The State of Kansas had its first bank failure of the year today when state regulators closed the Heartland Bank, Leawood, Kansas. The FDIC, appointed as receiver, sold the failed bank to Metcalf Bank, Lees Summit, Missouri, which will assume all deposits of the failed bank. The history of Heartland Bank extends over a century […]
First Cherokee State Bank, GA, Closed By Regulators
July 20, 2012 By Leave a Comment
Georgia, which had the most bank failures of any state during 2011, looks like it may retain this dubious record for 2012. Regulators closed two banks in Georgia today, bringing the year to date total of bank failures in the State to eight, representing 22% of bank failures this year. During 2011, Georgia accounted for […]
Georgia Trust Bank Fails – Feds Sell Bank To Community & Southern Bank
July 20, 2012 By Leave a Comment
Georgia continues to lead the nation with bank failures as regulators closed two more failed banks in Georgia. The latest bank to fail in the State was the Georgia Trust Bank, Buford, GA. For the year a total of eight banks have failed in Georgia, making the State the capital of U.S. bank failures and […]
The Royal Palm Bank of Florida Closed By Regualtors
July 20, 2012 By Leave a Comment
The Royal Palm Bank of Florida, Naples, FL, was closed today by the Florida Office of Financial Regulation which appointed the FDIC as receiver. Opened in 2001, The Royal Palm Bank had served all of Southwest Florida through three offices in Collier & Lee counties, offering full service commercial banking services. In 2006, The Royal […]
Glasgow Savings Bank, Oldest Bank In Missouri, Closed By Regulators
July 13, 2012 By Leave a Comment
Glasgow Savings Bank, Glasgow, Missouri, the oldest bank in the state, was closed down today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed bank to Regional Missouri Bank, Marceline, Missouri. Glasgow Savings Bank opened in April 1852. Despite a 160 year history of operations, the bank remained very small […]
Montgomery Bank & Trust, Georgia, Closed By Regulators
July 6, 2012 By Leave a Comment
Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance. Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]
Three Banks Fail In Tennessee, Georgia and Florida – Total 2012 Bank Failures At 31
June 16, 2012 By Leave a Comment
Regulators closed three banks in three different states, as loan losses continue to plague the banking industry. Efforts by small banks to raise additional capital have become increasing difficult due to low loan demand, a slowing economy and investor antipathy towards banking stocks. The latest three banking failures in Tennessee, Georgia and Florida bring total […]
The Farmers Bank of Lynchburg, TN, Closed By Regulators After 124 Years Of Operations
June 16, 2012 By Leave a Comment
One of the oldest banking institutions in the country was closed by regulators after becoming critically undercapitalized. The Farmers Bank of Lynchburg, established in 1888, was closed by the Tennessee Department of Financial Institutions which appointed the FDIC as receiver. In order to protect depositors, the failed bank was sold by the FDIC to Clayton […]
Security Exchange Bank, Marietta, GA, Fails After Loan Defaults Soar
June 16, 2012 By Leave a Comment
Security Exchange Bank, Marietta, GA, a locally owned community bank headquartered in Marietta, GA, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed Bank to Fidelity Bank, Atlanta, GA. Both branches of the failed Bank will reopen on Monday as branches of Fidelity Bank and […]
Putnam State Bank, Palatka, FL, Closed By Regulators
June 15, 2012 By Leave a Comment
Putnam State Bank, Palatka, FL, established in December 1988, was closed today by the Florida Office of Financial Regulation. The FDIC, appointed as receiver for the failed bank, was able to sell Putnam State Bank to Harbor Community Bank, Indiantown, FL. During the height of the real estate mania and lending boom, few states saw […]