Gulf State Community Bank, Carrabelle, Florida was closed today by the Florida Office of Financial Regulation, and the FDIC was named as receiver. Gulf State had been operating under an FDIC consent order issued November 20, 2009 which required the bank, among other things, to increase capital to adequate levels. Unable to comply with the […]
Gulf State Community Bank, Carrabelle, Florida, Fails Under Mountain Of Bad Loans
November 19, 2010 By Leave a Comment
Three Banking Failures In Georgia and Arizona Push Year’s Total To 146
November 12, 2010 By Leave a Comment
November 12, 2010 – The number of banking failures in 2010 has climbed past last year’s total of 140, which was the most since 1992. Three additional banking failures this week brings the year’s total to 146 as regulators closed banks in Georgia and Arizona. With over 10% of all FDIC insured institutions on the […]
Copper Star Bank, Scottsdale, AZ, Closed By Regulators
November 12, 2010 By Leave a Comment
November 12, 2010 – Copper Star Bank, Scottsdale, Arizona, was closed today by the Superintendent of the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Stearn Bank, N.A., St. Cloud, Minnesota, to assume all deposits and purchase all of the failed bank’s […]
Darby Bank & Trust Co, Vidalia, GA, Closed By Regulators
November 12, 2010 By Leave a Comment
November 12, 2010 -83 year old Darby Bank & Trust Co, Vidalia, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, GA, which will acquire the banking operations of failed Darby Bank. Ameris […]
Tifton Banking Company, Tifton, GA, Closed By Regulators
November 12, 2010 By Leave a Comment
November 12, 2010 – Tifton Banking Company, Tifton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Ameris Bank, Moultrie, Georgia, acquired the failed bank from the FDIC under a purchase and assumption agreement. Ameris Bank also acquired today another failed bank, Darby Bank & Trust […]
Washington Mutual – Largest Banking Failure In History Turns Out Well For Many But Shareholders Left Fuming
November 9, 2010 By 23 Comments
The collapse of Washington Mutual Bank on September 25, 2008 is officially listed as the largest banking failure in history by the FDIC. The collapse of Washington Mutual occurred after nervous depositors withdrew $16.7 billion in the ten days prior to the bank’s collapse. Fearing a classic run on the bank situation and perhaps a […]
Florida Leads The Nation In Banking Failures – 5 States Account For Almost 60% Of Total Banking Failures
November 6, 2010 By Leave a Comment
November 5, 2010 – A nationwide drop in real estate values combined with an all time high in mortgage defaults and foreclosures have resulted in banking failures across 28 States. As of November 5, there were a total of 143 banking failures in the US and Puerto Rico. The five States with the greatest number […]
Four More Banking Failures Push Year’s Total Above 2009 Failures
November 6, 2010 By Leave a Comment
November 5, 2010 – The number of banking failures in 2010 now exceeds last year’s total of 140, which was the most since 1992. Four additional banking failures this week brings the year’s total to 143 as regulators closed banks in Maryland, California and Washington. With over 10% of all FDIC insured institutions on the […]
First Vietnamese American Bank Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – First Vietnamese American Bank, Westminster, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold First Vietnamese to Grandpoint Bank, Los Angeles, California. Grandpoint will assume all deposits and purchase all assets of failed First Vietnamese. First Vietnamese was a small […]
Pierce Commercial Bank, Tacoma, Washington, Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – Pierce Commercial Bank of Tacoma, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. Heritage Bank, Olympia, Washington, agreed to purchase the failed bank, assuming all deposits and purchasing all assets of failed Pierce Bank. The one branch of Pierce Bank will reopen […]