December 17, 2010 – Chestatee State Bank, Dawsonville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Chestatee, a four branch bank, was sold by the FDIC to Bank of the Ozarks, Little Rock, Arkansas, which previously acquired three other failed banks this year in FDIC […]
Bank of Miami, N.A., Coral Gables, Florida, Closed By Regulators
December 17, 2010 By 1 Comment
December 17, 2010 – The Bank of Miami, National Association, Coral Gables, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC sold The Bank of Miami to the lst United Bank, Boca Raton, Florida, which will assume all deposits and purchase most of […]
FDIC Projects Losses Of $50 Billion On Failed Banks – Insurance Fund To Remain Underfunded For Decades
December 15, 2010 By Leave a Comment
December 14, 2010 – The current banking crisis has completely depleted the FDIC’s Deposit Insurance Fund which currently has a negative balance of $8 billion. In an effort to rebuild the insurance fund that protects depositors from loss when banks fail, the FDIC Board approved a rule to set the designated reserve ratio (DRR) at […]
Earthstar Bank, Southampton, PA, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Earthstar Bank, Southampton, PA, was closed today by the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Polonia Bank, Huntingdon Valley, Pennsylvania. Polonia will assume all Earthstar deposits, excluding certain out-of-state CDs (certificates of deposit). It is likely that […]
Paramount Bank, Farmington Hills, Michigan, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Paramount Bank, Farmington Hills, Michigan, a four branch community bank, was closed by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. Level One Bank of Farmington Hills, Michigan, entered into a purchase and assumption agreement with the FDIC under which it will assume all deposits […]
Banking Failures In Wisconsin, Pennsylvania and Florida Bring Year’s Total To 149
November 19, 2010 By Leave a Comment
November 19, 2010 – Three additional banking failures this week brings the year’s total to 149 as regulators closed banks in Wisconsin, Pennsylvania and Florida. In 2009 a total of 140 banks were closed. This year has now seen the largest number of bank failures since 1992 when 181 banks were closed. During all of […]
90 Year Old First Banking Center, Burlington, WI, Closed By Regulators
November 19, 2010 By 2 Comments
November 19, 2010 – First Banking Center, Burlington, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. To protect depositors, the FDIC sold First Banking to First Michigan Bank, Troy, Michigan, which will assume all deposits and purchase all assets of failed First Banking. First Banking Center […]
FDIC Sells Failed Allegiance Bank of North America To Bank With Outstanding TARP Loan
November 19, 2010 By 1 Comment
Allegiance Bank of North America, Bala Cynwyd, Pennsylvania, was closed today by the Secretary of the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with VIST Bank, Wyomissing, PA, to assume all deposits and purchase all assets of failed Allegiance. Allegiance was a state-chartered […]
Gulf State Community Bank, Carrabelle, Florida, Fails Under Mountain Of Bad Loans
November 19, 2010 By Leave a Comment
Gulf State Community Bank, Carrabelle, Florida was closed today by the Florida Office of Financial Regulation, and the FDIC was named as receiver. Gulf State had been operating under an FDIC consent order issued November 20, 2009 which required the bank, among other things, to increase capital to adequate levels. Unable to comply with the […]
One West Bank Seeks Growth With Citibank Loan Purchase
November 13, 2010 By 1 Comment
One West Bank, newly chartered in early 2009, is the banking industry’s biggest success story. At a time when many banks are failing or struggling with nonperforming loans and slow growth, One West has earned almost $2 billion in profits for its founders by acquiring three failed banks, including giant IndyMac Bank which failed in […]