Summit Bank, Burlington, WA, was closed today by the Washington State Department of Financial Institutions. The FDIC, appointed as receiver, sold the failed bank to Columbia State Bank, which will assume all deposits and acquire substantially all of the assets of the failed bank. Summit Bank had total assets of $142.7 million and total deposits […]
CertusBank Acquires Failed Atlantic Southern Bank And First Georgia Banking
May 21, 2011 By 1 Comment
Atlantic Southern Bank of Macon, Georgia, and First Georgia Banking Company of Franklin, Georgia were both closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold both failed banks to CertusBank, which is a subsidiary of Blue Ridge Holdings, a Charlotte based investment group. Blue Ridge Holdings was founded […]
Failed Coastal Bank of Florida Sold To Premier American Bank
May 7, 2011 By Leave a Comment
Coastal Bank of Cocoa Beach, Florida, was closed today by the Office of Thrift Supervision. The FDIC, acting as receiver, sold the failed bank to Premier American Bank, N.A., Miami, Florida, which will assume all deposits of failed Coastal Bank. Coastal Bank had only two branches, both of which will reopen on Monday as branches […]
Community Central Bank, Mount Clemens, Michigan, Becomes 39th Banking Failure
April 30, 2011 By Leave a Comment
The nation’s 39th banking failure of 2011 occurred in Michigan when regulators closed the Community Central Bank of Michigan. According to the FDIC news release, the failed bank will be sold to Talmer Bank & Trust, Troy, Michigan. Community Central Bank, Mount Clemens, Michigan, was closed today by the Michigan Office of Financial and Insurance […]
The Park Avenue Bank of Georgia Closed By Regulators
April 30, 2011 By Leave a Comment
Banking failure hit the State of Georgia today with the failure of The Park Avenue Bank of Valdosta, Georgia. According to the FDIC, the failed bank will be sold to Bank of the Ozarks which has previously purchased five other failed banks. Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all […]
First Choice Community Bank, Dallas, Georgia, Fails
April 30, 2011 By Leave a Comment
First Choice Community Bank of Georgia, became the nation’s 37th banking failure. According to the FDIC press release, the failed bank will be sold to Bank of the Ozarks. Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of two Georgia-based banks. To protect depositors, the Federal Deposit Insurance […]
Cortez Community Bank, Brooksville, Florida, Closed By Regulators
April 30, 2011 By Leave a Comment
Cortez Community Bank, Florida, became the nation’s 35th banking failure of 2011. According to the FDIC, the failed bank will be acquired by Premier American Bank, which has previously acquired other failed banks. Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all the deposits, of two Florida-based banks. To protect depositors, […]
First National Bank of Central Florida Fails
April 30, 2011 By Leave a Comment
Regulators closed the First National Bank of Central Florida and the FDIC sold the failed bank to Premier American Bank. The FDIC press release notes that the the failure of First National Bank will cost the FDIC Deposit Insurance Fund $42.9 million. Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all […]
Regulators Close Five Banks – Total Losses To FDIC Top $3 Billion
April 30, 2011 By Leave a Comment
Last week had no bank closings due to the holiday weekend. Regulators returned to work today, closing five insolvent banks in Florida, Georgia and Michigan. A total of 39 banks have now failed during 2011. Although the banking industry has recovered from the dark days of the financial crisis due to unprecedented government aid, the […]
Six Bank Failures In Four States = $2.5 Billion In Losses For FDIC
April 15, 2011 By Leave a Comment
Regulators closed six banks in four different states increasing the total banking failures for the year to 34. Although the largest banks in the country are no longer at direct risk of failing, a significant number of small to midsized problem banks continue to be at risk. The number of banks on the FDIC’s latest […]