October 1, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks, including 22 “Consent Orders” (formerly called “cease and desist consent orders”) and 4 Prompt Corrective Actions. A cease and desist order (consent order) is issued when the FDIC has “determined that it had reason to believe […]
Florida and Washington Hit By Banking Failures – 10% Of All Banks At Risk Of Failure
October 1, 2010 By 2 Comments
October 1, 2010 – In an exact repeat of last week’s failed bank activity, Florida and Washington both experienced banking failures, bringing the nation’s total of failed banks for the year to 129. Considering the increased number of Problem Banks reported by the FDIC and with three months still remaining in 2010, this year’s banking […]
Shoreline Bank, Shoreline, Washington, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Shoreline Bank, Shoreline, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with GBC International Bank, Los Angeles, California, to assume all deposits and a portion of failed Shoreline’s assets. According to GBC’s website, […]
Wakulla Bank, Crawfordville, Florida, Closed By Regulators
October 1, 2010 By Leave a Comment
October 1, 2010 – Wakulla Bank, Crawfordville, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Centennial Bank, Conway, Arkansas, acquired the failed bank under a purchase and assumption agreement with the FDIC. Centennial Bank will assume all the deposits and purchase essentially all of the assets […]
Banking Failures In Washington and Florida Bring Year’s Total To 127
September 24, 2010 By Leave a Comment
September 24, 2010 – Banking failures in Washington and Florida brought the nation’s total number of banking failures to 127. The State of Florida remains unchallenged as the nation’s top state for banking failures. With this week’s failure of Haven Trust Bank Florida, Florida now accounts for nearly 20% of the total banking failures for […]
North County Bank, Arlington, Washington, Failed Bank #127
September 24, 2010 By Leave a Comment
September 24, 2010 – North County Bank, Arlington, Washington, a four branch bank founded in 2001, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Whidbey Island Bank, Coupeville, Washington, to assume all deposits and purchase all assets […]
Haven Trust Bank Florida, Ponte Vedra Beach, Florida, Closed By Regulators
September 24, 2010 By Leave a Comment
September 24, 2010 – Florida has experienced more banking failures than any other state in the nation. Today’s failure of Haven Trust Bank Florida becomes the nation’s 126th banking failure and the twenty-fourth in Florida. Almost 20% of the nation’s total banking failures have now occurred in Florida. The only two other states with […]
Banking Failures Spread To 28 States Across The Nation
September 17, 2010 By Leave a Comment
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 September 17, there were a total of 125 banking failures in the US and Puerto Rico. The five States with the greatest number of banking failures are […]
Pace Of Bank Failures Increase As Regulators Close Six Banks
September 17, 2010 By Leave a Comment
September 17, 2010 – After closing only one bank since August 20th, regulators picked up the pace and closed six banking institutions. With the recent increase in the number of banks on the FDIC’s “Problem Bank List“, regulators should be busy well into 2011 closing institutions that are considered “unsafe and unsound”. As of the […]
Maritime Savings Bank, West Allis, Wisconsin, Closed By Regulators
September 17, 2010 By Leave a Comment
September 17, 2010 – Maritime Savings Bank, West Allis, Wisconsin, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Maritime Bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all the deposits but only about half of the failed bank’s assets. Maritime Savings […]