September 17, 2010 – Bramble Savings Bank, Milford, Ohio, was closed today by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Bramble Savings Bank to Foundation Bank, Cincinnati, Ohio, which will assume all deposits and purchase essentially all assets of failed Bramble Bank. Bramble Savings Bank was a […]
ISN Bank, Cherry Hill, New Jersey, Closed By Regulators
September 17, 2010 By Leave a Comment
September 17, 2010 – The nation’s 120th banking failure of 2010 occurred today with the closing of ISN Bank, Cherry Hill, New Jersey. ISN Bank was closed by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. The FDIC sold the failed one branch bank to New Century Bank (doing […]
Horizon Bank, Bradenton, FL, Closed By Regulators
September 10, 2010 By 2 Comments
September 10, 2010 – Horizon Bank, Bradenton, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits and essentially […]
Vanishing Banks – U.S. Loses 7,300 Banks Since 1990
September 4, 2010 By Leave a Comment
September 4, 2010 – The latest FDIC Quarterly Banking Profile reports that for the first time in almost ten years, the number of banks has declined by more than 100 in a single quarter. The number of banking institutions declined by 104 for the quarter ending June 30, the most since 113 in the third […]
US Asked To Bailout Foreign Bank
September 3, 2010 By Leave a Comment
September 3, 2010 – In an audacious request, a major shareholder of Afghanistan’s largest bank is asking the United States to provide funds to prevent the collapse of the Kabul Bank. According to the Wall Street Journal, a run on the Kabul Bank has brought the bank to the brink of insolvency. KABUL—A top shareholder […]
FDIC Problem Bank Increase Puts Over 10% Of Banks At Risk Of Failure
August 31, 2010 By Leave a Comment
August 31, 2010 – The latest FDIC Quarterly Banking Profile shows a 7% increase in the number of Problem Banks to 829 at June 30, 2010, up from 775 at March 31, 2010. The number of problem banks is now at its highest level since March 1993 when there were 928. More than 10% of […]