Illinois, which has not seen a banking failure since April, witnessed the collapse of a billion dollar bank today as regulators closed First Chicago Bank & Trust, Chicago, Illinois. First Chicago is the fifth and largest banking failure in Illinois this year. The four banks that failed in Illinois prior to today were relatively small […]
First Chicago Bank & Trust Closed – Illinois’s Billion Dollar Bank Failure
July 8, 2011 By Leave a Comment
Mountain Heritage Bank of Georgia Closed By Regulators
June 24, 2011 By Leave a Comment
Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and sold the small two branch community bank to First American Bank and Trust Company, Athens, Georgia. First American will assume all of the failed bank’s deposits and, in addition, purchase essentially all […]
First Commercial Bank of Tampa Bay 47th Banking Failure
June 17, 2011 By Leave a Comment
First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Stonegate Bank, Fort Lauderdale, Florida, which will assume all deposits and purchase all assets. First Commercial Bank was a small, two branch, locally owned […]
McIntosh State Bank of Georgia Closed By Regulators
June 17, 2011 By Leave a Comment
McIntosh State Bank, Jackson, Georgia, established in 1964 as a community oriented, full service commercial bank, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to Hamilton State Bank, Hoschton, Georgia. Hamilton State Bank will assume all deposits and purchase all […]
Atlantic Bank and Trust, Charleston, SC, Becomes 45th Banking Failure
June 3, 2011 By Leave a Comment
The Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the failed Bank to First Citizens Bank and Trust Company, Columbia, South Carolina, which will assume all deposits and purchase all assets of Atlantic Bank and Trust. Atlantic […]
Heritage Bank of Washington Becomes 44th Banking Failure
May 27, 2011 By Leave a Comment
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 […]
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 […]