Illinois, which has not seen a banking failure since April, witnessed the collapse of a billion dollar bank today as regulators closed First Chicago Bank & Trust, Chicago, Illinois. First Chicago is the fifth and largest banking failure in Illinois this year. The four banks that failed in Illinois prior to today were relatively small […]
First Chicago Bank & Trust Closed – Illinois’s Billion Dollar Bank Failure
July 8, 2011 By Leave a Comment
Regulators Say Banks Have 20% Delinquency Rate On $2.6 Trillion Mortgage Portfolio
June 30, 2011 By 1 Comment
Who says the mortgage crisis is over? Regulators revealed today that the nation’s banks and thrifts have an alarming delinquency rate of almost 20% on their $2.6 trillion mortgage portfolio. The Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released the 2011 first quarter Mortgage Performance Report. The Report […]
FDIC Issues 57 Enforcement Actions Against Problem Banks In May
June 25, 2011 By 1 Comment
The FDIC issued 57 enforcement actions in May against various banks and individuals, down from 76 in April. Among the enforcement actions issued were 10 consent orders, 11 civil money penalties, 1 prompt corrective action and 13 orders terminating consent orders. As explained in previous posts, various enforcement actions are taken depending on the severity […]
Mountain Heritage Bank of Georgia Closed By Regulators
June 24, 2011 By Leave a Comment
Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and sold the small two branch community bank to First American Bank and Trust Company, Athens, Georgia. First American will assume all of the failed bank’s deposits and, in addition, purchase essentially all […]
Downward Spiral Of Bank Stocks Is Predicting An Economic Crisis
June 22, 2011 By 3 Comments
After rallying last fall, many of the big bank stocks have seen substantial declines from the beginning of the year. Growing fears about the health of the banking industry are discussed in the latest Economics and Mortgage Market Analysis issued by Fannie Mae. Fannie Mae cites a very weak housing market and an economic slowdown […]
First Commercial Bank of Tampa Bay 47th Banking Failure
June 17, 2011 By Leave a Comment
First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The FDIC sold the failed bank to Stonegate Bank, Fort Lauderdale, Florida, which will assume all deposits and purchase all assets. First Commercial Bank was a small, two branch, locally owned […]
McIntosh State Bank of Georgia Closed By Regulators
June 17, 2011 By Leave a Comment
McIntosh State Bank, Jackson, Georgia, established in 1964 as a community oriented, full service commercial bank, 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. Hamilton State Bank will assume all deposits and purchase all […]
Atlantic Bank and Trust, Charleston, SC, Becomes 45th Banking Failure
June 3, 2011 By Leave a Comment
The Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the failed Bank to First Citizens Bank and Trust Company, Columbia, South Carolina, which will assume all deposits and purchase all assets of Atlantic Bank and Trust. Atlantic […]
FDIC Issues 76 Enforcement Actions In April Against Problem Banks
May 28, 2011 By Leave a Comment
The FDIC issued 76 enforcements actions in April against individuals and problem banks, down slightly from 87 in March. Included in the enforcement actions were 8 removal and prohibition orders, 4 prompt corrective actions, 21 consent orders, 21 civil money penalties, 1 modification order and 20 orders terminating consent orders or prompt correction directives and […]
Heritage Bank of Washington Becomes 44th Banking Failure
May 27, 2011 By Leave a Comment
First Heritage Bank of Snohomish, Washington, became the nation’s 44 banking failure of 2011. The Bank was closed by the Washington State Department of Financial Institutions which appointed the FDIC as receiver. The FDIC sold failed Heritage to Columbia State Bank of Tacoma, Washington, which will assume all deposits and purchase most of the assets […]