The state of Florida had its sixth banking failure of the year today when regulators closed GulfSouth Private Bank, Destin, Florida. The FDIC, acting as receiver, sold the failed bank to SmartBank, Pigeon Forge, Tennessee. All four branches of GulfSouth will reopen as branches of SmartBank on Monday. All depositors of failed GulfSouth will have […]
First United Bank, Crete, IL, Closed By Regulators
September 28, 2012 By Leave a Comment
The Illinois Department of Financial and Professional Regulation made an unannounced visit today at the First United Bank, Crete, Illinois. State regulators shuttered the Bank after determining that it was insolvent and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Old Plank Trail Community Bank, N.A., New Lenox, […]
FDIC Issues 80 Enforcement Actions In August Against Banks and Individuals
September 28, 2012 By Leave a Comment
The FDIC announced today that a total of 80 enforcement actions were issued against banks and individuals in August. In the previous month, the FDIC issued 56 enforcement actions. Enforcement actions taken during August included the following: 19 civil money penalties 12 consent orders 19 orders terminating consent and cease and desist orders 18 section […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]
Second Federal Savings and Loan Association Of Chicago, IL, Closed By Feds
July 20, 2012 By Leave a Comment
Second Federal Savings and Loan Association of Chicago, Chicago, IL, was closed today by the Officer of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Hinsdale Bank & Trust Company, Hinsdale, IL. All three branches of Second Federal will reopen on Saturday as branches of Hinsdale Bank & […]
Heartland Bank, Leawood, KS, Closed By Regulators
July 20, 2012 By 1 Comment
The State of Kansas had its first bank failure of the year today when state regulators closed the Heartland Bank, Leawood, Kansas. The FDIC, appointed as receiver, sold the failed bank to Metcalf Bank, Lees Summit, Missouri, which will assume all deposits of the failed bank. The history of Heartland Bank extends over a century […]
First Cherokee State Bank, GA, Closed By Regulators
July 20, 2012 By Leave a Comment
Georgia, which had the most bank failures of any state during 2011, looks like it may retain this dubious record for 2012. Regulators closed two banks in Georgia today, bringing the year to date total of bank failures in the State to eight, representing 22% of bank failures this year. During 2011, Georgia accounted for […]
Montgomery Bank & Trust, Georgia, Closed By Regulators
July 6, 2012 By Leave a Comment
Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance. Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]
Waccamaw Bank, Whiteville, NC, Closed By Regulators
June 9, 2012 By 1 Comment
The North Carolina Office of the Commissioner of Banks closed struggling Waccamaw Bank, Whiteville, NC, after the Bank was unable to raise additional capital. The FDIC, as receiver, sold the failed bank to First Community Bank, Bluefield, VA. Waccamaw Bank, established in 1997, had been desperately trying to raise additional capital to offset losses from […]
Not All Banks Made Poor Lending Decisions During The Bubble Years – 5 Banks Worth Buying
February 27, 2012 By Leave a Comment
With hundreds of bank failures over the past four years and the Problem Bank List at a 20 year high, it is sometimes easy to get the impression that all banks were engaged in reckless lending during the real estate bubble years. While virtually all of the “Too Big To Fail Banks” engaged in highly […]