According to the latest FDIC Quarterly Banking Profile (QBF), the industry recorded profits of $87.5 billion for 2010 compared to a full-year loss of $10.6 billion in 2009. While highlighting a general improvement, the QBF shows that the banking industry still faces major challenges. Revenue growth remains weak, loan balances declined for the ninth time […]
Problem Banks Skyrocket To 18 Year High
February 23, 2011 By 1 Comment
The FDIC cannot close banks fast enough. The latest Quarterly Banking Profile shows an increase in the number of problem banks to 884 at December 31, 2010 up from 860 at the end of September 2010. The number of Problem Banks now totals 12% of all FDIC insured institutions. For the quarter ending December 31, […]
Four Banks Fail In Georgia and California
February 19, 2011 By 1 Comment
Four banking failures in Georgia and California have increased total banking failures for 2011 to 22. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Charter Oak Bank of California Becomes Nation’s 21st Banking Failure
February 19, 2011 By Leave a Comment
California saw its third banking failure this year as regulators closed a small bank that had been overwhelmed by loan losses. Charter Oak Bank of Napa, California, was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold the failed bank to Bank of Marin, Novato, California, […]
San Luis Trust Bank of California Fails And Sold To Bank With Unpaid TARP Loan
February 18, 2011 By Leave a Comment
San Luis Trust Bank, FSB, San Luis Obispo, California, was closed today by the Office of Thrift Supervision which appointed the FDIC as receiver. The FDIC sold the failed bank to First California Bank, Westlake Village, California. First California will assume all deposits of the failed bank. San Luis Trust was beset by a high […]
Citizens Bank of Effingham Becomes Sixth Banking Failure In Georgia
February 18, 2011 By 1 Comment
Georgia may be one of the Nation’s smaller states, but it has the dubious distinction of being number one in banking failures this year. The failure of Citizens Bank of Effingham, Springfield, Georgia, today marks the sixth banking failure in Georgia this year. With four more banking failures today, the total number of failed banks […]
Habersham Bank Fails In Georgia
February 18, 2011 By Leave a Comment
Habersham Bank of Clarkesville, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC, as receiver, sold the failed bank to SCBT National Association, Orangeburg, South Carolina. SCBT will assume all the deposits of Habersham Bank. Habersham Bank has a very long history dating back to 1904 when the bank was […]
Four Bank Failures In Four States Increase Total Failures To 18
February 12, 2011 By Leave a Comment
Four banking failures in four different states have increased total banking failures for 2011 to 18. Small and mid sized banks continue to face the most difficulty as they find it impossible to raise additional capital required by regulators. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks […]
Canyon National Bank of Palm Springs, CA, Closed By Regulators
February 12, 2011 By Leave a Comment
Canyon National Bank, Palm Springs, CA, was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Pacific Premier Bank, Costa Mesa, CA, to assume all deposits of failed Canyon National. All three branches of Canyon will be […]
Failed Badger State Bank of Wisconsin Taken Over By Royal Bank
February 11, 2011 By Leave a Comment
Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Badger to Royal Bank, Elroy, Wisconsin, which assumed all deposits of failed Badger Bank. Badger State Bank was a one branch bank with total assets of $83.8 million and total deposits […]