Douglas County Bank, Douglasville, GA, was closed today by the Georgia Banking Department. The FDIC, acting as receiver, sold Douglas County Bank to Hamilton State Bank, Hoschton, Georgia, which will assume all deposits of the failed bank. Regulators have been closing a series of small sized banks this year that were unable to recover financially […]
Parkway Bank, NC, Closed By Regulators
April 26, 2013 By Leave a Comment
Parkway Bank, a North Carolina chartered bank headquartered in Lenoir, NC, was closed today by state regulators. Acting as receiver, the FDIC entered into a purchase and assumption agreement with CertusBank, N.A., Easley, South Carolina, which will assume all deposits of Parkway Bank. Founded in 2001, Parkway Bank has been a problem bank for regulators […]
Chipola Community Bank, FL, Closed By Regulators
April 20, 2013 By Leave a Comment
After going without a banking failure since November 2012, regulators closed two Florida banks on Friday. Shortly after closing the Heritage Bank of North Florida, regulators closed Chipola Community Bank of Marianna, Florida. During 2012 a total of eight banks failed in Florida, accounting for 16% of the 51 bank failures nationwide. Chipola Community Bank […]
Heritage Bank of North Florida, FL, Shuttered By Regulators
April 19, 2013 By Leave a Comment
In the second bank closing of the day, regulators shut down Heritage Bank of North Florida, Orange Park, FL. The FDIC, appointed as receiver, sold the failed bank to FirstAtlantic Bank, Jacksonville, FL, which will assume all deposits of failed Heritage Bank. Heritage Bank of North Florida was established in 1986 as Clay County Bank. […]
First Federal Bank, Lexington, KY, Closed By Feds
April 19, 2013 By Leave a Comment
After 78 years of serving the local community, First Federal Bank, Lexington, KY, was closed today by the Office of the Comptroller. The FDIC, named as receiver for the failed bank, sold First Federal to Your Community Bank, New Albany, Indiana, which will assume all deposits of the failed bank. According to First Federal Bank’s […]
Bank of America Has Built a “Fortress Balance Sheet”
April 6, 2013 By Leave a Comment
A short number of years ago, no one in his right mind would have associated the term “fortress balance sheet” with Bank of America. During the financial crisis, Bank of America was forced to accept a massive $45 billion bailout from the U.S. Treasury. As the financial system imploded during 2008 many people wondered if […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]
Mobile Banking Rapidly Expands
March 28, 2013 By Leave a Comment
The evolution of internet based services has transformed the banking industry. The combination of online banking services and the proliferation of smart phones now makes is possible to conduct just about any banking transaction without ever having to physically step into a brick and mortar bank branch. In a report released by the Federal Reserve, […]
What a Collapsed Banking System Looks Like
March 23, 2013 By Leave a Comment
In the 1930’s the collapse of the banking system propelled the world into an economic collapse. Depositors lost their savings, confidence was shattered, companies starved for capital went out of business overnight, borrowers defaulted en masse and unemployment soared. A collapsed banking system guarantees an instant economic depression. A mere generation later, the world is […]
Feds Approve FirstMerit Corp Acquisition of Citizens Republic Bancorp
March 23, 2013 By Leave a Comment
The Federal Reserve today issued an order approving the acquisition of Citizens Republic Bancorp by FirstMerit Corporation. FirstMerit Corp, which had announced the acquisition last September was waiting for regulatory approval before consummating the transaction which is still subject to shareholder approval. Completion of the acquisition is expected to occur in the second quarter of […]