June 18, 2010 – Nevada saw its third banking failure of 2010 with the closing of Nevada Security Bank, Reno, Nevada. Failed Nevada Security was acquired by Umpqua Bank of Roseburg, Oregon, in a purchase and assumption transaction with the FDIC. Since the FDIC was able to find a buyer for Nevada Security Bank, all […]
Washington First International Bank, Seattle, WA Closed By State Regulators
June 11, 2010 By Leave a Comment
June 11, 2010 – The Washington Department of Financial Institutions closed today Washington First International Bank, Seattle, Washington. Washington First, a half billion dollar asset bank, became the nation’s 82 banking failure and the seventh in Washington state. Failed Washington First was acquired by East West Bank of Pasadena, CA in a purchase and assumption […]
FDIC Finds No Buyer For Failed Arcola Homestead Savings of Illinois
June 4, 2010 By Leave a Comment
June 4, 2010 – Arcola Homestead Savings Bank, Arcola, IL became the 80th banking failure of 2010 after the bank was closed by the Illinois Department of Financial Professional Regulation. Illinois has now had 12 banking failures this year, trailing only Florida with 13 banking failures. The FDIC, appointed as receiver for the failed bank, […]
Bank Of Florida – Southeast, Bank Of Florida – Southwest, and Bank Of Florida – Tampa Bay, Closed by Regulators
May 28, 2010 By 1 Comment
May 28, 2010 – Bank of Florida – Southeast, Fort Lauderdale, Florida, Bank of Florida – Southwest, Naples, Florida and Bank of Florida – Tampa Bay, Tampa Florida were all closed today by the Florida Office of Financial Regulation. All three banks were owned by the same holding company – Bank of Florida Corporation. […]
Regulators Close Banks In 4 States – Bank Failures Up 100% Over 2009
May 7, 2010 By Leave a Comment
Four Banks Fail In Four States May 7, 2010 – The Federal Deposit Insurance Corporation (FDIC) closed four more banks in Florida, Arizona, Minnesota and California. The total number of failed banks for the year is now 68, double the number of failures at this point during 2009. During 2009, 140 banks failed in the United States, […]
Illinois Rocked By 7 Banking Failures
April 24, 2010 By Leave a Comment
Illinois Rocked By 7 Banking Failures – Coincidence or FDIC Strategy? Regulators focused on Illinois this week as seven failed banks in that state were closed. An FDIC spokesman suggested that multiple bank closings in one particular state enhanced the bidding process for the failed banks, thus reducing FDIC losses. Whether or not this explanation […]
Eight Banks Fail – Florida Now Leads Nation In Banking Failures
April 17, 2010 By Leave a Comment
8 Bank Failures – Loss To FDIC Insurance Fund Almost $1 Billion Regulators closed eight more failed banks in 5 states today resulting in an estimated cost to the FDIC Insurance Deposit Fund (DIF) of $984.7 million. The eight failed banks for April 16, 2010 had total assets of $6.25 billion and total deposits of […]
Georgia And Florida Now Account For One Third Of 2010 Bank Failures
March 27, 2010 By Leave a Comment
Four More Banks Fail In Georgia, Florida and Arizona – 2010 Total Now 41 The four failed banks for March 26, 2010 had total assets of $1.2 billion and total deposits of $1.1 billion. The cost to the FDIC Deposit Insurance Fund (DIF) for these latest banking failures is estimated at $320 million. The cost […]
7 Banks Collapse – Stunning 42% Loss On Failed Bank Assets For FDIC
March 20, 2010 By Leave a Comment
2010 Banking Failures Increase To 37 As Seven More Banks Fail March 19 – The banking crisis continues as regulators closed seven failed banks, the largest number of lenders to collapse in one week this year. The seven failed banks for March 19, 2010 had total assets of $3.3 billion and total deposits of […]
Graphic Look At The Sorry State Of US Banking
February 24, 2010 By Leave a Comment
Quarterly Banking Profile December 31, 2009 The FDIC Quarterly Banking Profile for the latest quarter ending December 31, 2009 continues to show a banking industry struggling with record levels of charge-offs and noncurrent loans. Net Charge-offs And Noncurrent Loans At Record Levels Net charge-offs for the fourth quarter of $53 billion increased by $14.4 billion […]