AztecAmerica Bank, Berwyn, Illinois was closed today by state regulators and the FDIC was named as receiver. Founded in September 2005 at the height of the real estate boom, AztecAmerica remained a small bank with assets of only $66 million at the time of its failure. The Bank was founded with the intent of appealing […]
FDIC Issues 40 Enforcement Actions
April 26, 2014 By 2 Comments
The FDIC issued a list of 40 enforcement actions taken against banks and individuals during March 2014. The enforcement actions include the following: 4 consent orders 1 prompt corrective action directive 9 section 19 orders 14 orders terminating consent orders and cease and desist orders 1 order terminating a prompt corrective action 2 civil money […]
Vantage Point Bank, Horsham, PA, Becomes Fifth Banking Failure of 2014
February 28, 2014 By 1 Comment
Vantage Point Bank, Horsham, PA, became the fifth banking failure of 2014 as regulators swooped in to close the insolvent bank. Established in December 2007 as real estate values were already collapsing this small community bank quickly ran into financial difficulties with bad loans, declining revenues, troubles with their home mortgage financing programs, and the […]
Millennium Bank, Sterling, VA, Closed By Regulators
February 28, 2014 By Leave a Comment
Millennium Bank, Sterling, Virginia, was close today by the Office of the Comptroller. The failed bank which was established in 1999 was placed into receivership with the FDIC. To protect depositors the FDIC sold the failed bank to WashingtonFirst Bank, Reston, VA. Under the terms of the purchase and assumption agreement with the FDIC, WashingtonFirst […]
Increased Bank Profits Mainly Due to Lower Loan Loss Provisions – When Will Real Profits Increase?
February 27, 2014 By Leave a Comment
On the surface the latest FDIC Quarterly Banking Profile reflects a recovering banking industry with robust profit growth. For the fourth quarter of 2013 banks collectively reported net income of $40.3 billion which is a $5.8 billion or 16.9% increase from the previous year’s fourth quarter. Making the picture look even brighter is the fact […]
The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
January 24, 2014 By Leave a Comment
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world wars but found itself unable to cope with a massive amount of defaulted loans. As of September 30, 2013, The Bank […]
Texas Community Bank, The Woodlands, Texas, Becomes 24th Bank Failure of 2013
December 13, 2013 By 1 Comment
Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver for the failed bank, sold Texas Community to Spirit of Texas Bank, College Station, Texas, which will assume all deposits of the failed bank. Founded in September 2002, Texas Community […]
FDIC Slashes Operating Budget By 11% Citing Recovery In Banking Industry
December 11, 2013 By 1 Comment
The continuing recovery of the U.S. banking industry means less work for the agency primarily responsible for the safety and soundness of the nation’s banks and savings associations. Due to the decline in banking failures and resolution receivables, the FDIC announced today that their operating budget for 2014 will decline by 10.9% to $2.39 billion. […]
FDIC Reports Earnings Decline For Banks In Third Quarter
November 28, 2013 By Leave a Comment
The Quarterly Banking Profile released by the FDIC showed that profits for the banking industry declined for the first time since the second quarter of 2009. FDIC insured commercial banks and savings institutions reported net income of $36.0 billion for the third quarter of 2013 which was a $1.5 billion (3.9%) decline from the previous […]
Bank of Jackson County, Florida, Closed By Regulators
October 30, 2013 By Leave a Comment
After a month and a half with no banking failures, regulators closed the small Bank of Jackson County, Graceville, FL. After being shut down by the Florida Office of Financial Regulation, the FDIC was named as receiver. After selling the failed bank to First Federal Bank of Florida, Lake City, FL, all deposit accounts of […]