AztecAmerica Bank, Berwyn, Illinois, Seventh Bank Failure of 2014

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

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 […]

FDIC Says Problem Banks Still Six Times Higher Than in 2007

The FDIC Quarterly Banking Profile for the fourth quarter of 2013 shows a continued reduction in the number of problem banks.  The total number of banks on the FDIC Problem Bank List decreased for the 11th consecutive quarter to 467 banks as of December 31, 2013 compared to 515 problem banks in the previous quarter. […]

Syringa Bank, Idaho, Becomes Third Banking Failure of 2014

Idaho state banking regulators closed Syringa Bank, Boise, Idaho, and appointed the FDIC as receiver for the failed bank.  The FDIC sold Syringa Bank to Sunwest Bank, Irvine, CA, which will assume all deposits of the failed bank. Syringa Bank, founded in 1997, had total assets of $153.4 million and total deposits of $145.1 million […]

The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014

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 […]

Number of Problem Banks Decline By 10% In Second Quarter

The latest Quarterly Banking Profile issued by the FDIC today shows almost a 10% decline in the number of banks on the confidential FDIC Problem Bank List. The number of problem banks finally declined to under 600 for the first time since the first quarter of 2009.  The number of problem banks declined by 59 […]

Sunrise Bank of Arizona Closed By Regulators, Fifth Bank Collapse For Capitol Bancorp in Three Months

State regulators closed down the Sunrise Bank of Arizona, Phoenix, Arizona, and appointed the FDIC as receiver.  To protect depositors, the FDIC sold the failed bank to First Fidelity Bank, N.A., Oklahoma City, Oklahoma, which will assume all deposits of Sunrise Bank. The failure of Sunrise Bank of Arizona is noteworthy since it is the […]

Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013

Mountain National Bank, Sevierville, TN was closed today by the Office of the Comptroller of the Currency.  The FDIC, appointed as receiver, sold the failed bank to First Tennessee Bank, N.A., Memphis, TN, which will assume all deposits of Mountain National Bank. Originally founded in 1998, Mountain National Bank becomes the first bank failure of […]

FDIC Problem Bank List Includes Almost 9% of All Banks

The number of problem banks declined slightly during the first quarter of 2013.  According to the latest Quarterly Banking Profile released today by the FDIC, the number of problem banks declined from 651 to 612, for a net reduction of 39 banks. Although profits for the overall banking industry have increased for the past 15 […]

Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp

Regulators closed the second bank of the day controlled by Capitol Bancorp, the troubled holding company that holds 11 different banks in nine different states.  Sunrise Bank, Valdosta, GA, was closed by state regulators while earlier in the day, regulators closed Pisgah Community Bank, N.C., also owned by Capitol Bancorp. The FDIC, acting as receiver, […]