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Tag Archives: Bank Failure

Closing of Texas Bank Pushes Year’s Failures to 74

The Texas Department of Banking and the FDIC seized control of First International Bank in Plano, Texas, over the weekend. The closing is expected to cost the FDIC's insurance fund $53.8 million and brings the agency's failed-bank tally to 74 for the 2011 calendar year. The FDIC brokered a deal with Houston, Texas' American First National Bank to take over the failed institution and purchase essentially all of its assets.

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Regulators Shut Down California and Virginia Lenders

State and federal regulators stepped in to close the doors on two community-based lenders over the weekend - one in California and one in Virginia pushing this year's failed bank tally to 73. Citizens Bank of Northern California was acquired by Tri Counties Bank out of Chico, California. Bank of the Commonwealth in Norfolk, Virginia was the larger of the two closings. It was picked up by North Carolina's Southern Bank and Trust Company.

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Banks Respond to Moody’s Ratings Downgrades

The three major banks that received downgrades from Moody's this week responded with assertions of their value. Bank of America's and Wells Fargo's long-term credit ratings were downgraded, while Citigroup was hit with a downgrade of its short-term credit rating. Moody's says the downgrades stem from its belief the government is more likely now than during the financial crisis to allow a large bank to fail. The banks say that assessment is more a reflection on systemic support than their own liquidity profiles.

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Federal Regulators Close First National Bank of Florida

The Office of the Comptroller of the Currency (OCC) appointed the FDIC receiver of the First National Bank of Florida late Friday evening, making it the 71st FDIC-insured institution to go under this year. The OCC said it acted after finding that the bank ""had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices."" CharterBank out of Georgia agreed to take over the failed bank's operations.

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Two Georgia Banks Shuttered

State and federal regulators on Friday closed the doors on two Georgia lenders, bringing the number of names on the FDIC's failed-bank list to 70 for the 2011 calendar year. The state of Georgia's banking industry has been especially hard-hit by the real estate and economic downturns. It's been home to the most bank failures since the crisis set in, with 19 institutional closings over the last eight-and-a-half months. Patriot Bank of Georgia in Cumming and CreekSide Bank in Woodstock are the latest casualties.

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FDIC’s ‘Problem Bank List’ Shrinks for First Time Since 2006

Bad real estate loans from the heyday of the boom have weighed heavy on banks' balance sheets, forcing 365 FDIC-insured institutions to close up shop over the last two-and-a-half years. The FDIC keeps a list of banks it considers to have a high-risk of failure. This so-called ""Problem List"" has declined for the first time since the third quarter of 2006. The number of ""problem"" institutions under the FDIC's watchful eye fell from 888 at the end of the first quarter to 865 at the end of the second.

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Regulators Shut Down Four More Community-Based Lenders

This year's failed-bank tally has hit 68 with the closings of four more FDIC-insured lenders. The latest casualties can be found in Florida, Georgia, Illinois, and Pennsylvania, and collectively are expected to cost the FDIC an estimated $374.8 million. Lydian Private Bank, based out of Palm Beach, Florida, was the largest of the seizures in this latest round. It operated five branches, with $1.24 billion in deposits and $1.70 billion in assets.

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Federal Regulators Close Down Kansas Lender

The Office of the Comptroller of the Currency shut down First National Bank of Olathe in Kansas on Friday evening and appointed the FDIC as receiver. So far this year, 64 insured institutions have landed on the FDIC's failed bank list. First National Bank of Olathe is the first Kansas-based institution to make that list in 2011. Enterprise Bank & Trust of Clayton Missouri agreed to take over the failed lender.

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Regulators Close Down Lenders in Illinois and Washington

This year's failed-bank tally rose to 63 over the weekend, as state and federal regulators seized control of two more community-based lenders -- Bank of Whitman in Colfax, Washington, and Bank of Shorewood in Illinois. Together, the two closings are expected to cost the FDIC $160 million. Though still elevated, the number of bank seizures has tapered off considerably from earlier in the crisis. At this time last year, the count of FDIC-insured institutional failures stood at 109 for the 2010 calendar year.

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Year’s Bank Failures Rise to 61 as Regulators Close Three More

Federal and state regulators shut down three more community-based lenders over the weekend in Indiana, South Carolina, and Virginia. With this latest round of closings, the FDIC's failed-bank list has grown to 61 for the 2011 calendar year. Integra Bank, N.A. in Evansville, Indiana, was the largest of this weekend's seizures, with 52 branches, $1.9 billion in deposits, and assets totaling $2.2 billion. It was taken over by Old National Bank, also in Indiana.

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