In the second bank closing of the day, regulators shut down Heritage Bank of North Florida, Orange Park, FL. The FDIC, appointed as receiver, sold the failed bank to FirstAtlantic Bank, Jacksonville, FL, which will assume all deposits of failed Heritage Bank. Heritage Bank of North Florida was established in 1986 as Clay County Bank. […]
First Federal Bank, Lexington, KY, Closed By Feds
April 19, 2013 By Leave a Comment
After 78 years of serving the local community, First Federal Bank, Lexington, KY, was closed today by the Office of the Comptroller. The FDIC, named as receiver for the failed bank, sold First Federal to Your Community Bank, New Albany, Indiana, which will assume all deposits of the failed bank. According to First Federal Bank’s […]
Gold Canyon Bank, Arizona, Closed By Regulators
April 5, 2013 By Leave a Comment
The smallest bank failure of the year occurred today as regulators shuttered the Gold Canyon Bank, Gold Canyon, Arizona. After closing Gold Canyon Bank, state regulators appointed the FDIC as receiver which entered into a purchase and assumption agreement with First Scottsdale Bank, N.A., Scottsdale, AZ All deposits of failed Gold Canyon will be assumed […]
What a Collapsed Banking System Looks Like
March 23, 2013 By Leave a Comment
In the 1930’s the collapse of the banking system propelled the world into an economic collapse. Depositors lost their savings, confidence was shattered, companies starved for capital went out of business overnight, borrowers defaulted en masse and unemployment soared. A collapsed banking system guarantees an instant economic depression. A mere generation later, the world is […]
Frontier Bank, LaGrange, GA, Closed By Regulators, Largest Bank Failure of 2013
March 8, 2013 By Leave a Comment
Frontier Bank, La Grange, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to HeritageBank of the South, Albany, Georgia. HeritageBank will assume all deposits of Frontier. Frontier Bank was established in 1946 and originally named Valley National Bank of […]
Number of Banks on FDIC Problem Bank List Remains Historically High
March 1, 2013 By 1 Comment
The number of banks on the FDIC Problem Bank List declined for the seventh consecutive quarter. According to the latest FDIC Quarterly Banking Profile, the number of problem banks as of December 31, 2012, declined to 651 from 694 in the previous quarter. Despite significant recovery in the banking industry, the number of problem banks […]
Covenant Bank, Chicago, IL, Closed By Regulators
February 16, 2013 By Leave a Comment
Covenant Bank, Chicago, IL, was closed today by the Illinois Department of Financial and Professional Regulation and the FDIC was named as receiver. The FDIC sold the failed bank to Liberty Bank and Trust Company, New Orleans, Louisiana, which will assume all deposits of Covenant Bank. Established in 1977 as the Community Bank of Lawndale, […]
1st Regents Bank, Andover, MN, Closed By Regulators
January 18, 2013 By Leave a Comment
1st Regents Bank, Andover, MN, was closed today by the FDIC and state regulators. In its role as receiver, the FDIC sold the failed bank to First Minnesota Bank, Minnetonka, MN, which will assume all deposits of 1st Regents. Established in May 2001, 1st Regents was a small bank with only $50.2 million in total […]
2012 Bank Failures Lowest Since 2008 As Regulators Close 51 Banks
December 31, 2012 By Leave a Comment
During the past five years we have witnessed the greatest financial turmoil since the Great Depression. Hundreds of giant bank failures rocked the nation, real estate values crashed, trillions of dollars of wealth vanished overnight and millions of Americans lost their jobs. Although a relative calm has been restored due to unprecedented actions by both […]
Community Bank of the Ozarks, Sunrise Beach, MO, Closed By Regulators
December 14, 2012 By Leave a Comment
Community Bank of the Ozarks, Sunrise Beach, MO, was closed today by the Missouri Division of Finance, which named the FDIC as receiver. Community Bank of the Ozarks, which describes itself as a “strong, independent community bank” on its website, was buried under an avalanche of defaulted loans. At September 30, 2012, the Bank had […]