Banking regulators started off the new year by closing banks in Florida and Arizona, two of the States hit hardest by the real estate collapse. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. During all of […]
Legacy Bank of Scottsdale, Arizona Closed By Regulators And Purchased By Bank With Unpaid TARP Loans
January 7, 2011 By Leave a Comment
January 7, 2011 – Legacy Bank of Scottsdale, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC, acting as receiver, sold failed Legacy Bank to Enterprise Bank & Trust, St. Louis, Missouri. Enterprise will assume all deposits and purchase essentially all assets of failed Legacy […]
First Commercial Bank Of Florida Becomes First Banking Failure of 2011
January 7, 2011 By 2 Comments
January 7, 2010 – The first banking failure of 2011 occurred today in Florida, a state which has seen numerous banking failures due to collapsing real estate values. The Florida Office of Financial Regulation closed the First Commercial Bank of Florida, located in Orlando and appointed the FDIC as receiver. The FDIC, acting as receiver, […]
Banks With $1.2 Billion In Unpaid TARP Loans Buy 18 Failed Banks From FDIC
January 5, 2011 By 1 Comment
During 2010, 12 different banks with $1.2 billion in outstanding TARP loans to the US Treasury purchased 18 different failed banks from the FDIC. According to a recent report from the Congressional Oversight Committee, TARP funds totaling $205 billion were distributed to a total of 707 banks. The largest recipients of TARP money have repaid […]
157 Bank Failures In 2010 Highest Since 1992 – Why Next Year Will Be Worse
December 31, 2010 By Leave a Comment
December 31, 2010 – Banking failures for 2010 were at the highest level since 1992 as 157 financial institutions collapsed, the victims of collapsing real estate prices, a weak economy and poor lending decisions. The depth and breath of the current banking crisis makes the savings and loan crisis of the late 1980’s and early […]
Six Problem Banks With $1.2 Billion In Assets Fail – Failed Banks For Year Total 157
December 18, 2010 By 2 Comments
The number of failed banks reached 157 as regulators closed six banks in Florida, Georgia, Arkansas and Minnesota. The six failed banks this week had a total of $1.2 billion in assets and resulted in a loss to the FDIC Deposit Insurance Fund of $267.6 million. The total loss to the depleted FDIC Deposit Insurance […]
Community National Bank, Lino Lakes, MN, Closed By Regulators
December 18, 2010 By 1 Comment
December 17, 2010 – Community National Bank, Lino Lakes, Minnesota, was closed today by The Office of the Comptroller of the Currency. The FDIC was appointed as receiver and sold the failed bank to Farmers & Merchants Savings Bank, Manchester, Iowa, which will assume all deposits of Community National. The two branches of Community National […]
First Southern Bank, Batesville, Arkansas Fails & Purchased By Bank With Outstanding TARP Loan
December 17, 2010 By Leave a Comment
December 17, 2010 – First Southern Bank, Batesville, Arkansas, a two branch locally owned bank, was closed today by the Arkansas State Bank Department, which appointed the FDIC as receiver. The FDIC sold the failed bank to Southern Bank, Poplar Bluff, Missouri, which will assume all deposits of First Southern. Depositors will have access to […]
Failed United Americas Bank, Atlanta, GA, Purchased By State Bank & Trust
December 17, 2010 By Leave a Comment
December 17, 2010 – United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas […]
Appalachian Community Bank, McCaysville, Georgia, Closed By Regulators
December 17, 2010 By Leave a Comment
December 17, 2010 – Appalachian Community Bank, F.S.B., McCaysville, Georgia, was closed today by The Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the three branch bank to Peoples Bank of East Tennessee, which will assume all deposits except for brokered deposits and out-of-state certificates of deposit (CD). The FDIC […]