Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Badger to Royal Bank, Elroy, Wisconsin, which assumed all deposits of failed Badger Bank. Badger State Bank was a one branch bank with total assets of $83.8 million and total deposits […]
Peoples State Bank, Hamtramck, Michigan, Closed By Regulators
February 11, 2011 By Leave a Comment
Peoples State Bank, Hamtramck, MI, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to First Michigan Bank, Troy, Michigan, which will assume all deposits of Peoples State. The ten branches of Peoples State will reopen as usual on Saturday […]
Sunshine State Community Bank, Port Orange, Florida, Collapses
February 11, 2011 By Leave a Comment
Sunshine State Community Bank, Port Orange, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Sunshine was a five branch bank which opened in mid 2000. During the real estate boom of the early 2000’s, the Bank rapidly expanded its assets, growing from $20 million in 2000 […]
Three Banking Failures In Georgia And Illinois Bring Year’s Total To 14
February 5, 2011 By Leave a Comment
Three banking failures in two different states increased the number of banking collapses in 2011 to fourteen banks. The FDIC, with a long list of 860 Problem Banks, was hit for $118.4 million in losses. The total cost of banking failures in 2011 now totals $1.3 billion. During 2010 a total of 157 banking failures […]
Failed Community First Bank of Chicago Sold To Wintrust Corp
February 4, 2011 By Leave a Comment
February 4, 2011 – Community First Bank, Chicago, Illinois, was closed today by the Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Northbrook Bank and Trust Company, Northbrook, Illinois, which will assume all deposits of Community First. Community First was a small one branch […]
North Georgia Bank Fails Under Crush of Defaulting Loans
February 4, 2011 By 1 Comment
February 4, 2011 – The Georgia Department of Banking and Finance closed troubled North Georgia Bank, Watkinsville, Georgia, and appointed the FDIC as receiver. The failed bank was sold by the FDIC to BankSouth, Greensboro, Georgia, which assumed all deposits of North Georgia Bank. North Georgia Bank was put under regulatory oversight with the issuance […]
American Trust Bank, Roswell, GA, Collapses Under Bad Loans
February 4, 2011 By Leave a Comment
February 4, 2011 – Georgia, one of the epicenters of bank failures last year, continues to lead the nation again this year. Four out of the thirteen banking failures thus far in 2011 have occurred in Georgia. American Trust Bank, Roswell, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the […]
Depositor Losses Result In Threats Against FDIC
January 29, 2011 By Leave a Comment
January 28, 2011 – In a speech before the Native Sons and Daughters of Kansas, FDIC Chief Sheila Bair discussed a wide range of topics including her role as a public servant, causes of the housing bust and suggestions on how to prevent another financial crisis. Ms. Bair noted that she has spent most of […]
Banking Failures Increase To Eleven As Regulators Seize Four Banks
January 28, 2011 By Leave a Comment
Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses. The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]
First Community Bank of New Mexico Fails
January 28, 2011 By 2 Comments
January 28, 2010 – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Divisions, which then appointed the FDIC as receiver. The FDIC sold the failed bank to U.S. Bank, N.A., Minneapolis, Minnesota, a subsidiary of US Bancorp. First Community was started in 1922. With $2.3 billion in assets […]