Farmers and Traders State Bank, Shabbona, Illinois, established in 1905, was closed today by the Illinois Department of Financial and Professional Regulation. The FDIC, appointed as receiver, sold the failed bank to First State Bank, Mendota, IL. Despite being in business for over a century, Farmers and Traders State Bank remained a small bank with […]
Carolina Federal Savings Bank, Charleston, SC, Collapses
June 8, 2012 By Leave a Comment
The State of South Carolina experienced its second bank failure of the year as regulators closed Carolina Federal Savings Bank, Charleston, SC. The Office of the Comptroller of the Currency closed the insolvent bank to protect depositors and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Bank of […]
First Capital Bank, Kingfisher, OK, Closed By Regulators After 110 Years Of Operation
June 8, 2012 By Leave a Comment
Any bank that can stay in business for 110 years must have been doing something right. First Capital Bank, originally founded in 1902 as Guthrie Savings Bank, provided banking services to its customers at a time when Oklahoma was not yet a state and Guthrie was the capital of the Oklahoma Territory. The long and […]
Alabama Trust Bank, N.A., Sylacauga, Alabama, Closed By Regulators
May 18, 2012 By Leave a Comment
Alabama Trust Bank, National Association, Sylacauga, Alabama, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Southern States Bank, Anniston, Alabama, which assumed all deposits of Alabama Trust Bank. Alabama Trust Bank, established in April 2000, was a small one branch bank […]
Inter Savings Bank of Minnesota (D/B/A Interbank) Closed By Regulators
April 27, 2012 By Leave a Comment
Inter Savings Bank, Maple Grove, Minnesota, was closed today by the Office of the Comptroller of the Currency which appointed the FDIC as receiver. The FDIC sold the failed bank to Great Southern Bank, Reeds Spring, Missouri, which will assume all deposits of failed Inter Savings Bank. Inter Savings Bank, (fsb D/B/A Interbank) which had […]
HarVest Bank of Maryland Collapses – Sold To Sonabank of Virginia
April 27, 2012 By Leave a Comment
The State of Maryland, which has not had a banking failure since November 2010, saw two banks collapse today as regulators closed the HarVest Bank of Maryland and the Bank of the Eastern Shore. Since the start of the banking crisis in 2008, Maryland has had a total of only 8 banking failures compared to […]
Bank of the Eastern Shore, Cambridge, MD, Fails – Uninsured Depositors Out Of Luck As FDIC Fails To Find Buyer
April 27, 2012 By Leave a Comment
Maryland state regulators closed the Bank of the Eastern Shore, Cambridge, MD and the FDIC was appointed as receiver. As has happened on previous occasions, the FDIC was unable to find a buyer for the failed bank, leaving uninsured depositors at risk of loss on their savings. To protect insured depositors and wind down the […]
Fort Lee Federal Savings Bank, New Jersey, Closed By Regulators
April 20, 2012 By Leave a Comment
The first bank closing of the year in New Jersey occurred today with the failure of Fort Lee Federal Savings Bank, Fort Lee, New Jersey. The total number of bank failures in New Jersey has been very small since the beginning of the financial crisis in 2008. New Jersey has accounted for only 5 of […]
FDIC Issues 53 Enforcement Actions, Number of Problem Banks Remains Elevated
March 30, 2012 By 1 Comment
The FDIC released the list of enforcement actions taken in February 2012 against 53 banks. In the previous month of January, the FDIC had issued 42 enforcement actions. The orders issued by the FDIC included 10 civil money penalties, 1 prompt corrective action, 13 consent orders, 1 order terminating deposit insurance and 19 orders terminating […]
Fidelity Bank of Michigan Closed By Regulators, Sold To The Huntington National Bank
March 30, 2012 By Leave a Comment
Fidelity Bank of Dearborn, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation which appointed the FDIC as receiver. Fidelity Bank, owned by holding company parent Dearborn Bancorp, Inc. was established in 1994 and had a total of 15 branches. According to the failed Bank’s website, Fidelity Bank is the only […]