January 21, 2011 – The Bank of Asheville, Asheville, NC,was closed today by the North Carolina Office of Commissioner of Banks, which named the FDIC as receiver. The FDIC sold the failed bank to First Bank, Troy, North Carolina, which assumed all deposits. The Bank of Asheville had five branches which will all reopen on […]
CommunitySouth Bank and Trust, SC, Closed By Regulators
January 21, 2011 By Leave a Comment
January 21, 2011 – CommunitySouth Bank and Trust, Easley, South Carolina, was closed today by the South Carolina State Board of Financial Institutions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to CertusBank, N.A., Easley, South Carolina. CertusBank is a newly chartered bank subsidiary of Blue Ridge Holdings, Inc., Charlotte, […]
Enterprise Banking Company Fails And Depositors Facing Losses
January 21, 2011 By 1 Comment
January 21, 2011 – Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over […]
Enterprise Banking Co Failure Exposes Inequity of FDIC Deposit Insurance – Uninsured Depositors Out Of Luck
January 21, 2011 By Leave a Comment
January 21, 2011 -Enterprise Banking Company, McDonough, GA was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC was unable to find a buyer for Enterprise Banking. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB) to take over the […]
Oglethorpe Bank of Georgia Closed By Regulators And Sold To Bank of the Ozarks
January 14, 2011 By Leave a Comment
January 14, 2010 – The Georgia Department of Banking and Finance closed Oglethorpe Bank, Brunswick, Georgia, today and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Bank of the Ozarks to assume all deposits of Oglethorpe Bank. The two branches of Oglethorpe Bank will reopen on Saturday as […]
First Two Banking Failures Of 2011 Hit Florida And Arizona
January 7, 2011 By Leave a Comment
Banking regulators started off the new year by closing banks in Florida and Arizona, two of the States hit hardest by the real estate collapse. 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. During all of […]
Legacy Bank of Scottsdale, Arizona Closed By Regulators And Purchased By Bank With Unpaid TARP Loans
January 7, 2011 By Leave a Comment
January 7, 2011 – Legacy Bank of Scottsdale, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC, acting as receiver, sold failed Legacy Bank to Enterprise Bank & Trust, St. Louis, Missouri. Enterprise will assume all deposits and purchase essentially all assets of failed Legacy […]
First Commercial Bank Of Florida Becomes First Banking Failure of 2011
January 7, 2011 By 2 Comments
January 7, 2010 – The first banking failure of 2011 occurred today in Florida, a state which has seen numerous banking failures due to collapsing real estate values. The Florida Office of Financial Regulation closed the First Commercial Bank of Florida, located in Orlando and appointed the FDIC as receiver. The FDIC, acting as receiver, […]
The Compelling Case For A New Wave Of Mortgage Defaults And Bank Failures
January 7, 2011 By Leave a Comment
Two new reports make a compelling case that the markets have not fully discounted the probability of another flood of residential foreclosures precipitated by the continuing decline in home values. The potential impact of price depreciation on the quality of loan portfolios casts serious doubt on the notion of a long term profit recovery for […]
Banks With $1.2 Billion In Unpaid TARP Loans Buy 18 Failed Banks From FDIC
January 5, 2011 By 1 Comment
During 2010, 12 different banks with $1.2 billion in outstanding TARP loans to the US Treasury purchased 18 different failed banks from the FDIC. According to a recent report from the Congressional Oversight Committee, TARP funds totaling $205 billion were distributed to a total of 707 banks. The largest recipients of TARP money have repaid […]