The latest FDIC Quarterly Banking Profile (QBP) shows another increase in the number of problem banks. The mortgage and debt crisis that began in 2007, along with continued weakness in the economy has resulted in a huge increase in the number of problem banks. In 2007, the FDIC had a total of 76 institutions on […]
Summit Bank, Burlington, Washington – Banking Failure #43
May 21, 2011 By Leave a Comment
Summit Bank, Burlington, WA, was closed today by the Washington State Department of Financial Institutions. The FDIC, appointed as receiver, sold the failed bank to Columbia State Bank, which will assume all deposits and acquire substantially all of the assets of the failed bank. Summit Bank had total assets of $142.7 million and total deposits […]
Failed Coastal Bank of Florida Sold To Premier American Bank
May 7, 2011 By Leave a Comment
Coastal Bank of Cocoa Beach, Florida, was closed today by the Office of Thrift Supervision. The FDIC, acting as receiver, sold the failed bank to Premier American Bank, N.A., Miami, Florida, which will assume all deposits of failed Coastal Bank. Coastal Bank had only two branches, both of which will reopen on Monday as branches […]
FDIC Issues 87 Enforcement Actions Against Banks
May 4, 2011 By Leave a Comment
The FDIC issued 87 enforcement actions against problem banks and individuals in March, up from 60 in February. The administrative enforcement actions processed included 22 consent orders, 15 civil money penalties and 6 prompt corrective actions. Regulatory enforcement actions are issued to address serious deficiencies or when regulators have doubts about an institution’s ability to […]
Regulators Close Five Banks – Total Losses To FDIC Top $3 Billion
April 30, 2011 By Leave a Comment
Last week had no bank closings due to the holiday weekend. Regulators returned to work today, closing five insolvent banks in Florida, Georgia and Michigan. A total of 39 banks have now failed during 2011. Although the banking industry has recovered from the dark days of the financial crisis due to unprecedented government aid, the […]
Six Bank Failures In Four States = $2.5 Billion In Losses For FDIC
April 15, 2011 By Leave a Comment
Regulators closed six banks in four different states increasing the total banking failures for the year to 34. Although the largest banks in the country are no longer at direct risk of failing, a significant number of small to midsized problem banks continue to be at risk. The number of banks on the FDIC’s latest […]
Heritage Banking Group, Carthage, MS, Closed By Regulators
April 15, 2011 By Leave a Comment
Heritage Banking Group, Carthage, MS, was closed today by the Mississippi Department of Banking and Consumer Finance. The FDIC was named as receiver and sold the bank to Trustmark National Bank, Jackson, MS, which will assume all deposits of Heritage Banking. Heritage Banking had 8 branches which will reopen on Monday as branches of Trustmark. […]
Superior Bank of Alabama Becomes First Billion Dollar Bank Failure of 2011
April 15, 2011 By Leave a Comment
Superior Bank of Birmingham, Alabama, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect depositors, the FDIC sold Superior Bank to Superior Bank, N.A., a newly chartered bank subsidiary of Community Bancorp of Houston, Texas. Superior Bank, N.A. will assume all deposits and purchase all assets of […]
Bartow County Bank, Cartersville, GA, Closed By Regulators
April 15, 2011 By 3 Comments
Bartow County Bank of Cartersville, GA, besieged by a collapsing loan portfolio, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to Hamilton State Bank, Hoschton, Georgia, which will assume all deposits of Bartow County Bank. Bartow County Bank, a half […]
Bank Failures In Nevada and Illinois Bring Year’s Total To 28
April 9, 2011 By 3 Comments
Regulators closed two small banks in Nevada and Illinois bringing the total number of banking failures for 2011 to 28. During 2010, there were a total of 157 banking failures, the most since 1992 when 181 banks failed. A total of 140 banking failures occurred during 2009 and 25 in 2008. Although the pace of […]