First Choice Community Bank of Georgia, became the nation’s 37th banking failure. According to the FDIC press release, the failed bank will be sold to Bank of the Ozarks. Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of two Georgia-based banks. To protect depositors, the Federal Deposit Insurance […]
Cortez Community Bank, Brooksville, Florida, Closed By Regulators
April 30, 2011 By Leave a Comment
Cortez Community Bank, Florida, became the nation’s 35th banking failure of 2011. According to the FDIC, the failed bank will be acquired by Premier American Bank, which has previously acquired other failed banks. Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all the deposits, of two Florida-based banks. To protect depositors, […]
First National Bank of Central Florida Fails
April 30, 2011 By Leave a Comment
Regulators closed the First National Bank of Central Florida and the FDIC sold the failed bank to Premier American Bank. The FDIC press release notes that the the failure of First National Bank will cost the FDIC Deposit Insurance Fund $42.9 million. Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all […]
Regulators Close Five Banks – Total Losses To FDIC Top $3 Billion
April 30, 2011 By Leave a Comment
Last week had no bank closings due to the holiday weekend. Regulators returned to work today, closing five insolvent banks in Florida, Georgia and Michigan. A total of 39 banks have now failed during 2011. Although the banking industry has recovered from the dark days of the financial crisis due to unprecedented government aid, the […]
Six Bank Failures In Four States = $2.5 Billion In Losses For FDIC
April 15, 2011 By Leave a Comment
Regulators closed six banks in four different states increasing the total banking failures for the year to 34. Although the largest banks in the country are no longer at direct risk of failing, a significant number of small to midsized problem banks continue to be at risk. The number of banks on the FDIC’s latest […]
Heritage Banking Group, Carthage, MS, Closed By Regulators
April 15, 2011 By Leave a Comment
Heritage Banking Group, Carthage, MS, was closed today by the Mississippi Department of Banking and Consumer Finance. The FDIC was named as receiver and sold the bank to Trustmark National Bank, Jackson, MS, which will assume all deposits of Heritage Banking. Heritage Banking had 8 branches which will reopen on Monday as branches of Trustmark. […]
Rosemount National Bank of Minnesota Closed By Regulators
April 15, 2011 By Leave a Comment
Rosemount National Bank of Rosemount, Minnesota, was closed today by the Comptroller of the Currency which appointed the FDIC as receiver. The FDIC sold the failed bank to Central Bank, Stillwater, MN. Central Bank will assume all deposits and purchase all assets of failed Rosemount Bank. Rosemount Bank was a tiny bank with only one […]
Superior Bank of Alabama Becomes First Billion Dollar Bank Failure of 2011
April 15, 2011 By Leave a Comment
Superior Bank of Birmingham, Alabama, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect depositors, the FDIC sold Superior Bank to Superior Bank, N.A., a newly chartered bank subsidiary of Community Bancorp of Houston, Texas. Superior Bank, N.A. will assume all deposits and purchase all assets of […]
Nexity Bank, Birmingham, Alabama, Closed By Regulators
April 15, 2011 By 1 Comment
Shareholders of Nexity Financial Corp, the holding company for Nexity Bank, saw all hope for a recovery in their investment evaporate today as regulators closed Nexity Bank. Nexity Bank was closed by the State of Alabama Banking Department which appointed the FDIC as receiver. To protect depositors, the FDIC sold Nexity Bank to Alostar Bank […]
New Horizons Bank of East Ellijay, GA, Fails and Sold To Bank With Unpaid TARP Loan
April 15, 2011 By Leave a Comment
New Horizons Bank, East Ellijay, Georgia, was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, North Carolina, to assume all deposits and purchase all assets of failed New Horizons. New Horizons was a […]