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Tag Archives: Bank Failure

Regulators Close Banks in Tennessee, Arizona

The FDIC's list of federally insured bank failures grew to 20 so far this year as two more banks collapsed. On Friday, FDIC announced the closures of Community South Bank (Parsons, Tennessee) and Sunrise Bank of Arizona (Phoenix).

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Commentary: Summers Time?

With Ben Bernanke set to leave his post as Federal Reserve chairman next January, we could be set for a history-making appointment. Lawrence Summers' appointment would appear to be justified looking solely at his resume, but it was at Harvard he may have shown his true colors. Janet Yellen is considered a ""dove"" on the Federal Open Market Committee--more concerned with unemployment than inflation and thus less likely to press for higher interest rates.

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Florida Bank Failure Raises Tally to 17

After nearly two months with no activity, FDIC's list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral).

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Bank Failure Tally Up to 14 after Closing of Wisconsin Bank

The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), FDIC announced Friday. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.

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FDIC Institutions See Record Earnings in Q1, Problem List Shrinks

Together, commercial banks and savings institutions insured by the FDIC earned record profits in the first quarter, while the number of ""problem"" banks continued to decline. According to the FDIC, net income for FDIC-insured institutions reached an an all-time high of $40.3 billion in Q1, up by 15.8 percent from last year. FDIC's list of ""problem"" banks was reduced for the eighth straight quarter, decreasing to 612. Two years ago, 888 banks were on the list.

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Three Former Execs of Failed Bank Convicted in Fraud Scheme

Three former executives of the Bank of the Commonwealth and a borrower were convicted by a federal jury in Norfolk, Virginia for their roles in a fraud scheme that eventually led to the bank's failure in 2011, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) said last week in a release.

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Arizona Bank Closes, Bringing 2013 Tally to 13

FDIC announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Western State Bank (Devils Lake, North Dakota).

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