Integra Bank, N.A., Evansville, Indiana, became the nation’s second largest banking failure of 2011 as regulators closed the insolvent bank. The FDIC, appointed as receiver, protected depositors by entering into a purchase and assumption agreement with Old National Bank, Evansville, Indiana, which will assume all deposits of the failed bank. All 52 branches of Integra […]
BankMeridian, Columbia, SC, Closed By Regulators
July 29, 2011 By Leave a Comment
BankMeridian, N.A., Columbia, South Carolina, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to SCBT, Orangeburg, South Carolina, which will assume all deposits of the failed bank. BankMeridian which had a total of 3 branches, opened for business in May 2006. The Bank raised $31.5 […]
Bank of Choice, Greeley, CO, Closed By Regulators
July 22, 2011 By Leave a Comment
Bank of Choice, Greeley, Colorado, was closed today by state regulators. The FDIC, appointed as receiver, sold the failed bank to Bank Midwest, N.A., Kansas City, MO. Bank of Choice had 17 branches with $1.07 billion in assets and $924.9 million in deposits. Depositors of the failed bank will automatically become depositors of Bank Midwest […]
One Georgia Bank of Atlanta Fails, Sold To Bank With Outstanding TARP Loans
July 15, 2011 By Leave a Comment
One Georgia Bank of Atlanta, Georgia, a $186 million dollar asset bank, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed bank to Ameris Bank. One Georgia Bank has been effectively insolvent since late last year with a troubled asset ratio of 350% which is […]
Bailout Funds To Fannie and Freddie Come At High Cost
January 27, 2011 By Leave a Comment
Despite the public uproar over the bailout of the financial industry, the U.S. Treasury is no pushover when it comes to demanding stiff terms on its loans. The returns on some of the loans made to various banks and financial institutions would make a payday lender blush. For example, when the U.S. completes the sale […]
Legacy Bank of Scottsdale, Arizona Closed By Regulators And Purchased By Bank With Unpaid TARP Loans
January 7, 2011 By Leave a Comment
January 7, 2011 – Legacy Bank of Scottsdale, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC, acting as receiver, sold failed Legacy Bank to Enterprise Bank & Trust, St. Louis, Missouri. Enterprise will assume all deposits and purchase essentially all assets of failed Legacy […]
Banks With $1.2 Billion In Unpaid TARP Loans Buy 18 Failed Banks From FDIC
January 5, 2011 By 1 Comment
During 2010, 12 different banks with $1.2 billion in outstanding TARP loans to the US Treasury purchased 18 different failed banks from the FDIC. According to a recent report from the Congressional Oversight Committee, TARP funds totaling $205 billion were distributed to a total of 707 banks. The largest recipients of TARP money have repaid […]
Gulf State Community Bank, Carrabelle, Florida, Fails Under Mountain Of Bad Loans
November 19, 2010 By Leave a Comment
Gulf State Community Bank, Carrabelle, Florida was closed today by the Florida Office of Financial Regulation, and the FDIC was named as receiver. Gulf State had been operating under an FDIC consent order issued November 20, 2009 which required the bank, among other things, to increase capital to adequate levels. Unable to comply with the […]
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 […]
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 […]