Community Banks of Colorado, Greenwood Village, CO, was closed by the Board of Governors of the Federal Reserve System. The FDIC, appointed as receiver, sold the failed bank to Bank Midwest, N.A., Kansas City, Missouri. Bank Midwest will assume all deposits and purchase all assets of failed Community Banks. All 40 branches of failed Community […]
Community Capital Bank, Jonesboro, GA, Closed By Regulators
October 21, 2011 By Leave a Comment
State regulators closed Community Capital Bank of Jonesboro, GA, today and appointed the FDIC as receiver. The FDIC sold the failed bank to State Bank and Trust Company, Macon, GA, which will assume all deposits and purchase all assets of Community Capital Bank. Community Capital Bank began operations in August 2002. The Bank was owned […]
Decatur First Bank of Georgia Becomes 21st Banking Failure In Georgia
October 21, 2011 By Leave a Comment
Decatur First Bank, Decatur, Georgia, became the 21st bank to fail in Georgia this year. Georgia leads the nation in banking failures, accounting for 26% of all failed banks during 2011. A second Georgia bank, Community Capital Bank of Jonesboro, was also closed by regulators today. Georgia accounts for 22 of the nation’s 84 banking […]
Old Harbor Bank, Clearwater, FL, Closed By Regulators
October 21, 2011 By Leave a Comment
Old Harbor Bank of Clearwater, Florida, an eight year old community bank, was closed today by the Florida Office of Financial Regulation. The FDIC, appointed as receiver, sold the failed bank to 1st United Bank, Boca Raton, Florida. All seven branches of Old Harbor Bank will reopen on Saturday as branches of 1st United. Depositors […]
FDIC To Cover Losses On $75 Trillion Bank of America Derivative Bets
October 20, 2011 By 28 Comments
Potential losses on Bank of America’s massive $75 trillion book of risky derivative contracts has just been dumped onto the FDIC by the Federal Reserve. Derivatives, once described by Warren Buffet as “financial weapons of mass destruction” are complex contracts entered into for speculation or to hedge risks linked to a wide variety of other […]
Four Bank Failures In Four States Brings Year’s Total To 80
October 14, 2011 By Leave a Comment
Regulators across the nation had a busy Friday evening, closing four banks in four different states. This week’s banking failures increase the total number of failed banks for 2011 to 80. During 2010, regulators closed a total of 157 banks across the nation. The FDIC is optimistically predicting a much lower number of banking failures […]
Country Bank, Aledo, IL, Becomes 8th Illinois Banking Failure
October 14, 2011 By Leave a Comment
An Illinois bank that still owed $4 million to the U.S. Treasury under the TARP program was closed today in Illinois. Country Bank, Aledo, IL, was closed by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to Blackhawk Bank & Trust, Milan, IL, which will assume all […]
First State Bank, Cranford, NJ, Closed By Regulators – First New Jersey Bank Failure of 2011
October 14, 2011 By Leave a Comment
New Jersey saw its first banking failure of 2011 as regulators closed a quarter billion dollar banking institution. First State Bank, Cranford, New Jersey, was closed today by the NJ Department of Banking, which appointed the FDIC as receiver. The failed Bank was sold to Northfield Bank, Staten Island, New York, which will assume all […]
Blue Ridge Savings Bank, Asheville, NC, Closed By Regulators
October 14, 2011 By Leave a Comment
Blue Ridge Savings Bank, founded in 1978, was closed today by the North Carolina Office of Commissioner of Banks, which appointed the FDIC as receiver. The FDIC sold the failed bank to Bank of North Carolina, Thomasville, NC, which will assume all deposits of Blue Ridge Savings. All ten branches of Blue Ridge will reopen […]
Piedmont Community Bank of Georgia Fails, Taken Over By State Bank and Trust Co
October 14, 2011 By Leave a Comment
Georgia, the state with the most banking failures for 2011, saw another banking failure today with the closing of Piedmont Community Bank. The failure of Piedmont becomes the 20th banking failure of the year in Georgia, which now accounts for 26% of all bank failures in 2011. The Georgia Department of Banking, which closed Piedmont […]