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 […]
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 […]
First Choice Community Bank, Dallas, Georgia, Fails
April 30, 2011 By Leave a Comment
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 […]
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 […]