Mississippi Sees First Banking Failure In 2010 The Office of the Comptroller of the Currency closed First National Bank, Rosedale, MS, and appointed the FDIC as receiver. The Jefferson Bank, Fayette, MS took over First National and agreed to assume all deposits and purchase essentially all of the assets of the failed bank. First National, […]
First National Bank, Rosedale, MS Fails – First Banking Failure In Ten Years For Mississippi
June 4, 2010 By Leave a Comment
Granite Community Bank Closed By Regulators
May 28, 2010 By Leave a Comment
May 28, 2010 – Granite Community Bank, N.A. of Granite Bay, California was closed by the Comptroller of the Currency. The FDIC, appointed as receiver, sold Granite Community to Tri Counties Bank, Chico, CA under a purchase and assumption agreement. Tri Counties Bank will assume all of the deposits and purchase essentially all of […]
Bank Of Florida – Southeast, Bank Of Florida – Southwest, and Bank Of Florida – Tampa Bay, Closed by Regulators
May 28, 2010 By 1 Comment
May 28, 2010 – Bank of Florida – Southeast, Fort Lauderdale, Florida, Bank of Florida – Southwest, Naples, Florida and Bank of Florida – Tampa Bay, Tampa Florida were all closed today by the Florida Office of Financial Regulation. All three banks were owned by the same holding company – Bank of Florida Corporation. […]
Regulators Close Pinehurst Bank
May 21, 2010 By Leave a Comment
Today May 21, 2010, Pinehurst Bank of St. Paul Minnesota was closed by the Minnesota Department of Commerce, with the Federal Deposit Insurance Corporation appointed as receiver. All deposits of the bank were assumed by Coulee Bank of La Crosse, Wisconsin though a purchase and assumption agreement. Pinehurst Bank was formed in 2003 and opened […]
FDIC Problem Banks Increase 10% In First Quarter
May 21, 2010 By Leave a Comment
Problem Banks Increase Again The latest FDIC Quarterly Banking Profile shows a 10% increase in the number of Problem Banks to 775 at March 31, 2010, up from 702 at December 31, 2009. Although industry trends show improvement over previous quarters, almost 19% of all banking institutions reported net losses for the quarter, down from […]
Regulators Close Banks In 4 States – Bank Failures Up 100% Over 2009
May 7, 2010 By Leave a Comment
Four Banks Fail In Four States May 7, 2010 – The Federal Deposit Insurance Corporation (FDIC) closed four more banks in Florida, Arizona, Minnesota and California. The total number of failed banks for the year is now 68, double the number of failures at this point during 2009. During 2009, 140 banks failed in the United States, […]
One Fourth Of Puerto Rico’s Banking Industry Collapses
April 30, 2010 By Leave a Comment
Losses on 7 Banking Failures Total $7.3 Billion Regulators turned their attention this week to Puerto Rico whose banking industry has been devastated by collapsing property values, poor lending decisions and a depressionary economy. The basic facts on this week’s banking failures in Puerto Rico all indicate a banking system failure of epic proportions. The […]
Illinois Rocked By 7 Banking Failures
April 24, 2010 By Leave a Comment
Illinois Rocked By 7 Banking Failures – Coincidence or FDIC Strategy? Regulators focused on Illinois this week as seven failed banks in that state were closed. An FDIC spokesman suggested that multiple bank closings in one particular state enhanced the bidding process for the failed banks, thus reducing FDIC losses. Whether or not this explanation […]