Colorado Capital Bank, which described itself as a niche bank for privately-held businesses and nonprofit organizations, was closed today by the Colorado Division of Banking. The FDIC, as receiver, sold the failed bank to First-Citizens Bank & Trust Company, Raleigh, North Carolina. The seven branches of Colorado Capital will reopen as usual on Monday as […]
First Chicago Bank & Trust Closed – Illinois’s Billion Dollar Bank Failure
July 8, 2011 By Leave a Comment
Illinois, which has not seen a banking failure since April, witnessed the collapse of a billion dollar bank today as regulators closed First Chicago Bank & Trust, Chicago, Illinois. First Chicago is the fifth and largest banking failure in Illinois this year. The four banks that failed in Illinois prior to today were relatively small […]
Mountain Heritage Bank of Georgia Closed By Regulators
June 24, 2011 By Leave a Comment
Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and sold the small two branch community bank to First American Bank and Trust Company, Athens, Georgia. First American will assume all of the failed bank’s deposits and, in addition, purchase essentially all […]
First Commercial Bank of Tampa Bay 47th Banking Failure
June 17, 2011 By Leave a Comment
First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Stonegate Bank, Fort Lauderdale, Florida, which will assume all deposits and purchase all assets. First Commercial Bank was a small, two branch, locally owned […]
McIntosh State Bank of Georgia Closed By Regulators
June 17, 2011 By Leave a Comment
McIntosh State Bank, Jackson, Georgia, established in 1964 as a community oriented, full service commercial bank, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to Hamilton State Bank, Hoschton, Georgia. Hamilton State Bank will assume all deposits and purchase all […]
Atlantic Bank and Trust, Charleston, SC, Becomes 45th Banking Failure
June 3, 2011 By Leave a Comment
The Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the failed Bank to First Citizens Bank and Trust Company, Columbia, South Carolina, which will assume all deposits and purchase all assets of Atlantic Bank and Trust. Atlantic […]
Washington Mutual Soars 350% On Bankruptcy Exit Plan
June 1, 2011 By 4 Comments
The failure of Washington Mutual Bank on September 28, 2008 was the largest banking failure in U.S. history. After nervous depositors starting withdrawing billions of dollars, regulators feared that a run on the Bank would cause a nationwide panic and decided to close the bank. The FDIC, acting as receiver, sold Washington Mutual to JP […]
Heritage Bank of Washington Becomes 44th Banking Failure
May 27, 2011 By Leave a Comment
First Heritage Bank of Snohomish, Washington, became the nation’s 44 banking failure of 2011. The Bank was closed by the Washington State Department of Financial Institutions which appointed the FDIC as receiver. The FDIC sold failed Heritage to Columbia State Bank of Tacoma, Washington, which will assume all deposits and purchase most of the assets […]
Banking Industry Problems Persist As Revenues Decline – Quarterly Banking Profile
May 24, 2011 By 1 Comment
Confirmation of weakness in the banking industry came today with the release of the March 31, 2011 FDIC Quarterly Banking Profile (QBP). Most investors in banking stocks, with some exceptions, know that the performance of their bank stock investments has tracked the weak state of the economy and banking industry. The widely followed KBW Bank […]
FDIC Quarterly Banking Profile Shows Increase In Problem Banks
May 24, 2011 By 1 Comment
The latest FDIC Quarterly Banking Profile (QBP) shows another increase in the number of problem banks. The mortgage and debt crisis that began in 2007, along with continued weakness in the economy has resulted in a huge increase in the number of problem banks. In 2007, the FDIC had a total of 76 institutions on […]