November 12, 2010 – Tifton Banking Company, Tifton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Ameris Bank, Moultrie, Georgia, acquired the failed bank from the FDIC under a purchase and assumption agreement. Ameris Bank also acquired today another failed bank, Darby Bank & Trust […]
Washington Mutual – Largest Banking Failure In History Turns Out Well For Many But Shareholders Left Fuming
November 9, 2010 By 23 Comments
The collapse of Washington Mutual Bank on September 25, 2008 is officially listed as the largest banking failure in history by the FDIC. The collapse of Washington Mutual occurred after nervous depositors withdrew $16.7 billion in the ten days prior to the bank’s collapse. Fearing a classic run on the bank situation and perhaps a […]
Florida Leads The Nation In Banking Failures – 5 States Account For Almost 60% Of Total Banking Failures
November 6, 2010 By Leave a Comment
November 5, 2010 – A nationwide drop in real estate values combined with an all time high in mortgage defaults and foreclosures have resulted in banking failures across 28 States. As of November 5, there were a total of 143 banking failures in the US and Puerto Rico. The five States with the greatest number […]
Four More Banking Failures Push Year’s Total Above 2009 Failures
November 6, 2010 By Leave a Comment
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 […]
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 […]
Failed K Bank, Randallstown, MD, Acquired By M&T Bank
November 5, 2010 By 5 Comments
November 5, 2010 – K Bank, Randallstown, Maryland, was closed today by the Maryland Office of Financial Regulation, which appointed the FDIC as receiver. K Bank, the fourth banking failure in Maryland this year, becomes the 140th banking failure of the year. Total banking failures for 2010 now match the 140 banking failures for all […]
Confidence In Banks Shattered As Wilmington Trust Reports Huge Unexpected Loss – Shareholders Trashed
November 3, 2010 By Leave a Comment
November 2, 2010 – Speculation had been building for the past month over whether troubled Wilmington Trust would sell itself to another bank or be able to raise additional private equity and remain independent. Wilmington Trust received $330 million from the US Treasury in 2008 under the Troubled Asset Relief Program (TARP) and raised another […]
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 […]