Sun Security Bank, Ellington, Missouri, was closed today by state regulators and the FDIC was appointed as receiver. The failed bank, which had 27 branches across Southern Missouri, became the State’s first banking failure of 2011. The last banking failure in Missouri occurred on October 15, 2010. The FDIC sold Sun Security to Great Southern […]
The RiverBank, Wyoming, Minnesota, Fails After 114 Years
October 7, 2011 By Leave a Comment
The River Bank, Wyoming, Minnesota, was closed today by the Minnesota Department of Commerce. The FDIC was appointed as receiver and sold the failed bank to Central Bank, Stillwater, MN. All deposits of The River Bank will be assumed by Central Bank. The River Bank was originally founded as The Bank of Osceola by businessman […]
First International Bank, Plano, Texas, Closed By Regulators
September 30, 2011 By 1 Comment
The first bank failure in the state of Texas occurred today when the Texas Department of Banking closed First International Bank, Plano, Texas. The FDIC, appointed as receiver for the failed bank, sold First International to American First National Bank of Houston, Texas. Ironically, First International Bank’s origins were based on a failed bank. First […]
Citizens Bank of Northern California Closed By Regulators
September 23, 2011 By Leave a Comment
Citizens Bank of Northern California, Nevada City, CA, founded in 1995, was closed today by the California Department of Financial Institutions. The FDIC, acting as receiver, sold the failed bank to Tri Counties Bank, Chico, CA. Citizens Bank had seven branches which will reopen on Monday as branches of Tri Counties Bank. Depositors of failed […]
Bank of the Commonwealth, Norfolk, VA, Closed By Regulators
September 23, 2011 By 1 Comment
Bank of the Commonwealth, Norfolk, Virginia, founded in 1970, was closed today by the Virginia State Corporation Commission. The FDIC, acting as receiver, sold the failed bank to Southern Bank and Trust Company of Mount Olive, North Carolina. Bank of the Commonwealth had a total of 21 branches with 17 operating in Virginia and 4 […]
CreekSide Bank of Georgia Closed By Regulators
September 3, 2011 By Leave a Comment
CreekSide Bank, Woodstock, Georgia, was closed today by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to Georgia Commerce Bank which will assume all deposits of the failed bank. Creekside Bank was very similar to Patriot Bank, the second Georgia bank closed by regulators today. Both banks […]
Patriot Bank of Georgia Closed By Regulators
September 3, 2011 By Leave a Comment
Patriot Bank of Georgia, Cumming, GA, was closed by state regulators who appointed the FDIC as receiver. Patriot Bank had a very short life span, having been established only in July 2006 at the peak of the real estate mania. The failed bank was sold by the FDIC to Georgia Commerce Bank, Atlanta, GA, which […]
First Choice Bank of Geneva, IL, Closed By Regulators
August 19, 2011 By Leave a Comment
First Choice Bank, Geneva, Illinois, was closed by State regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to Inland Bank & Trust, Oak Brook, IL, which will assume all the deposits of the failed bank. First Choice Bank, a community bank with $141 million in assets was founded at the […]
First Southern National Bank of Georgia Becomes 67th Banking Failure
August 19, 2011 By 2 Comments
First Southern National Bank of Statesboro, Georgia, established in 2001 by a group of local businessmen, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Heritage Bank of the South, Albany, Georgia. First Southern had only one branch which will reopen on […]
Lydian Private Bank of Florida With $1.7 Billion In Assets Closed By Regulators
August 19, 2011 By Leave a Comment
The fifth largest bank failure of the year occurred in Florida today as regulators closed the $1.7 billion asset Lydian Private Bank of Palm Beach. Although the banking failures of 2011 do not come close to the size of bank failures witnessed during the financial meltdown of 2008, the collective size of this year’s banking […]