Community Bank of Rockmart, Rockmart, Georgia, was closed today by state regulators who appointed the FDIC as receiver. Century Bank of Georgia, Cartersville, GA, entered into a purchase and assumption agreement with the FDIC under which it will assume all deposits of failed Community Bank of Rockmart. Since banks are closed on Friday in observance […]
Bank Of America Derivatives Timebomb Shows System Is Corrupt To The Core
November 3, 2011 By 12 Comments
The Federal Reserve recently allowed Bank of America to move its massive derivative positions from the bank holding company to its banking subsidiary which is an FDIC insured depository institution. By allowing this transfer, the Federal Reserve has allowed Bank of America to shift the risk of loss on speculative derivative contracts from the non-bank […]
All American Bank, Des Plaines, IL, Closed By Regulators
October 28, 2011 By 1 Comment
All American Bank, Des Plaines, Illinois, was closed by the State of Illinois, which appointed the FDIC as receiver. The FDIC sold the failed bank to International Bank of Chicago. Under a purchase and assumption agreement, International Bank will assume all deposits and purchase all assets of failed All American Bank. All American Bank, established […]
Country Bank, Aledo, IL, Becomes 8th Illinois Banking Failure
October 14, 2011 By Leave a Comment
An Illinois bank that still owed $4 million to the U.S. Treasury under the TARP program was closed today in Illinois. Country Bank, Aledo, IL, was closed by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to Blackhawk Bank & Trust, Milan, IL, which will assume all […]
First State Bank, Cranford, NJ, Closed By Regulators – First New Jersey Bank Failure of 2011
October 14, 2011 By Leave a Comment
New Jersey saw its first banking failure of 2011 as regulators closed a quarter billion dollar banking institution. First State Bank, Cranford, New Jersey, was closed today by the NJ Department of Banking, which appointed the FDIC as receiver. The failed Bank was sold to Northfield Bank, Staten Island, New York, which will assume all […]
Sun Security Bank, Ellington, MO, Closed By Regulators
October 7, 2011 By Leave a Comment
Sun Security Bank, Ellington, Missouri, was closed today by state regulators and the FDIC was appointed as receiver. The failed bank, which had 27 branches across Southern Missouri, became the State’s first banking failure of 2011. The last banking failure in Missouri occurred on October 15, 2010. The FDIC sold Sun Security to Great Southern […]
First International Bank, Plano, Texas, Closed By Regulators
September 30, 2011 By 1 Comment
The first bank failure in the state of Texas occurred today when the Texas Department of Banking closed First International Bank, Plano, Texas. The FDIC, appointed as receiver for the failed bank, sold First International to American First National Bank of Houston, Texas. Ironically, First International Bank’s origins were based on a failed bank. First […]
FDIC Issues 53 August Enforcement Actions On Problem Banks
September 30, 2011 By Leave a Comment
The FDIC issued a list of 53 administrative enforcement actions taken in August against problem banks and individuals. Among the enforcement actions issued were 11 consent orders, 14 civil money penalties, 1 prompt corrective action and 17 orders terminating previous prompt corrective action directives, consent orders and cease and desist orders. Please see complete list […]
Bank of the Commonwealth, Norfolk, VA, Closed By Regulators
September 23, 2011 By 1 Comment
Bank of the Commonwealth, Norfolk, Virginia, founded in 1970, was closed today by the Virginia State Corporation Commission. The FDIC, acting as receiver, sold the failed bank to Southern Bank and Trust Company of Mount Olive, North Carolina. Bank of the Commonwealth had a total of 21 branches with 17 operating in Virginia and 4 […]
CreekSide Bank of Georgia Closed By Regulators
September 3, 2011 By Leave a Comment
CreekSide Bank, Woodstock, Georgia, was closed today by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to Georgia Commerce Bank which will assume all deposits of the failed bank. Creekside Bank was very similar to Patriot Bank, the second Georgia bank closed by regulators today. Both banks […]