August 20, 2010 – Sonoma Valley Bank, Sonoma, California, was closed today and the FDIC appointed as receiver. To protect depositors, the FDIC sold failed Sonoma Valley Bank to Westamerica Bank, San Rafael, California, which will assume all deposits and purchase essentially all assets of Sonoma Valley Bank. <!– /* Font Definitions */ @font-face {font-family:Calibri; […]
Sonoma Valley Bank Of California One Of Eight Banking Failures For The Week
August 21, 2010 By Leave a Comment
Los Padres Bank Of California Collapses – Total Of 8 Failures For The Week
August 21, 2010 By Leave a Comment
August 20, 2010 – Los Padres Bank, Solvang, California, was closed today and the FDIC appointed as receiver. To protect depositors, the FDIC sold failed Los Padres Bank to Pacific Western Bank, San Diego, California, which will assume all deposits and purchase essentially all assets of Los Padres. All 14 branches of Los Padres will […]
Imperial Savings and Loan, Martinsville, Virginia, Closed By Regulators
August 20, 2010 By Leave a Comment
August 20, 2010 -Imperial Savings and Loan Association, Martinsville, Virginia, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. Imperial Savings was purchased by another local bank, River Community Bank, N.A., Martinsville, Virginia, which will assume all deposits and purchase essentially all assets of the failed bank. Imperial Savings, […]
Independent National Bank, Ocala, Florida, Closed By Regulators
August 20, 2010 By Leave a Comment
August 20, 2010 – Independent National Bank, Ocala, Florida, 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 CenterState Bank of Florida, N.A., Winter Haven, Florida, to assume all deposits and assets of failed Independent National. […]
Community National Bank of Bartow Florida Closed By Regulators
August 20, 2010 By Leave a Comment
August 20, 2010 – Community National Bank at Bartow, Bartow, Florida, 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 CenterState Bank of Florida, N.A., Winter Haven, Florida, to assume all deposits and assets of failed […]
Palos Bank and Trust Company Of Illinois Closed By Regulators
August 13, 2010 By Leave a Comment
August 13, 2010 – Palos Bank and Trust Company, Palos Heights, Illinois was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois to assume all deposits and purchase essentially all assets of […]
Bank Regulators Perplexed On How To Implement New Financial Regulations
August 13, 2010 By 1 Comment
August 13, 2010 – Congress quickly passed the massive 2,300 page Dodd-Frank Act which will profoundly reshape financial markets for years to come. Numerous federal regulators now have the immense job of writing hundreds of new regulations to enforce the bill’s sweeping mandates. Implementing and complying with the coming tidal wave of new regulations is […]
FDIC Creates New Divisions For Large Bank Failures And Consumer Protection
August 12, 2010 By Leave a Comment
To order to carry out its responsibilities under the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act, the FDIC announced the creation of a new Office of Complex Financial Institutions (CFI) and Division of Depositor and Consumer Protection (DCP). The Dodd-Frank Act gave the FDIC authority to implement orderly liquidation of institutions designated […]
Are Retained Asset Accounts At Insurance Companies FDIC Insured?
August 11, 2010 By Leave a Comment
August 12, 2010 – The FDIC warned the insurance industry to properly disclose to consumers that Retained Asset Accounts (RAAs) are generally not insured by the FDIC Deposit Insurance Fund. Reacting to reports in the media that many customers believe that RAAs are FDIC insured, the FDIC sent a letter to the National Association of […]