Wisconsin had its first bank failure in over two years on Friday when state regulators closed Banks of Wisconsin, Kenosha, Wisconsin. The FDIC, appointed as receiver, sold the failed bank to North Shore Bank, FSB, Brookfield, Wisconsin, which will assume all deposits of Banks of Wisconsin. Banks of Wisconsin, established in June 2000, had two […]
Banks of Wisconsin, Closed By Regulators, Becomes 14th Bank Failure of 2013
June 1, 2013 By Leave a Comment
Central Arizona Bank Fails – Third Bank Failure In A Week For Capitol Bancorp, Ltd
May 14, 2013 By Leave a Comment
In an unusual weekday action, state regulators closed Central Arizona Bank, Scottsdale, AZ, and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Western State Bank, Devils Lake, North Dakota, which will assume all deposits of Central Arizona Bank. With only $31.6 million in assets, the failure of Central […]
Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?
May 10, 2013 By Leave a Comment
Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C. Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]
Chipola Community Bank, FL, Closed By Regulators
April 20, 2013 By Leave a Comment
After going without a banking failure since November 2012, regulators closed two Florida banks on Friday. Shortly after closing the Heritage Bank of North Florida, regulators closed Chipola Community Bank of Marianna, Florida. During 2012 a total of eight banks failed in Florida, accounting for 16% of the 51 bank failures nationwide. Chipola Community Bank […]
First Federal Bank, Lexington, KY, Closed By Feds
April 19, 2013 By Leave a Comment
After 78 years of serving the local community, First Federal Bank, Lexington, KY, was closed today by the Office of the Comptroller. The FDIC, named as receiver for the failed bank, sold First Federal to Your Community Bank, New Albany, Indiana, which will assume all deposits of the failed bank. According to First Federal Bank’s […]
Frontier Bank, LaGrange, GA, Closed By Regulators, Largest Bank Failure of 2013
March 8, 2013 By Leave a Comment
Frontier Bank, La Grange, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to HeritageBank of the South, Albany, Georgia. HeritageBank will assume all deposits of Frontier. Frontier Bank was established in 1946 and originally named Valley National Bank of […]
FDIC Issues 71 Enforcement Actions Against Banks and Individuals In December
January 25, 2013 By 1 Comment
The FDIC today issued the list of 71 enforcement actions taken against banks and individuals in December 2012. In the previous month, there were a total of 72 enforcement actions taken. The December enforcement actions include the following: 11 consent orders 1 prompt corrective action 13 civil money penalties 12 section 19 orders 14 orders […]
Westside Community Bank, Washington, Closed By Regulators – First Bank Failure of 2013
January 11, 2013 By Leave a Comment
Westside Community Bank, University Place, Washington, became the first bank closing of 2013. Regulators from the Washington State Department of Financial Institutions closed the bank today and appointed the FDIC as receiver. To protect depositors, the FDIC sold failed Westside Community Bank to Sunwest Bank, Irvine, CA. Westside Community Bank was established in March 1995. […]
Community Bank of the Ozarks, Sunrise Beach, MO, Closed By Regulators
December 14, 2012 By Leave a Comment
Community Bank of the Ozarks, Sunrise Beach, MO, was closed today by the Missouri Division of Finance, which named the FDIC as receiver. Community Bank of the Ozarks, which describes itself as a “strong, independent community bank” on its website, was buried under an avalanche of defaulted loans. At September 30, 2012, the Bank had […]
Tips On Saving and Managing Money For Young Adults – FDIC Consumer News
December 14, 2012 By Leave a Comment
Why do so many people make mistakes in handling money? The foundation to wealth rests upon sound principles for borrowing, saving and investing yet many Americans lack the fundamental knowledge necessary to accomplish their goals. According to the State of Working America, the median wealth for white households is only $97,000 and for black households […]