Badger State Bank, Cassville, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC sold Badger to Royal Bank, Elroy, Wisconsin, which assumed all deposits of failed Badger Bank. Badger State Bank was a one branch bank with total assets of $83.8 million and total deposits […]
Metro Bank of Dade County, Florida Joins Failed Bank List
July 17, 2010 By Leave a Comment
MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year. Metro Bank had a total of six branches […]
Woodlands Bank of Bluffton, South Carolina Closed by Regulators
July 17, 2010 By Leave a Comment
Woodlands Bank, headquartered in Bluffton, South Carolina was closed on July 16, 2010 by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. Woodlands Bank had branches in Mobile, Alabama; Savannah, Georgia; Bluffton, South Carolina; Beaufort, South Carolina; Wilmington, North Carolina; and Southport, North Carlina with a loan office […]
Regulators Close Pinehurst Bank
May 21, 2010 By Leave a Comment
Today May 21, 2010, Pinehurst Bank of St. Paul Minnesota was closed by the Minnesota Department of Commerce, with the Federal Deposit Insurance Corporation appointed as receiver. All deposits of the bank were assumed by Coulee Bank of La Crosse, Wisconsin though a purchase and assumption agreement. Pinehurst Bank was formed in 2003 and opened […]
One Failed Bank For October 16, 2009 – San Joaquin Bank
October 17, 2009 By Leave a Comment
Banking Failures – 99 And Counting The number of failed banks for 2009 has risen to 99. San Joaquin Bank of Bakersfield, California was closed by the California Department of Financial Institutions on Friday. The FDIC as receiver, entered into a purchase and assumption agreement with Citizens Business Bank or Ontario, California. San Joaquin Bank, […]
Sign Of A Problem Bank – High CD Rates
May 25, 2009 By 2 Comments
Brokered Deposits Keep Problem Banks Alive Citizens National Bank, Macomb, Illinois, was the latest failed bank on May 22, 2009. One eye-catching statistic on this bank failure was the stunning percentage of Citizens assets represented by brokered deposits. Of total deposits of $400 million, a whopping 50% ($200 million) represented brokered deposits. Many […]
Failed Banks For May 21, 2009
May 21, 2009 By Leave a Comment
Failed Banks: BankUnited, FSB There was one more failed bank this week on May 21 – BankUnited, FSB, Coral Gables, FL. 2009 has now seen a total of 9 more failed banks than occurred for all of 2008. The FDIC closure of BankUnited brings total banking failures for 2009 to 34 banks. The FDIC estimates […]
Expert Predicts Up To 500 Failed Banks In 2009 – Is The FDIC Ready?
May 11, 2009 By 2 Comments
Can The FDIC Handle 500 Bank Failures? The former head of the Resolution Trust Company, William Seidman, recently provided commentary on the ability of the FDIC to handle its many critical assignments. According to Mr. Seidman, the successful execution of the FDIC’s new duties is critical to ensuring a recovery of the US financial system. […]
Some Interesting Facts On Failed Banks
May 10, 2009 By Leave a Comment
Failed Banks By Decade Here is the historical record on the number of bank failues in the United States since the 1930’s. By Decade Total Bank Failures 2000-2007 32 1990-1999 925 1980-1989 2,036 1970-1979 […]