New Jersey saw its first banking failure of 2011 as regulators closed a quarter billion dollar banking institution. First State Bank, Cranford, New Jersey, was closed today by the NJ Department of Banking, which appointed the FDIC as receiver. The failed Bank was sold to Northfield Bank, Staten Island, New York, which will assume all […]
First State Bank, Cranford, NJ, Closed By Regulators – First New Jersey Bank Failure of 2011
October 14, 2011 By Leave a Comment
Blue Ridge Savings Bank, Asheville, NC, Closed By Regulators
October 14, 2011 By Leave a Comment
Blue Ridge Savings Bank, founded in 1978, was closed today by the North Carolina Office of Commissioner of Banks, which appointed the FDIC as receiver. The FDIC sold the failed bank to Bank of North Carolina, Thomasville, NC, which will assume all deposits of Blue Ridge Savings. All ten branches of Blue Ridge will reopen […]
Piedmont Community Bank of Georgia Fails, Taken Over By State Bank and Trust Co
October 14, 2011 By Leave a Comment
Georgia, the state with the most banking failures for 2011, saw another banking failure today with the closing of Piedmont Community Bank. The failure of Piedmont becomes the 20th banking failure of the year in Georgia, which now accounts for 26% of all bank failures in 2011. The Georgia Department of Banking, which closed Piedmont […]
FDIC Figures Out That Criminals Were Running Failed United Commercial Bank
October 12, 2011 By Leave a Comment
United Commercial Bank, San Francisco, CA, which was closed by regulators on November 6, 2009, was the fourth largest banking failure of 2009 and resulted in losses to the FDIC Deposit Insurance Fund of $2.5 billion. Almost two years later, the FDIC announced that it was seeking to prohibit ten former officers of the bank […]
FDIC Forecasts $19 Billion In Losses On Banking Failures – Why The Losses Will Be Five Times Larger
October 11, 2011 By 4 Comments
The FDIC today released an update on expected losses for banking failures through 2015. For the five year period 2011 through 2015 the FDIC is forecasting total losses from banking failures of $19 billion. Total losses from banking failures during 2010 were $23 billion compared to $6.4 billion in 2011 year to date losses. A […]
Sun Security Bank, Ellington, MO, Closed By Regulators
October 7, 2011 By Leave a Comment
Sun Security Bank, Ellington, Missouri, was closed today by state regulators and the FDIC was appointed as receiver. The failed bank, which had 27 branches across Southern Missouri, became the State’s first banking failure of 2011. The last banking failure in Missouri occurred on October 15, 2010. The FDIC sold Sun Security to Great Southern […]
The RiverBank, Wyoming, Minnesota, Fails After 114 Years
October 7, 2011 By Leave a Comment
The River Bank, Wyoming, Minnesota, was closed today by the Minnesota Department of Commerce. The FDIC was appointed as receiver and sold the failed bank to Central Bank, Stillwater, MN. All deposits of The River Bank will be assumed by Central Bank. The River Bank was originally founded as The Bank of Osceola by businessman […]
Who Will Rescue Collapsing European Banks When Banks Are Bigger Than Countries?
October 6, 2011 By Leave a Comment
The European banking crisis continues to spiral out of control while hapless politicians fail to put together a credible resolution plan. Part of the problem may be that it is difficult to construct a solution when failing banks are bigger than the countries that are trying to rescue them. The latest European bank on the […]
First International Bank, Plano, Texas, Closed By Regulators
September 30, 2011 By 1 Comment
The first bank failure in the state of Texas occurred today when the Texas Department of Banking closed First International Bank, Plano, Texas. The FDIC, appointed as receiver for the failed bank, sold First International to American First National Bank of Houston, Texas. Ironically, First International Bank’s origins were based on a failed bank. First […]
Citizens Bank of Northern California Closed By Regulators
September 23, 2011 By Leave a Comment
Citizens Bank of Northern California, Nevada City, CA, founded in 1995, was closed today by the California Department of Financial Institutions. The FDIC, acting as receiver, sold the failed bank to Tri Counties Bank, Chico, CA. Citizens Bank had seven branches which will reopen on Monday as branches of Tri Counties Bank. Depositors of failed […]