July 16, 2010 – Olde Cypress Community Bank, Clewiston, Florida was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, N.A., Winter Haven, Florida. CenterState Bank will assume all of the deposits and assets […]
First National Bank of the South, South Carolina, Closed By Regulators
July 23, 2010 By Leave a Comment
July 16, 2010 – First National Bank of the South was closed 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 NAFH National Bank, Miami, Florida (a newly-chartered bank subsidiary of North American Financial Holdings, Inc., Charlotte, North Carolina) […]
Turnberry Bank of Aventura, Florida Shut Down by Regulators
July 17, 2010 By Leave a Comment
The Office of Thrift Supervision shut down Turnberry Bank of Aventura, Florida, yesterday on July 16, 2010. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Turnberry Bank was a full service community bank which had served South Florida since 1985. Branches were located in Aventura, Coral Gables, Pinecrest, and South Miami, Florida. The […]
Metro Bank of Dade County, Florida Joins Failed Bank List
July 17, 2010 By Leave a Comment
MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year. Metro Bank had a total of six branches […]
Senate Passage of Regulatory Reform Bill Hailed As Milestone By FDIC
July 15, 2010 By Leave a Comment
July 15, 2010 – New regulations for Wall Street and banks as well as broad new lending protection for consumers now awaits the President’s signature to become law. On a 60-39 vote, the Senate today passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad new powers given to regulators by the new bill was in response […]
Bay National Bank, Baltimore, Maryland – Banking Failure Number 87
July 9, 2010 By Leave a Comment
July 9, 2010 – Bay National Bank, Baltimore, Maryland, became the nation’s 87th banking failure this year and the second banking failure in Maryland this week. Bay National, which had been classified as “critically undercapitalized” by regulators, was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The […]
Collapse of USA Bank, Port Chester, New York, Becomes Nation’s 89th Banking Failure
July 9, 2010 By 1 Comment
July 9, 2010 – USA Bank, Port Chester, New York, was closed today by the New York State Banking Department, which appointed the FDIC as receiver. USA Bank was acquired by New Century Bank, Phoenixville, PA, under a purchase and assumption agreement with the FDIC. New Century will assume all of the deposits and all […]
Home National Bank, Blackwell, Oklahoma Closed By OCC
July 9, 2010 By Leave a Comment
July 9, 2010 – Home National Bank, Blackwell, Oklahoma, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. Home National Bank of Blackwell, Oklahoma with $644.5 million in assets was the week’s largest banking failure. Home National was acquired by RCB Bank, Claremore, Oklahoma, and […]
Four Banks Closed In Maryland, New York And Oklahoma
July 9, 2010 By Leave a Comment
July 9, 2010 – Regulators closed four banks today – two in Maryland and one in New York and Oklahoma. The four banks had a total of 19 branches and $1.1 billion in assets. The estimated loss to the FDIC Deposit Insurance Fund for the four banking failures amounted to $159.9 million. Three of the […]