The FDIC Quarterly Banking Profile for the fourth quarter of 2013 shows a continued reduction in the number of problem banks. The total number of banks on the FDIC Problem Bank List decreased for the 11th consecutive quarter to 467 banks as of December 31, 2013 compared to 515 problem banks in the previous quarter. […]
Syringa Bank, Idaho, Becomes Third Banking Failure of 2014
February 1, 2014 By Leave a Comment
Idaho state banking regulators closed Syringa Bank, Boise, Idaho, and appointed the FDIC as receiver for the failed bank. The FDIC sold Syringa Bank to Sunwest Bank, Irvine, CA, which will assume all deposits of the failed bank. Syringa Bank, founded in 1997, had total assets of $153.4 million and total deposits of $145.1 million […]
The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
January 24, 2014 By Leave a Comment
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world wars but found itself unable to cope with a massive amount of defaulted loans. As of September 30, 2013, The Bank […]
DuPage National Bank of Illinois First Bank Failure of 2014
January 18, 2014 By Leave a Comment
DuPage National Bank, West Chicago, IL, was closed by the Office of the Comptroller on Friday, becoming the first bank to fail in 2014. Acting as receiver and to protect depositors, the FDIC sold the failed bank to Republic Bank of Chicago, Oak Brook, IL. Although DuPage National was a small bank with only $61.7 […]
Texas Community Bank, The Woodlands, Texas, Becomes 24th Bank Failure of 2013
December 13, 2013 By 1 Comment
Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver for the failed bank, sold Texas Community to Spirit of Texas Bank, College Station, Texas, which will assume all deposits of the failed bank. Founded in September 2002, Texas Community […]
FDIC Slashes Operating Budget By 11% Citing Recovery In Banking Industry
December 11, 2013 By 1 Comment
The continuing recovery of the U.S. banking industry means less work for the agency primarily responsible for the safety and soundness of the nation’s banks and savings associations. Due to the decline in banking failures and resolution receivables, the FDIC announced today that their operating budget for 2014 will decline by 10.9% to $2.39 billion. […]
Bank of Jackson County, Florida, Closed By Regulators
October 30, 2013 By Leave a Comment
After a month and a half with no banking failures, regulators closed the small Bank of Jackson County, Graceville, FL. After being shut down by the Florida Office of Financial Regulation, the FDIC was named as receiver. After selling the failed bank to First Federal Bank of Florida, Lake City, FL, all deposit accounts of […]
First National Bank, Edinburg, Texas, Closed By Regulators – Largest Bank Failure In Over Three Years
September 13, 2013 By 1 Comment
The biggest banking failure of 2013 occurred today in Texas as regulators closed the First National Bank, Edinburg, Texas, The failed bank becomes the 22nd banking failure of the year and the first in Texas. First National Bank, with $3.1 billion in total assets, is the largest bank failure since May 14, 2010 when Midwest […]
Uninsured Depositors Face Losses on The Failure of The Community’s Bank, Bridgeport, CT
September 13, 2013 By Leave a Comment
For the first time in over a decade a Connecticut bank failed as regulators swooped in to close The Community’s Bank, with headquarters in Bridgeport, CT. The Community’s Bank was a very small bank with only $26.3 million in assets that was floundering under an avalanche of nonperforming loans. Established in 2001 the Bank was […]
Number of Problem Banks Decline By 10% In Second Quarter
August 29, 2013 By Leave a Comment
The latest Quarterly Banking Profile issued by the FDIC today shows almost a 10% decline in the number of banks on the confidential FDIC Problem Bank List. The number of problem banks finally declined to under 600 for the first time since the first quarter of 2009. The number of problem banks declined by 59 […]