Minnesota, which had only two banking failures during 2011, got off to a fast start for 2012 with the closing of a small locally owned community bank. Patriot Bank Minnesota, Forest Lake, Minnesota, was closed by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to First Resource […]
Tennessee Commerce Bank Fails – First Billion Dollar Bank Failure Of 2012
January 27, 2012 By 1 Comment
Tennessee Commerce Bank, Franklin, TN, with $1.2 billion dollars in assets, was closed today by state regulators. The failure of Tennessee Commerce is the largest banking failure of the new year and comes in a state that is a stranger to bank failures. Prior to today, the last banking failure in Tennessee was on November […]
First Guaranty Bank and Trust Co of Jacksonville, FL, Closed By Regulators
January 27, 2012 By Leave a Comment
First Guaranty Bank and Trust Company of Jacksonville, Florida, the oldest bank in Jacksonville, was closed today by state regulators. The FDIC, named as receiver, sold the failed bank to CenterState Bank of Florida, N.A. First Guaranty Band and Trust was a family owned bank with a 62 year history. Inexplicably, according to the Bank’s […]
FDIC Issues 57 Enforcement Actions Against Problem Banks In December
January 27, 2012 By Leave a Comment
The FDIC issued 57 enforcement actions against banks in December 2011, down from 72 in November. The December enforcement actions included 9 consent orders, 19 civil money penalties, 4 prompt corrective actions, 3 voluntary terminations of insurance, 12 removal and prohibition orders and 10 orders terminating previous consent orders and cease and desist orders. A […]
Too Big To Fail Banks Get Bigger – Fundamental Financial Problems Worse Than 2008
January 24, 2012 By 1 Comment
David Stockman, former budget director in the Reagan administration, argues persuasively that the fundamental problems of the financial system are worse than in 2008. The “too big to fail” banks have become bigger, politicians have been bought and paid for, an entitled class of Wall Street financiers are being served by government policies and a […]
List Of 2011 Bank Failures Reveals Interesting Facts
January 23, 2012 By 2 Comments
A total of 92 banks failed during 2011, signaling a continuation of the crisis in the banking industry. Although total banking failures during 2011 declined from the previous year, the number remains historically high. The last time more than 50 banks failed in one year was 1992 or 20 years ago. The complete list of […]
Problem Bank List At 20 Year High As Regulators Let Zombie Banks Remain Open
January 23, 2012 By Leave a Comment
The number of banks on the confidential FDIC Problem Bank List is at a 20 year high. As of September 30, 2011, there were 844 institutions on the Problem Bank List, the largest number since 1992 when the total was 1,066. Since the beginning of the financial crisis in 2008, a total of 417 banks […]
First 3 Bank Failures Of 2012 Occur In Florida, Georgia and Pennsylvania
January 20, 2012 By Leave a Comment
The first bank failures of 2012 occurred today when regulators closed three banks in Florida, Georgia and Pennsylvania. Florida and Georgia are continuing a trend from last year when they accounted for almost 40% of the nation’s 92 banking failures. Georgia had 23 bank failures in 2011 followed by Florida with 13 bank failures. Today’s […]
American Eagle Savings Bank, Boothwyn, PA, Closed By Regulators
January 20, 2012 By Leave a Comment
With any type of luck, American Eagle Savings Bank of Boothwyn, PA, could have gone unnoticed by regulators. American Eagle was a speck of a bank with only $19.6 million in total assets, despite the fact that it was one of the oldest banks in the country, having been established in 1917. The smallest bank […]
The First State Bank, Stockbridge, GA, Closed By Regulators
January 20, 2012 By Leave a Comment
During 2011, Georgia had the largest number of banking failures in the United States, with 23 failed banks that accounted for 25% of all banking failures. As regulators closed the first failed banks of the new year, Georgia was once again on the list of failed banks with the closing of a large community bank. […]