August 6, 2010 – Ravenswood Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking. The FDIC was appointed as receiver and entered into an agreement with Northbrook Bank and Trust Company, Northbrook, Illinois, to take over the failed bank. All deposits of failed Ravenswood Bank […]
FDIC Sells Mortgage Backed Bonds – Is A Taxpayer Bailout Next?
August 1, 2010 By Leave a Comment
July 30, 2010 – The FDIC today raised $400 million by selling bonds backed by performing residential mortgages. The mortgages are part of $39 billion in assets acquired by the FDIC from failed banks (see FDIC’s Mountain Of Failed Bank Assets Grow). The securities are guaranteed by the FDIC and were sold at a coupon […]
LibertyBank, Eugene, Oregon, Closed By Regulators
July 30, 2010 By 2 Comments
July 30, 2010 – The Oregon Division of Finance and Corporate Securities closed LibertyBank, Eugene, Oregon, and appointed the FDIC as receiver. The deposits and a portion of the failed bank’s assets were acquired by Home Federal Bank, Nampa, Idaho, under a purchase and assumption agreement with the FDIC. LibertyBank had 15 branches in Oregon, […]
The Cowlitz Bank, Longview, Washington, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – The Cowlitz Bank, Longview, Washington, was closed today by the Washington Department of Financial Institutions. The FDIC, as receiver, entered into an agreement with Heritage Bank, Olympia, Washington, to assume all deposits and some of the assets of failed Cowlitz Bank. The Cowlitz Bank had a total of nine branches, including […]
Coastal Community Bank, Florida, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – Coastal Community Bank, Panama City Beach, Florida, was closed today by the Florida Office of Financial Regulation. Coastal Bank, the third oldest bank in Florida, was originally started as the Apalachicola State Bank in 1906. In 2002, Apalachicola State Bank was acquired by Coastal Community Bank, a newly chartered bank. At […]
Bayside Savings Bank, Florida, Closed By Office Of Thrift Supervision
July 30, 2010 By Leave a Comment
July 30, 2010 – Bayside Savings Bank, Port Sainte Joe, Florida, becomes the nation’s 105th banking failure. Bayside Savings Bank was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC entered into an agreement with Centennial Bank, Conway, Arkansas, to acquire all of the deposits and assets of […]
Northwest Bank And Trust of Georgia Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – Northwest Bank and Trust, Acworth, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to take over failed Northwest Bank. State Bank will assume all deposits […]
FDIC Enforcement Actions Issued On 32 Problem Banks – Is Your Bank On This List?
July 30, 2010 By 1 Comment
July 30, 2010 – The FDIC today released a list of orders of enforcement actions taken against banks and individuals. A total of 29 cease and desist consent orders and 3 prompt corrective actions orders were issued. The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a […]
Home Valley Bank, Cave Junction, Oregon, Closed By State Regulators
July 24, 2010 By Leave a Comment
July 23, 2010 – Home Valley Bank – Banking Failure #103 See analysis of this week’s bank closings at – Banking Failures Hit 103 As Regulators Close Seven More Banks FDIC – Home Valley Bank, Cave Junction, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit […]