February 4, 2011 – The Georgia Department of Banking and Finance closed troubled North Georgia Bank, Watkinsville, Georgia, and appointed the FDIC as receiver. The failed bank was sold by the FDIC to BankSouth, Greensboro, Georgia, which assumed all deposits of North Georgia Bank. North Georgia Bank was put under regulatory oversight with the issuance […]
American Trust Bank, Roswell, GA, Collapses Under Bad Loans
February 4, 2011 By Leave a Comment
February 4, 2011 – Georgia, one of the epicenters of bank failures last year, continues to lead the nation again this year. Four out of the thirteen banking failures thus far in 2011 have occurred in Georgia. American Trust Bank, Roswell, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the […]
Banking Failures Increase To Eleven As Regulators Seize Four Banks
January 28, 2011 By Leave a Comment
Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses. The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]
First Community Bank of New Mexico Fails
January 28, 2011 By 2 Comments
January 28, 2010 – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Divisions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to U.S. Bank, N.A., Minneapolis, Minnesota, a subsidiary of US Bancorp. First Community was started in 1922. With $2.3 billion in assets […]
FirsTier Bank of Colorado Fails – Depositors Facing Losses
January 28, 2011 By 2 Comments
January 28, 2010 – Large depositors at failed FirsTier Bank of Colorado are shocked to learn that they potentially face the loss of all deposits held in excess of the FDIC deposit insurance limits. This is the second time in two weeks that the FDIC was unable to find a purchaser for a failed bank, […]
Evergreen State Bank Of Wisconsin Fails Despite Bank President’s Optimism
January 28, 2011 By Leave a Comment
January 28, 2011 – Evergreen State Bank, Stoughton, WI, was closed today by the Wisconsin State Department of Financial Institutions, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with McFarland State Bank, McFarland, WI, to assume all deposits of failed Evergreen. All four branches of Evergreen will […]
The First State Bank, Camargo, OK, Closed By Regulators
January 28, 2011 By Leave a Comment
January 28, 2011 – The First State Bank, Camargo, OK, was closed today by the Oklahoma State Banking Department which appointed the FDIC as receiver. To protect depositors, the FDIC sold First State to Bank 7, Oklahoma, City, OK. Bank 7 will assume all deposits and also agreed to purchase all of the assets of […]
Four Banking Failures In Four States Cost FDIC $455 Million
January 22, 2011 By Leave a Comment
January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. […]
United Western Bank, Colorado, Closed By Regulators
January 22, 2011 By Leave a Comment
January 21, 2010 – United Western Bank, Denver, Colorado, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all deposits of the failed bank. United Western had 8 branches […]