Integra Bank, N.A., Evansville, Indiana, became the nation’s second largest banking failure of 2011 as regulators closed the insolvent bank. The FDIC, appointed as receiver, protected depositors by entering into a purchase and assumption agreement with Old National Bank, Evansville, Indiana, which will assume all deposits of the failed bank. All 52 branches of Integra […]
BankMeridian, Columbia, SC, Closed By Regulators
July 29, 2011 By Leave a Comment
BankMeridian, N.A., Columbia, South Carolina, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to SCBT, Orangeburg, South Carolina, which will assume all deposits of the failed bank. BankMeridian which had a total of 3 branches, opened for business in May 2006. The Bank raised $31.5 […]
Virginia Business Bank, Richmond, VA, Closed By Regulators
July 29, 2011 By Leave a Comment
Virginia Business Bank, Richmond, VA, was closed today by state regulators. The FDIC, appointed as receiver, sold the failed bank to Xenith Bank, Richmond, Virginia. Xenith Bank will assume all deposits of the failed bank. Virginia Business Bank, established in 2006 by local area bank executives, focused on lending to small and mid-sized businesses in […]
FDIC Issues 45 Enforcement Actions In June Against Problem Banks
July 29, 2011 By Leave a Comment
The number of enforcement actions by the FDIC against problem banks in June totaled 45, down from 57 in the previous month. The FDIC’s enforcement actions included 10 civil money penalties, 14 consent orders and 3 prompt corrective actions. In addition, the FDIC terminated 8 consent and cease and desist orders, in many cases due […]
High Commission Mortgages Drive Lending Abuses
July 26, 2011 By 4 Comments
The Federal Reserve recently imposed an $85 million fine on Wells Fargo related to subprime loan origination. Fines and legal actions against banks by regulators have become routine, but the Wells Fargo case is unique for several reasons. The Federal Reserve noted that this was the first time that regulators have imposed a penalty for […]
Bank of Choice, Greeley, CO, Closed By Regulators
July 22, 2011 By Leave a Comment
Bank of Choice, Greeley, Colorado, was closed today by state regulators. The FDIC, appointed as receiver, sold the failed bank to Bank Midwest, N.A., Kansas City, MO. Bank of Choice had 17 branches with $1.07 billion in assets and $924.9 million in deposits. Depositors of the failed bank will automatically become depositors of Bank Midwest […]
LandMark Bank of Florida Closed By Regulators
July 22, 2011 By Leave a Comment
LandMark Bank of Sarasota, Florida, became the nation’s 57th banking failure as Florida regulators closed the troubled bank. The FDIC, acting as receiver, sold the failed bank to American Momentum Bank of Tampa, Florida. LandMark Bank, founded in 2000, was one of the largest independent community banks in Sarasota County with six branches and $275 […]
Southshore Community Bank of Florida Becomes 56th Banking Failure
July 22, 2011 By Leave a Comment
Southshore Community Bank of Apollo Beach, Florida, was closed today by Florida regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to American Momentum Bank of Tampa, Florida. Southshore had only two branches. All depositors of Southshore will automatically become depositors of American Momentum Bank. Depositors of failed Southshore can continue […]
Four Banks Fail In Georgia, Florida and Arizona
July 15, 2011 By Leave a Comment
July 15 – Regulators closed four banks today in Georgia, Florida and Arizona, bringing the total number of bank failures this year to 55. The total assets of the four failed banks amounted to $679 million and the cost to the FDIC Deposit Insurance Fund was estimated at $129.1 million. The four failed banks this […]
Summit Bank of Arizona Closed By Regulators
July 15, 2011 By Leave a Comment
Summit Bank of Prescott, Arizona, was closed by the Arizona Department of Financial Institutions. The FDIC, acting as receiver, sold the failed bank to The Foothills Bank, Yuma, AZ. Summit Bank was a small one branch bank. The sole branch of Summit Bank will reopen on Monday as a branch of The Foothills Bank. Depositors […]