October 22, 2010 – The Gordon Bank, Gordon, Georgia, a tiny bank with only one branch and $29.4 million in assets, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Morris Bank, Dublin, Georgia, entered into an agreement with the FDIC to assume all of Gordon Bank’s […]
Progress Bank of Florida, Tampa, Florida, Closed By Bank Regulators
October 22, 2010 By Leave a Comment
October 22, 2010 – Progress Bank of Florida, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed two branch bank to Bay Cities Bank, Tampa, Florida, under a purchase and assumption agreement under which Bay Cities will assume all of the […]
First Bank of Jacksonville, Florida, Closed By Regulators
October 22, 2010 By 1 Comment
October 22, 2010 – First Bank of Jacksonville, Jacksonville, Florida, which has been under a consent order since November 2009, was closed today by the Florida Office of Financial Regulation. First Bank had been attempting to raise $5 million in a private stock placement to fulfill regulators demands to increase capital, but was unable to […]
Three Banking Failures Bring 2010 Total To 132
October 15, 2010 By 1 Comment
October 15, 2010 – With eleven weeks still remaining in the year, the number of banking failures for 2010 is fast approaching last year’s total of 140. Three additional bank closings today bring this year’s total bank failures to 132. Considering the increased number of Problem Banks reported by the FDIC and with eleven […]
Premier Bank, Jefferson City, MO, Closed By Regulators
October 15, 2010 By Leave a Comment
October 15, 2010 -Premier Bank, Jefferson, Missouri, was shut down by the Missouri Division of Finance, which appointed the FDIC as receiver. The Missouri Division of Finance was particularly blunt in its assessment of Premier Bank’s failure. “There will be no interruption of services for customers of the former Premier Bank,” said Richard J. Weaver, […]
Security Savings Bank, Olathe, Kansas, Shut Down By Feds
October 15, 2010 By Leave a Comment
October 15, 2010 – Security Savings Bank, F.S.B., Olathe, Kansas, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold failed Security Savings Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits and purchase all assets of the failed bank. Security Savings Bank, […]
FDIC’s Bair Says Real Estate Crucial To Entire Economy – $3.5 Trillion In Mortgages At Risk Of Default
October 14, 2010 By 1 Comment
October 13, 2010 – Can the economy improve without a recovery in real estate values? This question was addressed today by FDIC Chairman Sheila Bair, in a speech to the Urban Land Institute in Washington, D.C. Despite optimistic forecasts by various analysts, Ms. Bair cited the daunting challenges that must be overcome in order to […]
IMF – Risks To Real Estate And Banking Sector Remain Elevated
October 7, 2010 By Leave a Comment
October 6, 2010 – The International Monetary Fund warned of elevated risks to global economies, real estate and the banking sector in its latest World Economic and Financial Survey. The IMF’s pessimistic outlook for economic recovery zeroed in on the risks associated with excessive levels of sovereign, commercial and household debt in an environment of […]
Majority Of Americans Lack Confidence In Stability of US Banking System
October 6, 2010 By Leave a Comment
October 6, 2010 – It has been almost two years since the banking system nearly imploded in 2009, requiring a massive government bailout. The biggest banks in the country have now repaid government bailout funds and raised billions of dollars to strengthen capital ratios. The stock prices of Bank of America, Wells Fargo and Citigroup […]