One of the oldest banking institutions in the country was closed by regulators after becoming critically undercapitalized. The Farmers Bank of Lynchburg, established in 1888, was closed by the Tennessee Department of Financial Institutions which appointed the FDIC as receiver. In order to protect depositors, the failed bank was sold by the FDIC to Clayton […]
The Farmers Bank of Lynchburg, TN, Closed By Regulators After 124 Years Of Operations
June 16, 2012 By Leave a Comment
Security Exchange Bank, Marietta, GA, Fails After Loan Defaults Soar
June 16, 2012 By Leave a Comment
Security Exchange Bank, Marietta, GA, a locally owned community bank headquartered in Marietta, GA, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed Bank to Fidelity Bank, Atlanta, GA. Both branches of the failed Bank will reopen on Monday as branches of Fidelity Bank and […]
Putnam State Bank, Palatka, FL, Closed By Regulators
June 15, 2012 By Leave a Comment
Putnam State Bank, Palatka, FL, established in December 1988, was closed today by the Florida Office of Financial Regulation. The FDIC, appointed as receiver for the failed bank, was able to sell Putnam State Bank to Harbor Community Bank, Indiantown, FL. During the height of the real estate mania and lending boom, few states saw […]
Waccamaw Bank, Whiteville, NC, Closed By Regulators
June 9, 2012 By 1 Comment
The North Carolina Office of the Commissioner of Banks closed struggling Waccamaw Bank, Whiteville, NC, after the Bank was unable to raise additional capital. The FDIC, as receiver, sold the failed bank to First Community Bank, Bluefield, VA. Waccamaw Bank, established in 1997, had been desperately trying to raise additional capital to offset losses from […]
Farmers and Traders State Bank, IL, Closed By Regulators
June 8, 2012 By Leave a Comment
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 […]
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 […]
Security Bank, North Lauderdale, FL, Closed By Regulators
May 4, 2012 By Leave a Comment
Security Bank, National Association, North Lauderdale, FL was closed by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Banesco USA of Coral Gables, Florida. Under the purchase and assumption agreement between Banesco and the FDIC, all deposits of failed Security Bank will be assumed by […]
Five Banks Collapse In Four States – 2012 Bank Failures Total 22 – Are Your Deposits Insured?
April 28, 2012 By Leave a Comment
Regulators got back to work during the last week of April, closing five banks in four different states. A total of 22 banks have failed this year compared to a total of 92 bank failures during 2011. If the rate of bank failures for the first four months of the year is annualized, total bank […]
Palm Desert National Bank, California, Closed By Regulators
April 27, 2012 By Leave a Comment
Palm Desert National Bank, Palm Desert, California, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Pacific Premier Bank, Costa Mesa, CA., which will assume all deposits of Palm Desert National. Established in 1981, Palm Desert was a relatively small bank with […]