Regulators closed four banks in Tennessee, Minnesota and Florida, bringing the total for the year to seven. Tennessee, with two bank closings, had previously not had a single bank failure since 2002. The combined assets of the two failed banks in Tennessee totaled $1.5 billion. Tennessee Commerce Bank of Franklin, TN, became the first billion […]
Four Banks Fail – FDIC Losses Approach $1 Billion On YTD Bank Closings
January 28, 2012 By Leave a Comment
BankEast, Knoxville, TN, Closed By Regulators
January 27, 2012 By 1 Comment
Until today, the State of Tennessee, had seemed isolated from the banking crisis. For almost a decade, there were no banking failures in Tennessee, with the last one occurring on November 8, 2002. Tennessee’s luck came to an abrupt halt today with the closing of two banks – Tennessee Commerce Bank of Franklin, TN and […]
Tennessee Commerce Bank Fails – First Billion Dollar Bank Failure Of 2012
January 27, 2012 By 1 Comment
Tennessee Commerce Bank, Franklin, TN, with $1.2 billion dollars in assets, was closed today by state regulators. The failure of Tennessee Commerce is the largest banking failure of the new year and comes in a state that is a stranger to bank failures. Prior to today, the last banking failure in Tennessee was on November […]
First Guaranty Bank and Trust Co of Jacksonville, FL, Closed By Regulators
January 27, 2012 By Leave a Comment
First Guaranty Bank and Trust Company of Jacksonville, Florida, the oldest bank in Jacksonville, was closed today by state regulators. The FDIC, named as receiver, sold the failed bank to CenterState Bank of Florida, N.A. First Guaranty Band and Trust was a family owned bank with a 62 year history. Inexplicably, according to the Bank’s […]
FDIC Issues 57 Enforcement Actions Against Problem Banks In December
January 27, 2012 By Leave a Comment
The FDIC issued 57 enforcement actions against banks in December 2011, down from 72 in November. The December enforcement actions included 9 consent orders, 19 civil money penalties, 4 prompt corrective actions, 3 voluntary terminations of insurance, 12 removal and prohibition orders and 10 orders terminating previous consent orders and cease and desist orders. A […]
List Of 2011 Bank Failures Reveals Interesting Facts
January 23, 2012 By 2 Comments
A total of 92 banks failed during 2011, signaling a continuation of the crisis in the banking industry. Although total banking failures during 2011 declined from the previous year, the number remains historically high. The last time more than 50 banks failed in one year was 1992 or 20 years ago. The complete list of […]
First 3 Bank Failures Of 2012 Occur In Florida, Georgia and Pennsylvania
January 20, 2012 By Leave a Comment
The first bank failures of 2012 occurred today when regulators closed three banks in Florida, Georgia and Pennsylvania. Florida and Georgia are continuing a trend from last year when they accounted for almost 40% of the nation’s 92 banking failures. Georgia had 23 bank failures in 2011 followed by Florida with 13 bank failures. Today’s […]
Widespread Banking Failures Predicted As Housing Values Continue To Plummet
January 19, 2012 By 2 Comments
According to Micheal Olenick, founder of FindtheFraud, the worst of the housing crash and banking crisis still lies ahead of us. Mr. Olenick’s excellent in depth analysis discusses the multiple factors that are prolonging the foreclosure crisis and explains how banks and servicers are trying to delay taking losses that could eventually reach a staggering […]
Premier Community Bank of the Emerald Coast Closed By Regulators
December 16, 2011 By Leave a Comment
The Premier Community Bank of the Emerald Coast, Crestview, Florida, was closed today by state regulators and the FDIC was named as receiver. The FDIC sold the failed bank to Summit Bank, N.A., Panama City. All deposits of failed Premier Community Bank were assumed by Summit Bank and depositors will have immediate access to their […]
2011 Bank Failures Decline For First Time In Three Years
December 14, 2011 By Leave a Comment
For the first time in three years, the number of U.S. banking failures should total less than 100. Total bank closings for 2011 currently total 90. The FDIC has been giving their closing teams some time off, with the last bank closing occurring on November 18, 2011. Bank closings usually occur on Friday and unless […]