The number of failed banks reached 157 as regulators closed six banks in Florida, Georgia, Arkansas and Minnesota. The six failed banks this week had a total of $1.2 billion in assets and resulted in a loss to the FDIC Deposit Insurance Fund of $267.6 million. The total loss to the depleted FDIC Deposit Insurance […]
Six Problem Banks With $1.2 Billion In Assets Fail – Failed Banks For Year Total 157
December 18, 2010 By 2 Comments
Community National Bank, Lino Lakes, MN, Closed By Regulators
December 18, 2010 By 1 Comment
December 17, 2010 – Community National Bank, Lino Lakes, Minnesota, was closed today by The Office of the Comptroller of the Currency. The FDIC was appointed as receiver and sold the failed bank to Farmers & Merchants Savings Bank, Manchester, Iowa, which will assume all deposits of Community National. The two branches of Community National […]
First Southern Bank, Batesville, Arkansas Fails & Purchased By Bank With Outstanding TARP Loan
December 17, 2010 By Leave a Comment
December 17, 2010 – First Southern Bank, Batesville, Arkansas, a two branch locally owned bank, was closed today by the Arkansas State Bank Department, which appointed the FDIC as receiver. The FDIC sold the failed bank to Southern Bank, Poplar Bluff, Missouri, which will assume all deposits of First Southern. Depositors will have access to […]
Failed United Americas Bank, Atlanta, GA, Purchased By State Bank & Trust
December 17, 2010 By Leave a Comment
December 17, 2010 – United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas […]
Appalachian Community Bank, McCaysville, Georgia, Closed By Regulators
December 17, 2010 By Leave a Comment
December 17, 2010 – Appalachian Community Bank, F.S.B., McCaysville, Georgia, was closed today by The Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the three branch bank to Peoples Bank of East Tennessee, which will assume all deposits except for brokered deposits and out-of-state certificates of deposit (CD). The FDIC […]
Chestatee State Bank, Dawsonville, GA, Shut Down By Regulators
December 17, 2010 By Leave a Comment
December 17, 2010 – Chestatee State Bank, Dawsonville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Chestatee, a four branch bank, was sold by the FDIC to Bank of the Ozarks, Little Rock, Arkansas, which previously acquired three other failed banks this year in FDIC […]
Bank of Miami, N.A., Coral Gables, Florida, Closed By Regulators
December 17, 2010 By 1 Comment
December 17, 2010 – The Bank of Miami, National Association, Coral Gables, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC sold The Bank of Miami to the lst United Bank, Boca Raton, Florida, which will assume all deposits and purchase most of […]
FDIC Projects Losses Of $50 Billion On Failed Banks – Insurance Fund To Remain Underfunded For Decades
December 15, 2010 By Leave a Comment
December 14, 2010 – The current banking crisis has completely depleted the FDIC’s Deposit Insurance Fund which currently has a negative balance of $8 billion. In an effort to rebuild the insurance fund that protects depositors from loss when banks fail, the FDIC Board approved a rule to set the designated reserve ratio (DRR) at […]
Banks May Be Facing A Tidal Wave Of Mortgage Defaults
December 14, 2010 By Leave a Comment
Although bank stocks have rallied recently, it may be premature to expect a recovery for the banking industry. There are multiple indicators that a housing recovery is little more than a distant dream and current trends suggest that mortgage defaults may increase substantially. With banks currently holding approximately $3 trillion dollars in residential mortgages, […]
Earthstar Bank, Southampton, PA, Closed By Regulators
December 10, 2010 By Leave a Comment
December 10, 2010 – Earthstar Bank, Southampton, PA, was closed today by the Pennsylvania Department of Banking, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Polonia Bank, Huntingdon Valley, Pennsylvania. Polonia will assume all Earthstar deposits, excluding certain out-of-state CDs (certificates of deposit). It is likely that […]