Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank. The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]
NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer
October 26, 2012 By 1 Comment
Excel Bank, Sedalia, MO, Closed By Regulators
October 19, 2012 By Leave a Comment
The 46th banking failure of 2012 occurred today as the Missouri Division of Finance closed Excel Bank, Sedalia, Missouri. The FDIC, named as receiver, sold the failed bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of the failed bank. Excel Bank, which had been in business since 1964 had […]
First East Side Savings Bank, Florida, Closed By Regulators
October 19, 2012 By Leave a Comment
First Side Savings Bank, Tamarac, Florida, was closed today by the Office of the Comptroller of the Currency. Earlier in the day, a second Florida bank, GulfSouth Private Bank, was closed by Florida banking officials. Florida has now had a total of seven banking failures this year, representing 16% of total U.S. bank failures during […]
GulfSouth Private Bank, Florida, Closed By Regulators
October 19, 2012 By Leave a Comment
The state of Florida had its sixth banking failure of the year today when regulators closed GulfSouth Private Bank, Destin, Florida. The FDIC, acting as receiver, sold the failed bank to SmartBank, Pigeon Forge, Tennessee. All four branches of GulfSouth will reopen as branches of SmartBank on Monday. All depositors of failed GulfSouth will have […]
First United Bank, Crete, IL, Closed By Regulators
September 28, 2012 By Leave a Comment
The Illinois Department of Financial and Professional Regulation made an unannounced visit today at the First United Bank, Crete, Illinois. State regulators shuttered the Bank after determining that it was insolvent and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Old Plank Trail Community Bank, N.A., New Lenox, […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]
First Commercial Bank, Minnesota, Closed By Regulators
September 7, 2012 By Leave a Comment
First Commercial Bank, Bloomington, MN, was closed today by the Minnesota Department of Commerce. The FDIC, which was named as receiver, sold the failed bank to Republic Bank & Trust Company, Louisville, KY. Founded in 1999, First Commercial Bank was a privately held company with total assets of $215.9 million as of June 30, 2012. […]
Waukegan Savings Bank, Waukegan, IL, Closed By Regulators
August 3, 2012 By Leave a Comment
Waukegan Savings Bank, Waukegan, IL, a small commercial bank, was closed today by state regulators and the FDIC was named as receiver. The FDIC sold the failed bank to First Midwest Bank, Itasca, IL, in order to protect depositors. Waukegan Savings Bank was established in 1924 and had two branches. Both branches of the failed […]
Why Banks Will Continue To Blow Up
July 30, 2012 By Leave a Comment
Although there were a multitude of factors involved in the banking collapse of 2008, many analysts believe that the repeal of Glass-Steagall was one of the major triggers. No less an authority than Sandy Weill, former Citigroup CEO, joined the chorus of voices last week in calling for the reinstatement of the Glass-Steagall Act. Would […]
Banks Are A Financial Disaster For Both Shareholders And Depositors
July 27, 2012 By 3 Comments
In days gone by, shareholders of large banks viewed their investments as a source of income via dividends and potential capital gains via share appreciation. In days gone by, depositors viewed banks as the safest place to harbor their hard earned dollars while earning a respectable amount of interest income. That was then, this is […]