Regulators closed four banks in four different states this week. As has been typical for 2011, three of the failed banks were small or mid sized with total assets under $250. The largest bank failure of the week was Lydian Private Bank of Florida with $1.7 billion in assets, which became the fifth largest banking […]
Regulators Close Four Banks In Four States Bringing Total Bank Failures To 68
August 19, 2011 By Leave a Comment
First Southern National Bank of Georgia Becomes 67th Banking Failure
August 19, 2011 By 2 Comments
First Southern National Bank of Statesboro, Georgia, established in 2001 by a group of local businessmen, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Heritage Bank of the South, Albany, Georgia. First Southern had only one branch which will reopen on […]
First National Bank of Olathe, Kansas, Closed By Regulators
August 12, 2011 By Leave a Comment
The First National Bank of Olathe, established in 1887, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Enterprise Bank & Trust, Clayton, Missouri. Enterprise Bank & Trust will assume all deposits of failed First National Bank of Olathe. All six branches […]
Three Banks Fail In Virginia, South Carolina and Indiana
July 30, 2011 By Leave a Comment
Regulators closed three banks this week in three different states – Virginia, South Carolina and Indiana. With today’s three bank closings, the number of failed banks in 2011 has increased to 61. The three banks that failed today had total assets of $2.5 billion and resulted in a loss to the FDIC Deposit Insurance Fund […]
Integra Bank of Indiana Collapses As Regulators Seize Bank
July 29, 2011 By Leave a Comment
Integra Bank, N.A., Evansville, Indiana, became the nation’s second largest banking failure of 2011 as regulators closed the insolvent bank. The FDIC, appointed as receiver, protected depositors by entering into a purchase and assumption agreement with Old National Bank, Evansville, Indiana, which will assume all deposits of the failed bank. All 52 branches of Integra […]
Virginia Business Bank, Richmond, VA, Closed By Regulators
July 29, 2011 By Leave a Comment
Virginia Business Bank, Richmond, VA, was closed today by state regulators. The FDIC, appointed as receiver, sold the failed bank to Xenith Bank, Richmond, Virginia. Xenith Bank will assume all deposits of the failed bank. Virginia Business Bank, established in 2006 by local area bank executives, focused on lending to small and mid-sized businesses in […]
Bank of Choice, Greeley, CO, Closed By Regulators
July 22, 2011 By Leave a Comment
Bank of Choice, Greeley, Colorado, was closed today by state regulators. The FDIC, appointed as receiver, sold the failed bank to Bank Midwest, N.A., Kansas City, MO. Bank of Choice had 17 branches with $1.07 billion in assets and $924.9 million in deposits. Depositors of the failed bank will automatically become depositors of Bank Midwest […]
Southshore Community Bank of Florida Becomes 56th Banking Failure
July 22, 2011 By Leave a Comment
Southshore Community Bank of Apollo Beach, Florida, was closed today by Florida regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to American Momentum Bank of Tampa, Florida. Southshore had only two branches. All depositors of Southshore will automatically become depositors of American Momentum Bank. Depositors of failed Southshore can continue […]
Four Banks Fail In Georgia, Florida and Arizona
July 15, 2011 By Leave a Comment
July 15 – Regulators closed four banks today in Georgia, Florida and Arizona, bringing the total number of bank failures this year to 55. The total assets of the four failed banks amounted to $679 million and the cost to the FDIC Deposit Insurance Fund was estimated at $129.1 million. The four failed banks this […]
One Georgia Bank of Atlanta Fails, Sold To Bank With Outstanding TARP Loans
July 15, 2011 By Leave a Comment
One Georgia Bank of Atlanta, Georgia, a $186 million dollar asset bank, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed bank to Ameris Bank. One Georgia Bank has been effectively insolvent since late last year with a troubled asset ratio of 350% which is […]