Waukegan Savings Bank, Waukegan, IL, a small commercial bank, was closed today by state regulators and the FDIC was named as receiver. The FDIC sold the failed bank to First Midwest Bank, Itasca, IL, in order to protect depositors. Waukegan Savings Bank was established in 1924 and had two branches. Both branches of the failed […]
Why Banks Will Continue To Blow Up
July 30, 2012 By Leave a Comment
Although there were a multitude of factors involved in the banking collapse of 2008, many analysts believe that the repeal of Glass-Steagall was one of the major triggers. No less an authority than Sandy Weill, former Citigroup CEO, joined the chorus of voices last week in calling for the reinstatement of the Glass-Steagall Act. Would […]
Banks Are A Financial Disaster For Both Shareholders And Depositors
July 27, 2012 By 3 Comments
In days gone by, shareholders of large banks viewed their investments as a source of income via dividends and potential capital gains via share appreciation. In days gone by, depositors viewed banks as the safest place to harbor their hard earned dollars while earning a respectable amount of interest income. That was then, this is […]
Jasper Banking Company, Georgia, Fails After 67 Years And Sold To Stearns Bank
July 27, 2012 By Leave a Comment
Jasper Banking Company, Jasper, GA, an independent, locally owned and managed bank was closed today by the Georgia Department of Banking and Finance. Jasper Banking had been in business since 1945 serving residents of Jasper through three local branches. The FDIC, appointed as receiver sold the failed bank to Stearns Bank National Association, St. Cloud, […]
Five Bank Failures Bring Year’s Total To 38 – FDIC Losses Top $1.9 Billion
July 21, 2012 By Leave a Comment
Regulators had a busy week closing five banks in four different states on Friday. Although bank failures have been proceeding at a slower pace than last year, the total losses to the FDIC Deposit Insurance Fund now top $1.9 billion and the number of problem banks remains very high considering that we are four years […]
Second Federal Savings and Loan Association Of Chicago, IL, Closed By Feds
July 20, 2012 By Leave a Comment
Second Federal Savings and Loan Association of Chicago, Chicago, IL, was closed today by the Officer of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Hinsdale Bank & Trust Company, Hinsdale, IL. All three branches of Second Federal will reopen on Saturday as branches of Hinsdale Bank & […]
Heartland Bank, Leawood, KS, Closed By Regulators
July 20, 2012 By 1 Comment
The State of Kansas had its first bank failure of the year today when state regulators closed the Heartland Bank, Leawood, Kansas. The FDIC, appointed as receiver, sold the failed bank to Metcalf Bank, Lees Summit, Missouri, which will assume all deposits of the failed bank. The history of Heartland Bank extends over a century […]
First Cherokee State Bank, GA, Closed By Regulators
July 20, 2012 By Leave a Comment
Georgia, which had the most bank failures of any state during 2011, looks like it may retain this dubious record for 2012. Regulators closed two banks in Georgia today, bringing the year to date total of bank failures in the State to eight, representing 22% of bank failures this year. During 2011, Georgia accounted for […]
Georgia Trust Bank Fails – Feds Sell Bank To Community & Southern Bank
July 20, 2012 By Leave a Comment
Georgia continues to lead the nation with bank failures as regulators closed two more failed banks in Georgia. The latest bank to fail in the State was the Georgia Trust Bank, Buford, GA. For the year a total of eight banks have failed in Georgia, making the State the capital of U.S. bank failures and […]
The Royal Palm Bank of Florida Closed By Regualtors
July 20, 2012 By Leave a Comment
The Royal Palm Bank of Florida, Naples, FL, was closed today by the Florida Office of Financial Regulation which appointed the FDIC as receiver. Opened in 2001, The Royal Palm Bank had served all of Southwest Florida through three offices in Collier & Lee counties, offering full service commercial banking services. In 2006, The Royal […]