Covenant Bank & Trust, Rock Spring, Georgia, in business since only 2006, was closed today by the Georgia Department of Banking and Finance. The FDIC, appointed as receiver, sold the failed bank to Stearns Bank, N.A., St. Cloud, Minnesota, which will assume all deposits of failed Covenant Bank. Covenant Bank & Trust was established as […]
New City Bank, Chicago, IL, Closed By Regulators, FDIC Fails To Find Buyer
March 9, 2012 By 1 Comment
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 […]
Global Commerce Bank, Doraville, GA, Becomes Third Georgia Banking Failure of 2012
March 2, 2012 By Leave a Comment
Georgia was the epicenter of banking failures last year and the trend seems to be continuing in 2012 as regulators close another failed Georgia bank. During 2011 Georgia had 23 bank failures, accounting for 25% of all 92 bank failures that occurred last year. Of the 12 failed banks this year, three have been in […]
Banking Industry Slowly Recovers – 813 Banks Remain On “Problem Bank List”
February 29, 2012 By 3 Comments
The FDIC’s Quarterly Banking Profile for the fourth quarter of 2011 shows a modest but steady recovery in the banking industry. Despite the fact that a majority of banks reported improved quarterly earnings, 813 institutions remain on the Problem Bank List, comprising 11% of all FDIC insured banks and savings associations. Highlights of the 2011 […]
Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion
February 25, 2012 By Leave a Comment
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 […]
Home Savings of America Collapses, FDIC Unable To Sell Bank – How Much Will Depositors Lose?
February 24, 2012 By 21 Comments
Home Savings of America, which was established during the depths of the Great Depression, was closed by regulators today. The Bank was established on September 1, 1934 and operated as a federally chartered stock savings and loan association, headquartered in Little Falls, Minnesota. According to Home Savings of America’s website, the Bank’s niche was serving […]
Central Bank of Georgia Fails After Serving Public For 102 Years
February 24, 2012 By Leave a Comment
Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions. The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]
SCB Bank of Indiana Fails Under Weight Of Bad Loans
February 10, 2012 By Leave a Comment
SCB Bank, Shelbyville, Indiana, was closed today by the Office of the Comptroller of the Currency,which appointed the FDIC as receiver. Acting as receiver, the FDIC sold the failed bank to First Merchants Bank, National Association, Muncie, Indiana. SCB Bank had been struggling under the weight of nonperforming loans since 2009. The Bank had a […]
Charter National Bank and Trust of Illinois Closed By Regulators
February 10, 2012 By Leave a Comment
Charter National Bank and Trust, Hoffman Estates, Illinois, was closed today by the Office of the Comptroller of the Currency, becoming the eight banking failure of 2012. Charter National, a small 32 year old community bank, became overwhelmed by bad loans after real estate prices began to collapse in 2008. The latest reports on Charter […]
Patriot Bank Minnesota Closed By Regulators
January 27, 2012 By Leave a Comment
Minnesota, which had only two banking failures during 2011, got off to a fast start for 2012 with the closing of a small locally owned community bank. Patriot Bank Minnesota, Forest Lake, Minnesota, was closed by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to First Resource […]