October 22, 2010 – The Gordon Bank, Gordon, Georgia, a tiny bank with only one branch and $29.4 million in assets, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Morris Bank, Dublin, Georgia, entered into an agreement with the FDIC to assume all of Gordon Bank’s […]
Progress Bank of Florida, Tampa, Florida, Closed By Bank Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – Progress Bank of Florida, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed two branch bank to Bay Cities Bank, Tampa, Florida, under a purchase and assumption agreement under which Bay Cities will assume all of the […]
First Bank of Jacksonville, Florida, Closed By Regulators
October 22, 2010 By 1 Comment
October 22, 2010 – First Bank of Jacksonville, Jacksonville, Florida, which has been under a consent order since November 2009, was closed today by the Florida Office of Financial Regulation. First Bank had been attempting to raise $5 million in a private stock placement to fulfill regulators demands to increase capital, but was unable to […]
Restoration of Depleted FDIC Deposit Insurance Fund Could Take 10 Years
October 21, 2010 By Leave a Comment
October 19, 2010 – The FDIC announced today a long term Restoration Plan to return the Deposit Insurance Fund (DIF) to a positive balance. The long term goal of the proposed fund management plan is to maintain a positive fund balance, even “during periods of large fund losses, and maintaining steady, predictable assessment rates throughout economic […]
Three Banking Failures Bring 2010 Total To 132
October 15, 2010 By 1 Comment
October 15, 2010 – With eleven weeks still remaining in the year, the number of banking failures for 2010 is fast approaching last year’s total of 140. Three additional bank closings today bring this year’s total bank failures to 132. Considering the increased number of Problem Banks reported by the FDIC and with eleven […]
Premier Bank, Jefferson City, MO, Closed By Regulators
October 15, 2010 By Leave a Comment
October 15, 2010 -Premier Bank, Jefferson, Missouri, was shut down by the Missouri Division of Finance, which appointed the FDIC as receiver. The Missouri Division of Finance was particularly blunt in its assessment of Premier Bank’s failure. “There will be no interruption of services for customers of the former Premier Bank,” said Richard J. Weaver, […]
Security Savings Bank, Olathe, Kansas, Shut Down By Feds
October 15, 2010 By Leave a Comment
October 15, 2010 – Security Savings Bank, F.S.B., Olathe, Kansas, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Security Savings Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits and purchase all assets of the failed bank. Security Savings Bank, […]
Majority Of Americans Lack Confidence In Stability of US Banking System
October 6, 2010 By Leave a Comment
October 6, 2010 – It has been almost two years since the banking system nearly imploded in 2009, requiring a massive government bailout. The biggest banks in the country have now repaid government bailout funds and raised billions of dollars to strengthen capital ratios. The stock prices of Bank of America, Wells Fargo and Citigroup […]
My Bank Just Failed – Should I Hit The Panic Button?
October 6, 2010 By Leave a Comment
October 6, 2010 – The sudden news that your bank just failed can cause justifiable confusion and anxiety. Typically the issues of primary importance to depositors will be “are my savings at risk and how long will it be before I have access to my money”. In addition to these primary concerns, depositors of failed […]