Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation and the FDIC was appointed as receiver. The failed bank was taken over by Centennial Bank, Conway, Arkansas, under a purchase and assumption agreement with the FDIC. Heritage Bank of Florida, which was established on August 3, 1999, had […]
NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer
October 26, 2012 By 1 Comment
Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank. The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]
Excel Bank, Sedalia, MO, Closed By Regulators
October 19, 2012 By Leave a Comment
The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri. The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]
First East Side Savings Bank, Florida, Closed By Regulators
October 19, 2012 By Leave a Comment
First Side Savings Bank, Tamarac, Florida, was closed today by the Office of the Comptroller of the Currency. Earlier in the day, a second Florida bank, GulfSouth Private Bank, was closed by Florida banking officials. Florida has now had a total of seven banking failures this year, representing 16% of total U.S. bank failures during […]
GulfSouth Private Bank, Florida, Closed By Regulators
October 19, 2012 By Leave a Comment
The state of Florida had its sixth banking failure of the year today when regulators closed GulfSouth Private Bank, Destin, Florida. The FDIC, acting as receiver, sold the failed bank to SmartBank, Pigeon Forge, Tennessee. All four branches of GulfSouth will reopen as branches of SmartBank on Monday. All depositors of failed GulfSouth will have […]
First United Bank, Crete, IL, Closed By Regulators
September 28, 2012 By Leave a Comment
The Illinois Department of Financial and Professional Regulation made an unannounced visit today at the First United Bank, Crete, Illinois. State regulators shuttered the Bank after determining that it was insolvent and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Old Plank Trail Community Bank, N.A., New Lenox, […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]
First Commercial Bank, Minnesota, Closed By Regulators
September 7, 2012 By Leave a Comment
First Commercial Bank, Bloomington, MN, was closed today by the Minnesota Department of Commerce. The FDIC, which was named as receiver, sold the failed bank to Republic Bank & Trust Company, Louisville, KY. Founded in 1999, First Commercial Bank was a privately held company with total assets of $215.9 million as of June 30, 2012. […]
Regulators and Government Activism Are Prolonging The Housing Crisis
August 31, 2012 By Leave a Comment
Banks never seem to learn as they lurch from one lending crisis to the next. In the early 1970’s the largest banks in the country lent recklessly to Latin American countries under the theory that sovereign nations would not default. The ensuing Latin American debt crisis and sovereign defaults shattered that complacent theory and many […]
FDIC Issues 56 Enforcement Actions In July Against Banks and Individuals
August 31, 2012 By Leave a Comment
The FDIC announced today that it took enforcement actions against a total of 56 banks and individuals during July 2012. During the previous month, the FDIC issued 48 enforcement actions. The July enforcement actions included 13 civil money penalties, 3 prompt corrective action notices, 5 consent orders, 8 section 19 orders, 12 removal and prohibition […]