The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, permanently increases the deposit insurance limit to a maximum of $250,000. Deposit insurance limits had previously been temporarily increased from $100,000 to $250,000 effective from October 3, 2008, through December 31, 2010. The higher insurance coverage […]
Bay National Bank, Baltimore, Maryland – Banking Failure Number 87
July 9, 2010 By Leave a Comment
July 9, 2010 – Bay National Bank, Baltimore, Maryland, became the nation’s 87th banking failure this year and the second banking failure in Maryland this week. Bay National, which had been classified as “critically undercapitalized” by regulators, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The […]
Ideal Federal Savings Bank, Baltimore, MD, Closed By Regulators
July 9, 2010 By Leave a Comment
July 9, 2010- Ideal Federal Savings Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC, as receiver, could not find a buyer for this tiny one branch bank with only $6.3 million in assets and $5.8 million in deposits. Accordingly, the FDIC will payoff […]
Collapse of USA Bank, Port Chester, New York, Becomes Nation’s 89th Banking Failure
July 9, 2010 By 1 Comment
July 9, 2010 – USA Bank, Port Chester, New York, was closed today by the New York State Banking Department, which appointed the FDIC as receiver. USA Bank was acquired by New Century Bank, Phoenixville, PA, under a purchase and assumption agreement with the FDIC. New Century will assume all of the deposits and all […]
Home National Bank, Blackwell, Oklahoma Closed By OCC
July 9, 2010 By Leave a Comment
July 9, 2010 – Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Home National Bank of Blackwell, Oklahoma with $644.5 million in assets was the week’s largest banking failure. Home National was acquired by RCB Bank, Claremore, Oklahoma, and […]
Four Banks Closed In Maryland, New York And Oklahoma
July 9, 2010 By Leave a Comment
July 9, 2010 – Regulators closed four banks today – two in Maryland and one in New York and Oklahoma. The four banks had a total of 19 branches and $1.1 billion in assets. The estimated loss to the FDIC Deposit Insurance Fund for the four banking failures amounted to $159.9 million. Three of the […]
High Desert State Bank, Albuquerque, New Mexico, Fails
June 25, 2010 By Leave a Comment
June 25, 2010 – High Desert State Bank, Albuquerque, New Mexico became the nation’s 86th banking failure today as the New Mexico Financial Institutions Division closed the bank. The failed bank was acquired by First American Bank, Artesia, New Mexico under an agreement with the FDIC acting as receiver. High Desert State Bank’s web site […]
First National Bank, Savannah, Georgia, Closed By Regulators
June 25, 2010 By 1 Comment
June 25, 2010 – Troubled First National Bank, Savannah, Georgia, was closed today by the Comptroller of the Currency, which appointed the FDIC as receiver. Failed First National was acquired by The Savannah Bank, N.A., Savannah, GA, in a purchase and assumption agreement with the FDIC. All of First National’s deposits and “some” of the […]
Peninsula Bank, Englewood, FL Closed By Florida Regulators
June 25, 2010 By Leave a Comment
June 25, 2010 – Peninsula Bank, Englewood, Florida was closed today by the Florida Division of Financial Institutions, which appointed the FDIC as receiver. Florida now leads the nation with 14 banking failures. Illinois is a close second with 12 banking failures and Georgia has a total of 9. Peninsula Bank was acquired by Premier […]