McIntosh State Bank, Jackson, Georgia, established in 1964 as a community oriented, full service commercial bank, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to Hamilton State Bank, Hoschton, Georgia. Hamilton State Bank will assume all deposits and purchase all […]
Atlantic Bank and Trust, Charleston, SC, Becomes 45th Banking Failure
June 3, 2011 By Leave a Comment
The Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC sold the failed Bank to First Citizens Bank and Trust Company, Columbia, South Carolina, which will assume all deposits and purchase all assets of Atlantic Bank and Trust. Atlantic […]
Citigroup Shareholders Lose $16 Billion After Reverse Stock Split
June 2, 2011 By Leave a Comment
On March 21st, Citigroup announced a 1-for-10 reverse stock split, effective May 9, 2011. According to Citigroup CEO Vikram Pandit, “Citi is a fundamentally different company than it was three years ago. The reverse stock split and intention to reinstate a dividend are important steps as we anticipate returning capital to shareholders starting next year.” […]
Washington Mutual Soars 350% On Bankruptcy Exit Plan
June 1, 2011 By 4 Comments
The failure of Washington Mutual Bank on September 28, 2008 was the largest banking failure in U.S. history. After nervous depositors starting withdrawing billions of dollars, regulators feared that a run on the Bank would cause a nationwide panic and decided to close the bank. The FDIC, acting as receiver, sold Washington Mutual to JP […]
FDIC Issues 76 Enforcement Actions In April Against Problem Banks
May 28, 2011 By Leave a Comment
The FDIC issued 76 enforcements actions in April against individuals and problem banks, down slightly from 87 in March. Included in the enforcement actions were 8 removal and prohibition orders, 4 prompt corrective actions, 21 consent orders, 21 civil money penalties, 1 modification order and 20 orders terminating consent orders or prompt correction directives and […]
Heritage Bank of Washington Becomes 44th Banking Failure
May 27, 2011 By Leave a Comment
First Heritage Bank of Snohomish, Washington, became the nation’s 44 banking failure of 2011. The Bank was closed by the Washington State Department of Financial Institutions which appointed the FDIC as receiver. The FDIC sold failed Heritage to Columbia State Bank of Tacoma, Washington, which will assume all deposits and purchase most of the assets […]
Banking Industry Problems Persist As Revenues Decline – Quarterly Banking Profile
May 24, 2011 By 1 Comment
Confirmation of weakness in the banking industry came today with the release of the March 31, 2011 FDIC Quarterly Banking Profile (QBP). Most investors in banking stocks, with some exceptions, know that the performance of their bank stock investments has tracked the weak state of the economy and banking industry. The widely followed KBW Bank […]
FDIC Quarterly Banking Profile Shows Increase In Problem Banks
May 24, 2011 By 1 Comment
The latest FDIC Quarterly Banking Profile (QBP) shows another increase in the number of problem banks. The mortgage and debt crisis that began in 2007, along with continued weakness in the economy has resulted in a huge increase in the number of problem banks. In 2007, the FDIC had a total of 76 institutions on […]
Summit Bank, Burlington, Washington – Banking Failure #43
May 21, 2011 By Leave a Comment
Summit Bank, Burlington, WA, was closed today by the Washington State Department of Financial Institutions. The FDIC, appointed as receiver, sold the failed bank to Columbia State Bank, which will assume all deposits and acquire substantially all of the assets of the failed bank. Summit Bank had total assets of $142.7 million and total deposits […]
CertusBank Acquires Failed Atlantic Southern Bank And First Georgia Banking
May 21, 2011 By 1 Comment
Atlantic Southern Bank of Macon, Georgia, and First Georgia Banking Company of Franklin, Georgia were both closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold both failed banks to CertusBank, which is a subsidiary of Blue Ridge Holdings, a Charlotte based investment group. Blue Ridge Holdings was founded […]