The FDIC issued a total of 72 enforcement actions against banks in November 2011, down slightly from 75 in October. Included in the November enforcement actions were 9 civil money penalties, 1 prompt corrective action and 13 consent orders. The FDIC also terminated 37 consent orders and prompt corrective action directives due to either the […]
FDIC Issues 72 Enforcement Actions Against Problem Banks In November
December 30, 2011 By Leave a Comment
Western National Bank of Phoenix, AZ, Closed By Regulators
December 16, 2011 By Leave a Comment
Western National Bank, Phoenix, AZ, was closed today by the Comptroller of the Currency and the FDIC was appointed as receiver. The FDIC entered into a purchase and assumption agreement with Washington-Federal , Seattle, Washington, to assume all deposits of failed Western National Bank. Western National had three branches, all of which will reopen on […]
Premier Community Bank of the Emerald Coast Closed By Regulators
December 16, 2011 By Leave a Comment
The Premier Community Bank of the Emerald Coast, Crestview, Florida, was closed today by state regulators and the FDIC was named as receiver. The FDIC sold the failed bank to Summit Bank, N.A., Panama City. All deposits of failed Premier Community Bank were assumed by Summit Bank and depositors will have immediate access to their […]
2011 Bank Failures Decline For First Time In Three Years
December 14, 2011 By Leave a Comment
For the first time in three years, the number of U.S. banking failures should total less than 100. Total bank closings for 2011 currently total 90. The FDIC has been giving their closing teams some time off, with the last bank closing occurring on November 18, 2011. Bank closings usually occur on Friday and unless […]
Increase In Third Quarter Banking Profits Largely Due To Phony Accounting Gimmicks
November 23, 2011 By Leave a Comment
The FDIC’s Quarterly Banking Profile for the third quarter of 2011 shows banking industry profits increasing by 48% from the third quarter of 2010. Aggregate net income of the banking industry for the third quarter of 2011 totaled $35.3 billion compared to $23.8 billion in the third quarter of 2010. Although traditional news organization headlines proclaimed “Strong Profit Growth […]
Central Progressive Bank, Louisiana, Closed By Regulators
November 18, 2011 By Leave a Comment
Central Progressive Bank, Lacombe, Louisiana, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to First NBC Bank, New Orleans, LA, which will assume all deposits of Central Progressive. Central Progressive Bank was founded in 1967 to serve the banking needs of the Northshore communities of […]
Polk County Bank, Iowa, Closed By Regulators
November 18, 2011 By Leave a Comment
Polk County Bank, Johnston, Iowa, was closed today by state regulators who appointed the FDIC as receiver. All deposits of failed Polk County Bank were assumed by Grinnell State Bank of Grinnell, Iowa, under a purchase and assumption agreement with the FDIC. Polk County Bank has a long history, having opened for business in 1903. The […]
New FDIC Vice Chairman May Seek To Break Up Big Banks
November 18, 2011 By Leave a Comment
Will the “too big to fail” banks that pose a systemic risk to the financial system ever be broken up? If Thomas Hoenig, former Kansas City Fed president wins Senate nomination as the new Vice Chairman of the FDIC, the big banks may have a lot to worry about. Mr. Hoenig should easily win Senate […]
Community Bank of Rockmart, GA, Closed By Regulators
November 10, 2011 By Leave a Comment
Community Bank of Rockmart, Rockmart, Georgia, was closed today by state regulators who appointed the FDIC as receiver. Century Bank of Georgia, Cartersville, GA, entered into a purchase and assumption agreement with the FDIC under which it will assume all deposits of failed Community Bank of Rockmart. Since banks are closed on Friday in observance […]
SunFirst Bank, Saint George, Utah, Finally Closed By Regulators
November 4, 2011 By Leave a Comment
The Utah Department of Financial Institutions closed SunFirst Bank, Saint George, Utah, and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, under which Cache Valley will assume most of the deposits of SunFirst Bank. The FDIC will retain $15 million in deposits that […]