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 […]
First 3 Bank Failures Of 2012 Occur In Florida, Georgia and Pennsylvania
January 20, 2012 By Leave a Comment
American Eagle Savings Bank, Boothwyn, PA, Closed By Regulators
January 20, 2012 By Leave a Comment
With any type of luck, American Eagle Savings Bank of Boothwyn, PA, could have gone unnoticed by regulators. American Eagle was a speck of a bank with only $19.6 million in total assets, despite the fact that it was one of the oldest banks in the country, having been established in 1917. The smallest bank […]
The First State Bank, Stockbridge, GA, Closed By Regulators
January 20, 2012 By Leave a Comment
During 2011, Georgia had the largest number of banking failures in the United States, with 23 failed banks that accounted for 25% of all banking failures. As regulators closed the first failed banks of the new year, Georgia was once again on the list of failed banks with the closing of a large community bank. […]
Central Florida State Bank, FL, Becomes First Banking Failure Of 2012
January 20, 2012 By Leave a Comment
The first banking failure of 2012 occurred in Florida as regulators closed Central Florida State Bank, Belleview, Florida. During 2011, Florida had 13 banking failures, second only to Georgia which witnessed the closing of 23 banks. Combined, Florida and Georgia accounted for 39% of the 92 bank failures that occurred during 2011. State regulators […]
Western National Bank of Phoenix, AZ, Closed By Regulators
December 16, 2011 By Leave a Comment
Western National Bank, Phoenix, AZ, was closed today by the Comptroller of the Currency and the FDIC was appointed as receiver. The FDIC entered into a purchase and assumption agreement with Washington-Federal , Seattle, Washington, to assume all deposits of failed Western National Bank. Western National had three branches, all of which will reopen on […]
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 […]
Central Progressive Bank, Louisiana, Closed By Regulators
November 18, 2011 By Leave a Comment
Central Progressive Bank, Lacombe, Louisiana, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to First NBC Bank, New Orleans, LA, which will assume all deposits of Central Progressive. Central Progressive Bank was founded in 1967 to serve the banking needs of the Northshore communities of […]
Polk County Bank, Iowa, Closed By Regulators
November 18, 2011 By Leave a Comment
Polk County Bank, Johnston, Iowa, was closed today by state regulators who appointed the FDIC as receiver. All deposits of failed Polk County Bank were assumed by Grinnell State Bank of Grinnell, Iowa, under a purchase and assumption agreement with the FDIC. Polk County Bank has a long history, having opened for business in 1903. The […]
29 Banks That Could Destroy The Global Economy
November 8, 2011 By 1 Comment
The Financial Stability Board (FSB) was established to coordinate international efforts to promote effective regulation and supervision of the global financial system. In its latest report on global systemically important banks, the FSB makes it clear that the world’s largest banks have become too big to fail without crashing the global economy. The leaders of […]
SunFirst Bank, Saint George, Utah, Finally Closed By Regulators
November 4, 2011 By Leave a Comment
The Utah Department of Financial Institutions closed SunFirst Bank, Saint George, Utah, and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, under which Cache Valley will assume most of the deposits of SunFirst Bank. The FDIC will retain $15 million in deposits that […]