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 […]
The Bank of Commerce, Wood Dale, IL, Becomes 26th Banking Failure of 2011
March 25, 2011 By Leave a Comment
The Bank of Commerce, Wood Dale, Illinois was closed today by the Illinois Department of Financial & Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Advantage National Bank Group, Elk Grove Village, Illinois, which will assume all deposits and purchase all assets of The Bank of Commerce. The […]
The First National Bank of Davis and Legacy Bank Closed By Regulators
March 11, 2011 By 1 Comment
Two banking failures in Oklahoma and Wisconsin have raised the number of banking failures for 2010 to 25. Most of the banking failures this year have been smaller banking institutions that cannot raise capital or compete with larger banks. Banking failures have increased steadily since 2007 as a tidal wave of defaulting loans and plunging […]
Legacy Bank, Milwaukee, WI, Becomes 25th Bank Failure
March 11, 2011 By Leave a Comment
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 […]
The Reason Behind the Failure of “Well Capitalized” The First National Bank of Davis, OK
March 11, 2011 By 1 Comment
The closing of The First National Bank of Davis, Davis, Oklahoma, leaves depositors and local residents with many unanswered questions. The First National Bank of Davis has had a community presence for more than 100 years, having been established in 1895. The First National Bank maintained its sole branch in Davis and had $90.2 million […]
Valley Community Bank of Illinois Closed By Regulators
February 25, 2011 By Leave a Comment
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. […]
Problem Banks Skyrocket To 18 Year High
February 23, 2011 By 1 Comment
The FDIC cannot close banks fast enough. The latest Quarterly Banking Profile shows an increase in the number of problem banks to 884 at December 31, 2010 up from 860 at the end of September 2010. The number of Problem Banks now totals 12% of all FDIC insured institutions. For the quarter ending December 31, […]
Four Banks Fail In Georgia and California
February 19, 2011 By 1 Comment
Four banking failures in Georgia and California have increased total banking failures for 2011 to 22. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Charter Oak Bank of California Becomes Nation’s 21st Banking Failure
February 19, 2011 By Leave a Comment
California saw its third banking failure this year as regulators closed a small bank that had been overwhelmed by loan losses. Charter Oak Bank of Napa, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold the failed bank to Bank of Marin, Novato, California, […]
San Luis Trust Bank of California Fails And Sold To Bank With Unpaid TARP Loan
February 18, 2011 By Leave a Comment
San Luis Trust Bank, FSB, San Luis Obispo, California, was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC sold the failed bank to First California Bank, Westlake Village, California. First California will assume all deposits of the failed bank. San Luis Trust was beset by a high […]