State regulators closed down the Sunrise Bank of Arizona, Phoenix, Arizona, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to First Fidelity Bank, N.A., Oklahoma City, Oklahoma, which will assume all deposits of Sunrise Bank. The failure of Sunrise Bank of Arizona is noteworthy since it is the […]
Sunrise Bank of Arizona Closed By Regulators, Fifth Bank Collapse For Capitol Bancorp in Three Months
August 24, 2013 By Leave a Comment
Community South Bank, TN, Becomes Second Largest Bank Failure of 2013
August 23, 2013 By 2 Comments
The second largest bank failure of the year occurred today as regulators closed down Community South Bank, Parsons, Tennessee, which had total assets of $386.9 million as of June 30, 2013. The largest bank closing of the year in terms of total assets occurred on June 7, 2013 when regulators shuttered Mountain National Bank, also […]
Bank of Wausau, WI, Closed by Regulators – 18th Bank Failure of 2013
August 9, 2013 By Leave a Comment
Bank of Wausau, a small community bank serving central Wisconsin, was shut down by state financial regulators who appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Nicolet National Bank, Green Bay, Wisconsin, which will assume all deposits. All depositors of Bank of Wausau will automatically become depositors of […]
Feds Close First Community Bank of Southwest Florida – 17th Bank Failure of 2013
August 2, 2013 By Leave a Comment
After a hiatus of almost two months bank failures resumed with a Florida bank becoming the 17 bank failure of the year. Regulators got back to work and closed the First Community Bank of Southwest Florida, Fort Meyers, FL, also operating as Community Bank of Cape Coral, Cape Coral, FL. The holding company for the […]
Bank Depositors Take More Risk Than They Realize
June 20, 2013 By Leave a Comment
Bank depositors have long enjoyed the comfort of knowing that their savings are insured by the FDIC and, if necessary, by a $500 billion line of credit from the U.S. Treasury that is available to address systemic risks and unforeseen losses in the banking industry. In times of economic distress, the deposit insurance program has […]
Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013
June 7, 2013 By Leave a Comment
Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank. Originally founded in 1998, Mountain National Bank becomes the first bank failure of […]
1st Commerce Bank, Nevada, Closed By Regulators – Fourth Bank Collapse In A Month for Capitol Bancorp
June 7, 2013 By Leave a Comment
Nevada had its first bank failure in over two years as regulators swooped in to close tiny 1st Commerce Bank, North Las Vegas, Nevada. After closing the bank, the FDIC exercised its powers as receiver and sold the failed bank to Plaza Bank, Irvine, CA. All customer of 1st Commerce will automatically become customers of […]
Banks of Wisconsin, Closed By Regulators, Becomes 14th Bank Failure of 2013
June 1, 2013 By Leave a Comment
Wisconsin had its first bank failure in over two years on Friday when state regulators closed Banks of Wisconsin, Kenosha, Wisconsin. The FDIC, appointed as receiver, sold the failed bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all deposits of Banks of Wisconsin. Banks of Wisconsin, established in June 2000, had two […]
FDIC Problem Bank List Includes Almost 9% of All Banks
May 29, 2013 By 1 Comment
The number of problem banks declined slightly during the first quarter of 2013. According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks. Although profits for the overall banking industry have increased for the past 15 […]
Two U.S. Banks Included In “The World’s 20 Strongest Banks”
May 15, 2013 By Leave a Comment
A short number of years ago the “too big to fail banks” had to be bailed out with trillions of dollars in financial aid from both the taxpayers and the Federal Reserve. At one point there were serious discussions about nationalizing the entire U.S. banking industry. As a sign of how rapidly America’s largest banks […]