South Carolina state regulators closed Allendale County Bank, Fairfax, SC, and appointed the FDIC as receiver. In order to protect depositors the FDIC sold the failed bank to Palmetto State Bank, Hampton, South Carolina, which will assume all deposits of failed Allendale County Bank. According to the FDIC, selling a failed bank to another bank […]
Allendale County Bank, Fairfax, SC, Closed by Regulators, Sixth Bank Failure of 2014
April 25, 2014 By Leave a Comment
Vantage Point Bank, Horsham, PA, Becomes Fifth Banking Failure of 2014
February 28, 2014 By 1 Comment
Vantage Point Bank, Horsham, PA, became the fifth banking failure of 2014 as regulators swooped in to close the insolvent bank. Established in December 2007 as real estate values were already collapsing this small community bank quickly ran into financial difficulties with bad loans, declining revenues, troubles with their home mortgage financing programs, and the […]
Millennium Bank, Sterling, VA, Closed By Regulators
February 28, 2014 By Leave a Comment
Millennium Bank, Sterling, Virginia, was close today by the Office of the Comptroller. The failed bank which was established in 1999 was placed into receivership with the FDIC. To protect depositors the FDIC sold the failed bank to WashingtonFirst Bank, Reston, VA. Under the terms of the purchase and assumption agreement with the FDIC, WashingtonFirst […]
Increased Bank Profits Mainly Due to Lower Loan Loss Provisions – When Will Real Profits Increase?
February 27, 2014 By Leave a Comment
On the surface the latest FDIC Quarterly Banking Profile reflects a recovering banking industry with robust profit growth. For the fourth quarter of 2013 banks collectively reported net income of $40.3 billion which is a $5.8 billion or 16.9% increase from the previous year’s fourth quarter. Making the picture look even brighter is the fact […]
FDIC Says Problem Banks Still Six Times Higher Than in 2007
February 27, 2014 By Leave a Comment
The FDIC Quarterly Banking Profile for the fourth quarter of 2013 shows a continued reduction in the number of problem banks. The total number of banks on the FDIC Problem Bank List decreased for the 11th consecutive quarter to 467 banks as of December 31, 2013 compared to 515 problem banks in the previous quarter. […]
Syringa Bank, Idaho, Becomes Third Banking Failure of 2014
February 1, 2014 By Leave a Comment
Idaho state banking regulators closed Syringa Bank, Boise, Idaho, and appointed the FDIC as receiver for the failed bank. The FDIC sold Syringa Bank to Sunwest Bank, Irvine, CA, which will assume all deposits of the failed bank. Syringa Bank, founded in 1997, had total assets of $153.4 million and total deposits of $145.1 million […]
The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
January 24, 2014 By Leave a Comment
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world wars but found itself unable to cope with a massive amount of defaulted loans. As of September 30, 2013, The Bank […]
DuPage National Bank of Illinois First Bank Failure of 2014
January 18, 2014 By Leave a Comment
DuPage National Bank, West Chicago, IL, was closed by the Office of the Comptroller on Friday, becoming the first bank to fail in 2014. Acting as receiver and to protect depositors, the FDIC sold the failed bank to Republic Bank of Chicago, Oak Brook, IL. Although DuPage National was a small bank with only $61.7 […]
Texas Community Bank, The Woodlands, Texas, Becomes 24th Bank Failure of 2013
December 13, 2013 By 1 Comment
Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver for the failed bank, sold Texas Community to Spirit of Texas Bank, College Station, Texas, which will assume all deposits of the failed bank. Founded in September 2002, Texas Community […]
FDIC Slashes Operating Budget By 11% Citing Recovery In Banking Industry
December 11, 2013 By 1 Comment
The continuing recovery of the U.S. banking industry means less work for the agency primarily responsible for the safety and soundness of the nation’s banks and savings associations. Due to the decline in banking failures and resolution receivables, the FDIC announced today that their operating budget for 2014 will decline by 10.9% to $2.39 billion. […]