First Heritage Bank of Snohomish, Washington, became the nation’s 44 banking failure of 2011. The Bank was closed by the Washington State Department of Financial Institutions which appointed the FDIC as receiver. The FDIC sold failed Heritage to Columbia State Bank of Tacoma, Washington, which will assume all deposits and purchase most of the assets […]
Banking Industry Problems Persist As Revenues Decline – Quarterly Banking Profile
May 24, 2011 By 1 Comment
Confirmation of weakness in the banking industry came today with the release of the March 31, 2011 FDIC Quarterly Banking Profile (QBP). Most investors in banking stocks, with some exceptions, know that the performance of their bank stock investments has tracked the weak state of the economy and banking industry. The widely followed KBW Bank […]
FDIC Quarterly Banking Profile Shows Increase In Problem Banks
May 24, 2011 By 1 Comment
The latest FDIC Quarterly Banking Profile (QBP) shows another increase in the number of problem banks. The mortgage and debt crisis that began in 2007, along with continued weakness in the economy has resulted in a huge increase in the number of problem banks. In 2007, the FDIC had a total of 76 institutions on […]
Summit Bank, Burlington, Washington – Banking Failure #43
May 21, 2011 By Leave a Comment
Summit Bank, Burlington, WA, was closed today by the Washington State Department of Financial Institutions. The FDIC, appointed as receiver, sold the failed bank to Columbia State Bank, which will assume all deposits and acquire substantially all of the assets of the failed bank. Summit Bank had total assets of $142.7 million and total deposits […]
CertusBank Acquires Failed Atlantic Southern Bank And First Georgia Banking
May 21, 2011 By 1 Comment
Atlantic Southern Bank of Macon, Georgia, and First Georgia Banking Company of Franklin, Georgia were both closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold both failed banks to CertusBank, which is a subsidiary of Blue Ridge Holdings, a Charlotte based investment group. Blue Ridge Holdings was founded […]
Failed Coastal Bank of Florida Sold To Premier American Bank
May 7, 2011 By Leave a Comment
Coastal Bank of Cocoa Beach, Florida, was closed today by the Office of Thrift Supervision. The FDIC, acting as receiver, sold the failed bank to Premier American Bank, N.A., Miami, Florida, which will assume all deposits of failed Coastal Bank. Coastal Bank had only two branches, both of which will reopen on Monday as branches […]
FDIC Sells Assets From 13 Failed Banks
May 4, 2011 By Leave a Comment
In the past few years, regulators have found it necessary to close hundreds of insolvent banking institutions. The FDIC, acting as receiver for failed banks, is usually able to sell most of the assets of failed banks. Typically, the purchaser of a failed bank will acquire most or all of the assets of a […]
FDIC Issues 87 Enforcement Actions Against Banks
May 4, 2011 By Leave a Comment
The FDIC issued 87 enforcement actions against problem banks and individuals in March, up from 60 in February. The administrative enforcement actions processed included 22 consent orders, 15 civil money penalties and 6 prompt corrective actions. Regulatory enforcement actions are issued to address serious deficiencies or when regulators have doubts about an institution’s ability to […]
Community Central Bank, Mount Clemens, Michigan, Becomes 39th Banking Failure
April 30, 2011 By Leave a Comment
The nation’s 39th banking failure of 2011 occurred in Michigan when regulators closed the Community Central Bank of Michigan. According to the FDIC news release, the failed bank will be sold to Talmer Bank & Trust, Troy, Michigan. Community Central Bank, Mount Clemens, Michigan, was closed today by the Michigan Office of Financial and Insurance […]
The Park Avenue Bank of Georgia Closed By Regulators
April 30, 2011 By Leave a Comment
Banking failure hit the State of Georgia today with the failure of The Park Avenue Bank of Valdosta, Georgia. According to the FDIC, the failed bank will be sold to Bank of the Ozarks which has previously purchased five other failed banks. Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all […]