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Tag Archives: Bank Failure

Georgia and Washington Lenders Seized by Regulators

State and federal regulators stepped in to shut down two community based lenders in Georgia and one in Washington state over the weekend. They bring the number of FDIC-insured bank failures to 43 for the year. CertusBank, N.A. of Easley, South Carolina, picked up both the failed Georgia banks, Atlantic Southern Bank and First Georgia Banking Company, while Tacoma's Columbia State Bank acquired the failed Summit Bank, based in Burlington, Washington.

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Premier American Acquires Failed Florida Bank

Federal regulators stepped in this weekend to shut down Coastal Bank in Cocoa Beach, Florida, making it the 40th FDIC-insured institution to fail so far this year. Miami's Premier American Bank, N.A., which is a wholly-owned subsidiary of Bond Street Holdings, Inc. entered into an agreement with the FDIC to purchase essentially all of the assets, and assume all of the deposits and certain other liabilities, of Coastal Bank. According to Premier American, this transaction makes it the sixth largest independent bank in Florida.

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Regulators Close the Doors of Five Community-Based Lenders

State and federal banking regulators shut down five institutions over the weekend - two in Georgia, two in Florida, and one in Michigan. This latest round of closings brings the number of bank failures to 34 for the 2011 calendar year. The largest of the closings was the Park Avenue Bank in Valdosta, Georgia, with $953.3 million in assets.

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A Break in Bank Failures as FDIC Lowers Loss Estimates

With no lender closings this weekend, the 2011 failed-bank tally holds at 34. By comparison, at this time in 2010, the year's failures stood at 57. Earlier this month, the FDIC updated its loss projections. The cost of FDIC-insured institution failures for the five-year period from 2011 through 2015 is expected to be $21 billion, compared to losses of $24 billion for banks that failed in 2010 alone. Market analysis conducted by Trepp LLC indicates that lenders are now taking the biggest hit from souring commercial real estate loans.

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Regulators Shut Down Six Lenders in Biggest Single-Day Run of the Year

State and federal regulators closed the doors of six community-based lenders on Friday - two in Alabama, two in Georgia, and one each in Minnesota and Mississippi. This latest round of closings brings the total number of FDIC-insured bank failures to 34 for the year, and represents the most shut-downs in a single day since mid-December. Birmingham's Superior Bank was the largest of the closings and marks the first multi-billion dollar bank failure of 2011.

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Regulators Close Down Illinois and Nevada Lenders

After a two-week lull in which no banking institution was shuttered by regulators, the FDIC stepped in this weekend to seize Western Springs National Bank and Trust in Illinois and Nevada Commerce Bank headquartered in Las Vegas. The two closings bring the total number on the FDIC's failed bank list for the 2011 calendar year to 28. Bank failures have slowed recently. During the first quarter of this year, 27 insured banks went under. It's the lowest quarterly tally since the second quarter of 2009 when bad real estate loans were forcing near-record numbers to close their doors weekly.

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Illinois Bank Seized by Regulators

After two weeks of no bank failures, regulators stepped in to shut down one institution Friday evening - the Bank of Commerce in Wood Dale, Illinois. The closing brings the total number of bank failures during the first quarter of 2011 to 26. Wintrust Financial Corporation, headquartered in Lake Forest, Illinois, acquired the shuttered community bank in an FDIC-assisted transaction, making it part of the financial holding company's Advantage National Bank Group.

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Regulators Close the Doors on Oklahoma and Wisconsin Lenders

The first full week of March saw no bank shut-downs, but that lull came to a quick end as regulators seized control of two community-based lenders Friday evening - First National Bank of Davis in Oklahoma and Legacy Bank in Milwaukee, Wisconsin. They bring the number of names on the FDIC's failed bank list to 25 for the 2011 calendar year.

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Home Loans Now Less of a Toxic Threat than Commercial Real Estate

While the housing crisis is what triggered the economic downturn and pushed so many lenders under early on in the receession, it seems the biggest threat has now shifted from residential mortgages to souring commercial real estate (CRE) loans. Commercial real estate proved to be the downfall of the 12 banks that failed last month, according to a report by Trepp, LLC. The company says CRE loans made up 72 percent of the failed banks' nonperforming assets, while residential loans were a distant second, comprising just 20 percent.

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Illinois Lender Seized by Regulators

In a break from the typical multiple institutional closings that have become the norm of any given weekend for the last couple of years, regulators took control of just one community-based lender Friday evening -- Valley Community Bank in St. Charles, Illinois. The seizure of Valley Community brings the number of names on the FDIC's failed bank list to 23 for the 2011 calendar year.

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