November 5, 2010 – The number of banking failures in 2010 now exceeds last year’s total of 140, which was the most since 1992. Four additional banking failures this week brings the year’s total to 143 as regulators closed banks in Maryland, California and Washington. With over 10% of all FDIC insured institutions on the […]
Four More Banking Failures Push Year’s Total Above 2009 Failures
November 6, 2010 By Leave a Comment
First Vietnamese American Bank Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – First Vietnamese American Bank, Westminster, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold First Vietnamese to Grandpoint Bank, Los Angeles, California. Grandpoint will assume all deposits and purchase all assets of failed First Vietnamese. First Vietnamese was a small […]
Pierce Commercial Bank, Tacoma, Washington, Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – Pierce Commercial Bank of Tacoma, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. Heritage Bank, Olympia, Washington, agreed to purchase the failed bank, assuming all deposits and purchasing all assets of failed Pierce Bank. The one branch of Pierce Bank will reopen […]
Western Commercial Bank, Woodland Hills, CA, Closed By Regulators
November 5, 2010 By Leave a Comment
November 5, 2010 – Western Commercial Bank, Woodland Hills, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First California Bank, Westlake Village, California, to assume all deposits and purchase all assets of failed Western Commercial. Western […]
Many Of These Problem Banks Will Fail – FDIC Discloses Enforcement Actions
October 30, 2010 By Leave a Comment
October 30, 2010 – The FDIC recently released a list of orders of administrative enforcement actions taken against banks in September, including 30 “Consent Orders” (formerly called “cease and desist consent orders”) and 5 Prompt Corrective Actions. Formal enforcement actions are publicly disclosed by regulators and used to address severe deficiencies or when regulators have […]
FDIC Sells 3 Failed Banks To Bailed Out Banks With Unpaid TARP Loans
October 23, 2010 By 2 Comments
October 22, 2010 – There has been much discussion in the press lately about the increased competition among buyers for failed banks. The theory is that buyers see a looming economic recovery that will result in huge gains by purchasing failed banks at bargain prices. This week’s sale of failed banks by the FDIC, however, […]
First Arizona Savings of Arizona Fails – FDIC Finds No Buyer and Depositors Lose $6 Million
October 22, 2010 By 2 Comments
October 22, 2010- There are likely to be some shell shocked depositors tonight at First Arizona Savings, A FSB, Scottsdale, Arizona, who stand to lose $5.8 million in uninsured deposits. After the Office of Thrift Supervision closed First Arizona and appointed the FDIC as receiver, the FDIC was unable to find a buyer for failed […]
Hillcrest Bank, Overland Park, Kansas, Collapses Under Bad Loans
October 22, 2010 By Leave a Comment
October 22, 2010 – Hillcrest Bank, Overland Park, Kansas, a $1.6 billion dollar asset institution, became the largest banking failure this week. Regulators also closed six other banking institutions in Florida, Georgia, Illinois and Arizona. Hillcrest Bank was closed by the Kansas Office of the State Banking Commissioner, which appointed the FDIC as receiver. The […]
First Suburban National Bank of Illinois Closed By Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – First Suburban National Bank, Maywood, Illinois, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the FDIC as receiver. The OCC, in its press release stated that “The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to […]
The First National Bank of Barnesville, Georgia, Closed By Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – The First National Bank of Barnesville, Barnesville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC sold First National to United Bank, Zebulon, Georgia, which will assume all deposits and purchase essentially all of the assets of the failed […]