First Capital Bank, Kingfisher, OK, Closed By Regulators After 110 Years Of Operation

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 […]

Palm Desert National Bank, California, Closed By Regulators

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 […]

New City Bank, Chicago, IL, Closed By Regulators, FDIC Fails To Find Buyer

New City Bank, Chicago, Illinois, is the second bank to fail in Illinois this year.  The insolvent bank was closed by the Illinois Department of Financial and Professional Regulation and the FDIC was named as receiver.  The FDIC was unable to find a buyer for the failed bank, the second time this has happened in […]

Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion

Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven.  A total of four bank failures have now occurred in Minnesota and Georgia.  During all of 2011 a total of only two banks failed in Minnesota.  Georgia had a total of 23 bank failures during […]

3 Failed Banks In Colorado and Illinois Cost FDIC $632 Million

After taking off a week from bank closings due to the fourth of July holiday weekend, regulators came back to work, closing two banks in Colorado and one in Illinois. The largest banking failure of the week was the failure of First Chicago Bank & Trust with almost $1 billion in assets.  The FDIC loss […]

Bank Failures In Nevada and Illinois Bring Year’s Total To 28

Regulators closed two small banks in Nevada and Illinois bringing the total number of banking failures for 2011 to 28. During 2010, there were a total of 157 banking failures, the most since 1992 when 181 banks failed.  A total of 140 banking failures occurred during 2009 and 25 in 2008. Although the pace of […]