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Tag Archives: Bank Failure

Bank Failure Tally Rises to 10 After Two Weekend Closings

This year's bank failure tally rose to double digits over the weekend with the collapse of two more federally insured institutions. FDIC announced the closing of Parkway Bank in Lenoir, North Carolina, and Douglas County Bank in Douglasville, Georgia, bringing the total number of bank closings this year to 10. While this year has been slower in terms of bank failures, April has seen the pace pick up, with more than half of the year's closings occurring this month alone.

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Three Banks Collapse Over Weekend, Raising 2013 Tally to 8

The 2013 national bank failure tally ran up to eight this weekend as three more institutions fell by the wayside. FDIC announced the collapses of Chipola Community Bank in Marianna, Florida; Heritage Bank of North Florida in Orange Park; and First Federal Bank in Lexington, Kentucky. Chipola Community Bank and Heritage Bank of North Florida were both closed by the Florida Office of Financial Regulation, which appointed FDIC as receiver of both.

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Arizona Bank Failure Raises 2013 Tally to 5

Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, the agency announced. The Arizona Department of Financial Institutions closed the bank Friday, appointing FDIC as receiver. To protect depositors, Gold Canyon Bank's estimated $44.2 million in deposits has been assumed by First Scottsdale Bank, National Association, which has also agreed to purchase essentially all of the failed bank's $45.2 million in total assets.

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Fed Rejects Capital Plans for Ally and BB&T; 14 Banks Accepted

Out of 18 large banks, the Federal Reserve announced 14 banks received approval for their capital plans, while the plans of two banks, Ally Financial and BB&T Corp., were rejected. According to the results, Goldman Sachs and JP Morgan Chase were not rejected but are required to submit new capital plans.

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Georgia Bank Collapses Over Weekend; 2013 Tally Now at 4

FDIC announced Friday the closure of Frontier Bank, based in LaGrange, Georgia. The Georgia Department of Banking and Finance shut down the bank, appointing FDIC as receiver. HeritageBank of the South (Albany, Georgia)has picked up all of Frontier Bank's $224.1 million in deposits and ""virtually all"" of the closed bank's $258.8 million in assets, FDIC said.

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Chicago Bank Falls, Raising 2013 Tally to Three

Chicago's Covenant Bank is the third FDIC-insured institution to close this year, the agency announced. The Illinois Department of Financial and Professional Regulation--Division of Banking closed the bank Friday, appointing FDIC as receiver. As of the end of last year, Covenant Bank had approximately $58.4 million in total assets and $54.2 million in total deposits.

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FDIC Announces First 2013 Bank Failure

Washington's Westside Community Bank has the dubious honor of being the first to fall in 2013. The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside on Friday.

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