In an unusual weekday action, state regulators closed Central Arizona Bank, Scottsdale, AZ, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Western State Bank, Devils Lake, North Dakota, which will assume all deposits of Central Arizona Bank. With only $31.6 million in assets, the failure of Central […]
Central Arizona Bank Fails – Third Bank Failure In A Week For Capitol Bancorp, Ltd
May 14, 2013 By Leave a Comment
Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp
May 10, 2013 By Leave a Comment
Regulators closed the second bank of the day controlled by Capitol Bancorp, the troubled holding company that holds 11 different banks in nine different states. Sunrise Bank, Valdosta, GA, was closed by state regulators while earlier in the day, regulators closed Pisgah Community Bank, N.C., also owned by Capitol Bancorp. The FDIC, acting as receiver, […]
Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?
May 10, 2013 By Leave a Comment
Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]
Fannie Mae Is Suddenly The Most Profitable Company on Planet Earth
May 10, 2013 By 7 Comments
In early April Fannie Mae announced blockbuster profits of $17.2 billion for 2012 and $7.6 billion for the fourth quarter. The profits reported for 2012 represented the largest annual and quarterly net profits in the company’s history. The financial position of Fannie Mae had improved dramatically since 2011 when Fannie Mae reported a loss of […]
Douglas County Bank, GA, Biggest Bank Failure of 2013
April 26, 2013 By Leave a Comment
Douglas County Bank, Douglasville, GA, was closed today by the Georgia Banking Department. The FDIC, acting as receiver, sold Douglas County Bank to Hamilton State Bank, Hoschton, Georgia, which will assume all deposits of the failed bank. Regulators have been closing a series of small sized banks this year that were unable to recover financially […]
Parkway Bank, NC, Closed By Regulators
April 26, 2013 By Leave a Comment
Parkway Bank, a North Carolina chartered bank headquartered in Lenoir, NC, was closed today by state regulators. Acting as receiver, the FDIC entered into a purchase and assumption agreement with CertusBank, N.A., Easley, South Carolina, which will assume all deposits of Parkway Bank. Founded in 2001, Parkway Bank has been a problem bank for regulators […]
Chipola Community Bank, FL, Closed By Regulators
April 20, 2013 By Leave a Comment
After going without a banking failure since November 2012, regulators closed two Florida banks on Friday. Shortly after closing the Heritage Bank of North Florida, regulators closed Chipola Community Bank of Marianna, Florida. During 2012 a total of eight banks failed in Florida, accounting for 16% of the 51 bank failures nationwide. Chipola Community Bank […]
Heritage Bank of North Florida, FL, Shuttered By Regulators
April 19, 2013 By Leave a Comment
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 […]
Bank of America Has Built a “Fortress Balance Sheet”
April 6, 2013 By Leave a Comment
A short number of years ago, no one in his right mind would have associated the term “fortress balance sheet” with Bank of America. During the financial crisis, Bank of America was forced to accept a massive $45 billion bailout from the U.S. Treasury. As the financial system imploded during 2008 many people wondered if […]