July 16, 2010 – Mainstreet Savings Bank, FSB, Hastings, Michigan, was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. Mainstreet Savings was acquired by Commercial Bank, Alma, Michigan under a purchase and assumption agreement with the FDIC. Commercial Bank agreed to purchase all the deposits and essentially all of the […]
Olde Cypress Community Bank, Florida Closed By OTS
July 23, 2010 By Leave a Comment
July 16, 2010 – Olde Cypress Community Bank, Clewiston, Florida was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, N.A., Winter Haven, Florida. CenterState Bank will assume all of the deposits and assets […]
First National Bank of the South, South Carolina, Closed By Regulators
July 23, 2010 By Leave a Comment
July 16, 2010 – First National Bank of the South was closed 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 NAFH National Bank, Miami, Florida (a newly-chartered bank subsidiary of North American Financial Holdings, Inc., Charlotte, North Carolina) […]
9,500 Uninsured Depositors Of Failed Banks To Be Reimbursed
July 22, 2010 By 1 Comment
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010, permanently increases the deposit insurance limit to a maximum of $250,000. Deposit insurance limits had previously been temporarily increased from $100,000 to $250,000 effective from October 3, 2008, through December 31, 2010. The higher insurance coverage […]
Turnberry Bank of Aventura, Florida Shut Down by Regulators
July 17, 2010 By Leave a Comment
The Office of Thrift Supervision shut down Turnberry Bank of Aventura, Florida, yesterday on July 16, 2010. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Turnberry Bank was a full service community bank which had served South Florida since 1985. Branches were located in Aventura, Coral Gables, Pinecrest, and South Miami, Florida. The […]
Metro Bank of Dade County, Florida Joins Failed Bank List
July 17, 2010 By Leave a Comment
MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year. Metro Bank had a total of six branches […]
Woodlands Bank of Bluffton, South Carolina Closed by Regulators
July 17, 2010 By Leave a Comment
Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office […]
Over 600 Small Banks May Default On Bailout Loans
July 15, 2010 By Leave a Comment
July 15, 2010 – The Congressional Oversight Panel’s report on TARP loans to small banks has determined that many small banks may find it difficult or impossible to repay funds borrowed from the U.S. Treasury. The Treasury program to bailout banks, formally known as the Capital Purchase Program (CPP), was established during the height of the […]
Senate Passage of Regulatory Reform Bill Hailed As Milestone By FDIC
July 15, 2010 By Leave a Comment
July 15, 2010 – New regulations for Wall Street and banks as well as broad new lending protection for consumers now awaits the President’s signature to become law. On a 60-39 vote, the Senate today passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The broad new powers given to regulators by the new bill was in response […]