July 30, 2010 – The Oregon Division of Finance and Corporate Securities closed LibertyBank, Eugene, Oregon, and appointed the FDIC as receiver. The deposits and a portion of the failed bank’s assets were acquired by Home Federal Bank, Nampa, Idaho, under a purchase and assumption agreement with the FDIC. LibertyBank had 15 branches in Oregon, […]
The Cowlitz Bank, Longview, Washington, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – The Cowlitz Bank, Longview, Washington, was closed today by the Washington Department of Financial Institutions. The FDIC, as receiver, entered into an agreement with Heritage Bank, Olympia, Washington, to assume all deposits and some of the assets of failed Cowlitz Bank. The Cowlitz Bank had a total of nine branches, including […]
Coastal Community Bank, Florida, Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – Coastal Community Bank, Panama City Beach, Florida, was closed today by the Florida Office of Financial Regulation. Coastal Bank, the third oldest bank in Florida, was originally started as the Apalachicola State Bank in 1906. In 2002, Apalachicola State Bank was acquired by Coastal Community Bank, a newly chartered bank. At […]
Bayside Savings Bank, Florida, Closed By Office Of Thrift Supervision
July 30, 2010 By Leave a Comment
July 30, 2010 – Bayside Savings Bank, Port Sainte Joe, Florida, becomes the nation’s 105th banking failure. Bayside Savings Bank was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC entered into an agreement with Centennial Bank, Conway, Arkansas, to acquire all of the deposits and assets of […]
Northwest Bank And Trust of Georgia Closed By Regulators
July 30, 2010 By Leave a Comment
July 30, 2010 – Northwest Bank and Trust, Acworth, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC was appointed as receiver and entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to take over failed Northwest Bank. State Bank will assume all deposits […]
FDIC Enforcement Actions Issued On 32 Problem Banks – Is Your Bank On This List?
July 30, 2010 By 1 Comment
July 30, 2010 – The FDIC today released a list of orders of enforcement actions taken against banks and individuals. A total of 29 cease and desist consent orders and 3 prompt corrective actions orders were issued. The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a […]
Banking Failures Hit 103 As Regulators Close Seven More Banks
July 24, 2010 By Leave a Comment
July 23, 2010 – State and Federal regulators closed seven banks today as the banking industry continues to struggle with loan losses in a weak economy. At the current pace, the number of bank failures in 2010 may reach 200, compared to a total of 140 banking failures in 2009. In addition, the number […]
Over 600 Small Banks May Default On Bailout Loans
July 15, 2010 By Leave a Comment
July 15, 2010 – The Congressional Oversight Panel’s report on TARP loans to small banks has determined that many small banks may find it difficult or impossible to repay funds borrowed from the U.S. Treasury. The Treasury program to bailout banks, formally known as the Capital Purchase Program (CPP), was established during the height of the […]
Bank Depositors May Need To Take “Prompt and Corrective Action” – Is Your Bank On This List?
June 25, 2010 By Leave a Comment
The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a confidential Problem Bank List. This list contains the names of institutions that have weak capital positions caused by large loan losses or operational deficiencies that usually lead to failure. The FDIC does not publicize the list for […]
FDIC Deposit Insurance Fund To Remain Underfunded Until 2017
June 22, 2010 By Leave a Comment
The FDIC estimated today that the FDIC Deposit Insurance Fund (DIF), which protects depositors in the case of banking failures, will not return to the statutory minimum level required until the first quarter of 2017. The largest number of banking failures in twenty years has depleted the DIF, even after the FDIC collected $46 billion […]