The latest financial results from the banking industry point to a resolution of the mortgage crisis that nearly resulted in the nationalization of the country’s biggest banks three years ago. In a dramatic turnaround the country’s largest banks have repaid government loans, often with large profits to the government. Billions of dollars in new capital […]
First Commercial Bank Of Florida Becomes First Banking Failure of 2011
January 7, 2011 By 2 Comments
January 7, 2010 – The first banking failure of 2011 occurred today in Florida, a state which has seen numerous banking failures due to collapsing real estate values. The Florida Office of Financial Regulation closed the First Commercial Bank of Florida, located in Orlando and appointed the FDIC as receiver. The FDIC, acting as receiver, […]
Appalachian Community Bank, McCaysville, Georgia, Closed By Regulators
December 17, 2010 By Leave a Comment
December 17, 2010 – Appalachian Community Bank, F.S.B., McCaysville, Georgia, was closed today by The Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the three branch bank to Peoples Bank of East Tennessee, which will assume all deposits except for brokered deposits and out-of-state certificates of deposit (CD). The FDIC […]
Oversight Panel Blasts Treasury For Loan Modification Failure
December 15, 2010 By Leave a Comment
December 15, 2010 – The Congressional Oversight Panel (COP) was created by Congress during the height of the financial crisis to oversee the handling of $700 billion given to the US Treasury to stabilize the U.S. economy. Part of COP’s responsibility is to issue regular reports on the Treasury’s actions and to guarantee that Treasury’s […]
Earthstar Bank, Southampton, PA, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Earthstar Bank, Southampton, PA, was closed today by the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Polonia Bank, Huntingdon Valley, Pennsylvania. Polonia will assume all Earthstar deposits, excluding certain out-of-state CDs (certificates of deposit). It is likely that […]
Is Quantitative Easing A Bank Bailout? – What You Don’t Know Will Hurt You
November 16, 2010 By Leave a Comment
QE (quantitative easing) has arrived and will ultimately impact the financial well being of all Americans. Is it possible that something so profoundly disrupting to the financial world would go unnoticed by mainstream America? Is John Q Public indifferent or oblivious to the Fed implementing a reckless monetary policy previously reserved for banana republics? In […]
Darby Bank & Trust Co, Vidalia, GA, Closed By Regulators
November 12, 2010 By Leave a Comment
November 12, 2010 -83 year old Darby Bank & Trust Co, Vidalia, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, GA, which will acquire the banking operations of failed Darby Bank. Ameris […]
First Vietnamese American Bank Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – First Vietnamese American Bank, Westminster, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold First Vietnamese to Grandpoint Bank, Los Angeles, California. Grandpoint will assume all deposits and purchase all assets of failed First Vietnamese. First Vietnamese was a small […]
The Gordon Bank, Gordon, Georgia, Shuttered By Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – The Gordon Bank, Gordon, Georgia, a tiny bank with only one branch and $29.4 million in assets, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Morris Bank, Dublin, Georgia, entered into an agreement with the FDIC to assume all of Gordon Bank’s […]
Three Banking Failures Bring 2010 Total To 132
October 15, 2010 By 1 Comment
October 15, 2010 – With eleven weeks still remaining in the year, the number of banking failures for 2010 is fast approaching last year’s total of 140. Three additional bank closings today bring this year’s total bank failures to 132. Considering the increased number of Problem Banks reported by the FDIC and with eleven […]