Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]
Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?
May 10, 2013 By Leave a Comment
Douglas County Bank, GA, Biggest Bank Failure of 2013
April 26, 2013 By Leave a Comment
Douglas County Bank, Douglasville, GA, was closed today by the Georgia Banking Department. The FDIC, acting as receiver, sold Douglas County Bank to Hamilton State Bank, Hoschton, Georgia, which will assume all deposits of the failed bank. Regulators have been closing a series of small sized banks this year that were unable to recover financially […]
Parkway Bank, NC, Closed By Regulators
April 26, 2013 By Leave a Comment
Parkway Bank, a North Carolina chartered bank headquartered in Lenoir, NC, was closed today by state regulators. Acting as receiver, the FDIC entered into a purchase and assumption agreement with CertusBank, N.A., Easley, South Carolina, which will assume all deposits of Parkway Bank. Founded in 2001, Parkway Bank has been a problem bank for regulators […]
Chipola Community Bank, FL, Closed By Regulators
April 20, 2013 By Leave a Comment
After going without a banking failure since November 2012, regulators closed two Florida banks on Friday. Shortly after closing the Heritage Bank of North Florida, regulators closed Chipola Community Bank of Marianna, Florida. During 2012 a total of eight banks failed in Florida, accounting for 16% of the 51 bank failures nationwide. Chipola Community Bank […]
Heritage Bank of North Florida, FL, Shuttered By Regulators
April 19, 2013 By Leave a Comment
In the second bank closing of the day, regulators shut down Heritage Bank of North Florida, Orange Park, FL. The FDIC, appointed as receiver, sold the failed bank to FirstAtlantic Bank, Jacksonville, FL, which will assume all deposits of failed Heritage Bank. Heritage Bank of North Florida was established in 1986 as Clay County Bank. […]
First Federal Bank, Lexington, KY, Closed By Feds
April 19, 2013 By Leave a Comment
After 78 years of serving the local community, First Federal Bank, Lexington, KY, was closed today by the Office of the Comptroller. The FDIC, named as receiver for the failed bank, sold First Federal to Your Community Bank, New Albany, Indiana, which will assume all deposits of the failed bank. According to First Federal Bank’s […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]
What a Collapsed Banking System Looks Like
March 23, 2013 By Leave a Comment
In the 1930’s the collapse of the banking system propelled the world into an economic collapse. Depositors lost their savings, confidence was shattered, companies starved for capital went out of business overnight, borrowers defaulted en masse and unemployment soared. A collapsed banking system guarantees an instant economic depression. A mere generation later, the world is […]
Frontier Bank, LaGrange, GA, Closed By Regulators, Largest Bank Failure of 2013
March 8, 2013 By Leave a Comment
Frontier Bank, La Grange, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to HeritageBank of the South, Albany, Georgia. HeritageBank will assume all deposits of Frontier. Frontier Bank was established in 1946 and originally named Valley National Bank of […]
Number of Banks on FDIC Problem Bank List Remains Historically High
March 1, 2013 By 1 Comment
The number of banks on the FDIC Problem Bank List declined for the seventh consecutive quarter. According to the latest FDIC Quarterly Banking Profile, the number of problem banks as of December 31, 2012, declined to 651 from 694 in the previous quarter. Despite significant recovery in the banking industry, the number of problem banks […]