Georgia state regulators closed the Eastside Commercial Bank, Conyers, Georgia, and appointed the FDIC as receiver. In order to protect depositors, the FDIC sold Eastside Commercial Bank to Community & Southern Bank, Atlanta, Georgia, which will assume all deposits of the failed bank. Eastside Commercial Bank did not even last a decade, having been founded […]
Eastside Commercial Bank, Conyers, GA, Becomes 13th Bank Failure of 2014
July 18, 2014 By Leave a Comment
Would Bank Living Wills/Resolution Plans Actually Help Resolve the Next Banking Crisis?
July 2, 2014 By Leave a Comment
The public portions of the annual resolution plans or living wills of 17 large financial institutions were jointly released by the FDIC and the Federal Reserve Board today. The resolution plans describe in detail a financial institution’s plans for a rapid and orderly resolution under the U.S. Bankruptcy Code to address material financial distress or […]
FDIC Issues Enforcement Actions to Three Problem Banks
July 2, 2014 By Leave a Comment
The FDIC took enforcement actions against 39 banks in May, up from 31 during the previous month. The 39 orders issued by the FDIC in May 2014 included two consent orders, one prompt corrective action directive, seven section 19 orders, three civil money penalties, and sixteen orders terminating consent orders and cease and desist orders. […]
The Freedom State Bank, Freedom, OK, Closed by Regulators
June 27, 2014 By Leave a Comment
Most people would probably assume that a bank that can stay in business for almost one hundred years would be The Rock of Gibraltar from a financial standpoint. This was not the case today as state regulators closed 95 year old The Freedom State Bank located in Freedom, Oklahoma. Founded in 1919 The Freedom State […]
Valley Bank, Fort Lauderdale, FL, Closed by Regulators, 11th Banking Failure of 2014
June 20, 2014 By Leave a Comment
Valley Bank of Fort Lauderdale, Florida, was one of two banks shuttered by regulators today. The other banking failure was Valley Bank, Moline, Illinois. Both failed banks were owned by the same holding company, River Valley Bancorp, Inc., Davenport, IA. The holding company was not included in the bank closings or the receivership. Florida state […]
Valley Bank, Moline, IL, Closed by Regulators, Tenth and Largest Bank Failure of 2014
June 20, 2014 By Leave a Comment
The Illinois Department of Financial and Professional Regulation closed the Valley Bank, Moline, Illinois, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Great Southern Bank, Reeds Spring, Missouri, which will assume all deposits of Valley Bank. Valley Bank was founded by a group of local bankers and […]
Slavie Federal Savings Bank, MD, Closed by Regulators, Ninth Bank Failure of 2014
May 30, 2014 By Leave a Comment
Slavie Federal Savings Bank, Bel Air, Maryland, became the ninth banking failure of 2014 as the Office of the Comptroller of the Currency closed the insolvent bank. The FDIC, appointed as receiver, sold the failed bank to Bay Bank, FSB, Lutherville, Maryland, which will assume all deposits of failed Slavie Federal. The severe banking crisis […]
FDIC Reveals That Over 400 Banks Remain on the Problem Bank List
May 30, 2014 By Leave a Comment
The recently released Quarterly Banking Profile from the FDIC reveals that over 400 banks remain on the Problem Bank List more than six years after the start of the biggest banking crisis since the 1930s. As of March 31, 2014, the FDIC’s confidential Problem Bank List contains the names of 411 banking institutions that have […]
Banking Industry Profits Decline On Plunge in Mortgage Demand
May 30, 2014 By Leave a Comment
The banking industry has made a dramatic recovery since the depths of the financial crisis when many of the country’s biggest banks survived only after receiving trillions of dollars in government support. After losing a record $37.8 billion during the fourth quarter of 2008, banking industry profits rebounded to a record high of $40.3 billion […]