In the second bank closing of the day, regulators shut down Heritage Bank of North Florida, Orange Park, FL. The FDIC, appointed as receiver, sold the failed bank to FirstAtlantic Bank, Jacksonville, FL, which will assume all deposits of failed Heritage Bank. Heritage Bank of North Florida was established in 1986 as Clay County Bank. […]
First Federal Bank, Lexington, KY, Closed By Feds
April 19, 2013 By Leave a Comment
After 78 years of serving the local community, First Federal Bank, Lexington, KY, was closed today by the Office of the Comptroller. The FDIC, named as receiver for the failed bank, sold First Federal to Your Community Bank, New Albany, Indiana, which will assume all deposits of the failed bank. According to First Federal Bank’s […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]
Frontier Bank, LaGrange, GA, Closed By Regulators, Largest Bank Failure of 2013
March 8, 2013 By Leave a Comment
Frontier Bank, La Grange, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to HeritageBank of the South, Albany, Georgia. HeritageBank will assume all deposits of Frontier. Frontier Bank was established in 1946 and originally named Valley National Bank of […]
Number of Banks on FDIC Problem Bank List Remains Historically High
March 1, 2013 By 1 Comment
The number of banks on the FDIC Problem Bank List declined for the seventh consecutive quarter. According to the latest FDIC Quarterly Banking Profile, the number of problem banks as of December 31, 2012, declined to 651 from 694 in the previous quarter. Despite significant recovery in the banking industry, the number of problem banks […]
Covenant Bank, Chicago, IL, Closed By Regulators
February 16, 2013 By Leave a Comment
Covenant Bank, Chicago, IL, was closed today by the Illinois Department of Financial and Professional Regulation and the FDIC was named as receiver. The FDIC sold the failed bank to Liberty Bank and Trust Company, New Orleans, Louisiana, which will assume all deposits of Covenant Bank. Established in 1977 as the Community Bank of Lawndale, […]
FDIC Issues 71 Enforcement Actions Against Banks and Individuals In December
January 25, 2013 By 1 Comment
The FDIC today issued the list of 71 enforcement actions taken against banks and individuals in December 2012. In the previous month, there were a total of 72 enforcement actions taken. The December enforcement actions include the following: 11 consent orders 1 prompt corrective action 13 civil money penalties 12 section 19 orders 14 orders […]
1st Regents Bank, Andover, MN, Closed By Regulators
January 18, 2013 By Leave a Comment
1st Regents Bank, Andover, MN, was closed today by the FDIC and state regulators. In its role as receiver, the FDIC sold the failed bank to First Minnesota Bank, Minnetonka, MN, which will assume all deposits of 1st Regents. Established in May 2001, 1st Regents was a small bank with only $50.2 million in total […]
Westside Community Bank, Washington, Closed By Regulators – First Bank Failure of 2013
January 11, 2013 By Leave a Comment
Westside Community Bank, University Place, Washington, became the first bank closing of 2013. Regulators from the Washington State Department of Financial Institutions closed the bank today and appointed the FDIC as receiver. To protect depositors, the FDIC sold failed Westside Community Bank to Sunwest Bank, Irvine, CA. Westside Community Bank was established in March 1995. […]
Warren Buffett – “I Don’t Understand Why People Hate Bank of America”
January 3, 2013 By 4 Comments
Warren Buffett is probably confused. In a recent poll, consumers rated Bank of America as the second “absolute worst company in America.” How could so many people hate a bank which has provided generations of Americans with financing to build homes and businesses across America? Even as Bank of America seemed like it was headed […]