers, who have seen yields plunge to microscopic levels due to the Federal Reserve’s zero interest rate policy (ZIRP) are justifiably hoping to see an increase in interest income from savings. The […]

FirsTier Bank of Colorado Fails – Depositors Facing Losses

January 28, 2010 – Large depositors at failed FirsTier Bank of Colorado are shocked to learn that they potentially face the loss of all deposits held in excess of the FDIC deposit insurance limits.  This is the second time in two weeks that the FDIC was unable to find a purchaser for a failed bank, […]

CommunitySouth Bank and Trust, SC, Closed By Regulators

January 21, 2011 – CommunitySouth Bank and Trust, Easley, South Carolina, was closed today by the South Carolina State Board of Financial Institutions, which then appointed the FDIC as receiver.  The FDIC sold the failed bank to CertusBank, N.A., Easley, South Carolina.  CertusBank is a newly chartered bank subsidiary of Blue Ridge Holdings, Inc., Charlotte, […]