Waccamaw Bank, Whiteville, NC, Closed By Regulators

The North Carolina Office of the Commissioner of Banks closed struggling Waccamaw Bank, Whiteville, NC, after the Bank was unable to raise additional capital.  The FDIC, as receiver, sold the failed bank to First Community Bank, Bluefield, VA. Waccamaw Bank, established in 1997, had been desperately trying to raise additional capital to offset losses from […]

Banking Failures Increase To Eleven As Regulators Seize Four Banks

Four banking failures in four different states increased the number of banking collapses in 2011 to eleven banks. The FDIC, with a long list of 860 Problem Banks, was hit for $545.5 million in losses.  The total cost of the year’s banking failures now totals $1.2 billion. During 2010 a total of 157 banking failures […]

First Community Bank of New Mexico Fails

January 28, 2010 – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Divisions, which then appointed the FDIC as receiver.  The FDIC sold the failed bank to U.S. Bank, N.A., Minneapolis, Minnesota, a subsidiary of US Bancorp. First Community was started in 1922.  With $2.3 billion in assets […]