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 […]
Bartow County Bank, Cartersville, GA, Closed By Regulators
April 15, 2011 By 3 Comments
Bartow County Bank of Cartersville, GA, besieged by a collapsing loan portfolio, 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, which will assume all deposits of Bartow County Bank. Bartow County Bank, a half […]
Bank Failures In Nevada and Illinois Bring Year’s Total To 28
April 9, 2011 By 3 Comments
Regulators closed two small banks in Nevada and Illinois bringing the total number of banking failures for 2011 to 28. During 2010, there were a total of 157 banking failures, the most since 1992 when 181 banks failed. A total of 140 banking failures occurred during 2009 and 25 in 2008. Although the pace of […]
Nevada Commerce Bank, Las Vegas, NV, Closed By Regulators
April 9, 2011 By Leave a Comment
Nevada Commerce Bank, Las Vegas, Nevada, overwhelmed by loan defaults, was closed today by the Nevada Financial Institutions Division, which appointed the FDIC as receiver. The FDIC sold the failed bank to City National Bank, Los Angeles, CA, which will assume all deposits of the failed bank. The two branches of Nevada Commerce will reopen […]
Western Springs National Bank and Trust Closed By OCC
April 9, 2011 By Leave a Comment
Ninety five year old Western Springs National Bank and Trust, which survived the depression and two previous banking crises, saw its long history come to an end today when the Office of the Comptroller of the Currency closed the bank to protect depositors. The FDIC, acting as receiver, sold the bank to Heartland Bank and […]
2010 Banking Failures By State – Why 2011 Should Look The Same
March 26, 2011 By Leave a Comment
The most severe financial crisis since the 1930’s resulted in a nationwide drop in real estate values and the largest number of banking failures since 1992. The huge buildup of debt that fueled the bubble in real estate prices has resulted in a record number of mortgage defaults and foreclosures. During 2010, a total of […]
The Bank of Commerce, Wood Dale, IL, Becomes 26th Banking Failure of 2011
March 25, 2011 By Leave a Comment
The Bank of Commerce, Wood Dale, Illinois was closed today by the Illinois Department of Financial & Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Advantage National Bank Group, Elk Grove Village, Illinois, which will assume all deposits and purchase all assets of The Bank of Commerce. The […]
The First National Bank of Davis and Legacy Bank Closed By Regulators
March 11, 2011 By 1 Comment
Two banking failures in Oklahoma and Wisconsin have raised the number of banking failures for 2010 to 25. Most of the banking failures this year have been smaller banking institutions that cannot raise capital or compete with larger banks. Banking failures have increased steadily since 2007 as a tidal wave of defaulting loans and plunging […]
Legacy Bank, Milwaukee, WI, Becomes 25th Bank Failure
March 11, 2011 By Leave a Comment
The Wisconsin Department of Financial Institutions closed the Legacy Bank of Milwaukee, WI, today and appointed the FDIC as receiver. The FDIC was able to sell the bank to Seaway Bank and Trust Company, Chicago, IL, which assumed all deposits of the failed bank. Depositors of Legacy have full access to their money over the […]