While many banks have completely recovered from the banking and financial crises of over six years ago, the number of banks classified as “Problem Banks” by the FDIC has remained stubbornly high. A milestone of sorts was reached recently when, after five years, the number of banks on the FDIC’s Problem Bank List finally declined […]
Five Years After the Banking Crisis, Hundreds of Problem Banks Still Struggle
Eastside Commercial Bank, Conyers, GA, Becomes 13th Bank Failure of 2014
Georgia state regulators closed the Eastside Commercial Bank, Conyers, Georgia, and appointed the FDIC as receiver. In order to protect depositors, the FDIC sold Eastside Commercial Bank to Community & Southern Bank, Atlanta, Georgia, which will assume all deposits of the failed bank. Eastside Commercial Bank did not even last a decade, having been founded […]
Slavie Federal Savings Bank, MD, Closed by Regulators, Ninth Bank Failure of 2014
Slavie Federal Savings Bank, Bel Air, Maryland, became the ninth banking failure of 2014 as the Office of the Comptroller of the Currency closed the insolvent bank. The FDIC, appointed as receiver, sold the failed bank to Bay Bank, FSB, Lutherville, Maryland, which will assume all deposits of failed Slavie Federal. The severe banking crisis […]
FDIC Reveals That Over 400 Banks Remain on the Problem Bank List
The recently released Quarterly Banking Profile from the FDIC reveals that over 400 banks remain on the Problem Bank List more than six years after the start of the biggest banking crisis since the 1930s. As of March 31, 2014, the FDIC’s confidential Problem Bank List contains the names of 411 banking institutions that have […]
Banking Industry Profits Decline On Plunge in Mortgage Demand
The banking industry has made a dramatic recovery since the depths of the financial crisis when many of the country’s biggest banks survived only after receiving trillions of dollars in government support. After losing a record $37.8 billion during the fourth quarter of 2008, banking industry profits rebounded to a record high of $40.3 billion […]
Columbia Savings Bank, Ohio, Eighth Bank Failure of 2014 – Hundreds of Zombie Banks Remain Open for Business
State regulators shuttered a small Ohio bank which became the eighth banking failure of the year. The Ohio Division of Financial Institutions closed Columbia Savings Bank, Cincinnati, Ohio, and appointed the FDIC as receiver. To protect depositors the FDIC sold the failed bank to United Fidelity Bank, fsb, Evansville, Indiana, which assumed all deposits. Although […]
AztecAmerica Bank, Berwyn, Illinois, Seventh Bank Failure of 2014
AztecAmerica Bank, Berwyn, Illinois was closed today by state regulators and the FDIC was named as receiver. Founded in September 2005 at the height of the real estate boom, AztecAmerica remained a small bank with assets of only $66 million at the time of its failure. The Bank was founded with the intent of appealing […]