Bank of the Commonwealth, Norfolk, Virginia, founded in 1970, was closed today by the Virginia State Corporation Commission. The FDIC, acting as receiver, sold the failed bank to Southern Bank and Trust Company of Mount Olive, North Carolina. Bank of the Commonwealth had a total of 21 branches with 17 operating in Virginia and 4 […]
European Banking Crisis Spins Out Of Control – Officials Have No Solutions
September 12, 2011 By 1 Comment
The European banking crisis intensified as the threat of debt default contagion spread across Europe. What was once a “Greek” problem has quickly overwhelmed all of Europe, resulting in a broad sell of equities and frozen credit markets. Bloomberg reports that European banks are now being valued at levels last seen during the worst of […]
CreekSide Bank of Georgia Closed By Regulators
September 3, 2011 By Leave a Comment
CreekSide Bank, Woodstock, Georgia, was closed today by state regulators who appointed the FDIC as receiver. The failed bank was sold by the FDIC to Georgia Commerce Bank which will assume all deposits of the failed bank. Creekside Bank was very similar to Patriot Bank, the second Georgia bank closed by regulators today. Both banks […]
Patriot Bank of Georgia Closed By Regulators
September 3, 2011 By Leave a Comment
Patriot Bank of Georgia, Cumming, GA, was closed by state regulators who appointed the FDIC as receiver. Patriot Bank had a very short life span, having been established only in July 2006 at the peak of the real estate mania. The failed bank was sold by the FDIC to Georgia Commerce Bank, Atlanta, GA, which […]
Ocean Bank Charged With Money Laundering – Feds Pass On Criminal Charges
August 23, 2011 By 1 Comment
Ocean Bank, Miami, Florida, was charged by regulators with willfully failing to establish controls to identify and report money laundering and other suspicious activity. The Bank’s failure to properly comply with anti-money laundering laws allowed Mexican drug cartels to launder millions of dollars from illegal narcotics sales through Ocean Bank. Ocean Bank, which was founded […]
First Choice Bank of Geneva, IL, Closed By Regulators
August 19, 2011 By Leave a Comment
First Choice Bank, Geneva, Illinois, was closed by State regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to Inland Bank & Trust, Oak Brook, IL, which will assume all the deposits of the failed bank. First Choice Bank, a community bank with $141 million in assets was founded at the […]
First Southern National Bank of Georgia Becomes 67th Banking Failure
August 19, 2011 By 2 Comments
First Southern National Bank of Statesboro, Georgia, established in 2001 by a group of local businessmen, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Heritage Bank of the South, Albany, Georgia. First Southern had only one branch which will reopen on […]
Lydian Private Bank of Florida With $1.7 Billion In Assets Closed By Regulators
August 19, 2011 By Leave a Comment
The fifth largest bank failure of the year occurred in Florida today as regulators closed the $1.7 billion asset Lydian Private Bank of Palm Beach. Although the banking failures of 2011 do not come close to the size of bank failures witnessed during the financial meltdown of 2008, the collective size of this year’s banking […]
Did Regulators Stop A Run on the Bank At Failed Public Savings Bank?
August 18, 2011 By 3 Comments
Regulators closed a small 83 year old bank today in an unusual Thursday afternoon closing. Traditionally, failed banks are closed by regulators at the close on business on Friday afternoon to minimize customer disruption. Was the unusual timing of the bank closing related to panicked depositors withdrawing money? Although the FDIC did not comment on […]
First National Bank of Olathe, Kansas, Closed By Regulators
August 12, 2011 By Leave a Comment
The First National Bank of Olathe, established in 1887, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Enterprise Bank & Trust, Clayton, Missouri. Enterprise Bank & Trust will assume all deposits of failed First National Bank of Olathe. All six branches […]