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Tag Archives: Bank Failure

One Georgia Bank Closed Friday; Tally Is Now 12

State regulators closed Global Commerce Bank of Doraville, Georgia on Friday, marking the first bank closing for March and the second Georgia bank to close in two weeks. So far this year, twelve FDIC-insured banks have closed. The FDIC entered into a purchase and assumption agreement with Metro City Bank of Doraville, Georgia, to assume all of the deposits of Global Commerce Bank.

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Insured Banks Report Year-Over-Year Growth for 10th Quarter in a Row

For the tenth consecutive quarter, FDIC insured banks and savings institutions reported year-over-year increases, with earnings at $26.3 billion for the 2011 fourth quarter. This is $4.9 billion more from the $21.4 billion reported last year for the 2010 fourth quarter. Overall, the 2011 fourth quarter ended 23 percent higher than the fourth quarter last year. The $26.3 billion is still a decrease compared to the $35.3 billion in earnings from the previous 2011 third quarter.

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Two Banks Closed, One Left Without Purchaser

Two more banks went under over the weekend, and one of those banks did not find another financial institution to take over. Home Savings of America in Little Falls, Minnesota was left in the hands of the Federal Deposit Insurance Corporation (FDIC) after not finding another bank to purchase its assets.

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Tally Rises to Nine With Two More Bank Failures

A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine. Shelby County Bank (SCB) of Shelbyville, Indiana shut its doors and was acquired by First Merchants Bank. Barrington Bank & Trust Company took over Charter National and reopened over the weekend as a branch of Barrington Bank.

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Regulators Shutter Five Lenders

State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions - two in Tennessee and one each in Florida and Minnesota. Eastern New York Federal Credit Union in Napanoch, New York, is the first federally insured credit union to be liquidated in 2012, while the FDIC's failed-bank tally for the 2012 calendar year now stands at seven.

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First Three Bank Failures of 2012 to Cost FDIC $244M

Three community-based lenders went under over the weekend in Georgia, Florida, and Pennsylvania, marking the first bank failures of 2012. Altogether, the three closings are expected to cost the FDIC an estimated $243.8 million. Last year, the FDIC reported 92 closings nationwide - a sharp drop-off from the 157 bank seizures overseen by the agency in 2010 and the 140 institutions that became insolvent in 2009. FDIC officials maintain that bank failures stemming from the real estate downturn and the ensuing economic recession have peaked.

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Year’s Failed-Bank Tally Rises to 92 with Closings in Arizona and Florida

Following a month without a single bank failure, state and federal regulators stepped in over the weekend to seize community-based lenders in Arizona and Florida. This latest pair of closings brings the FDIC's tally of failed banks for the 2011 calendar year to 92. Officials with the FDIC say institutional failures stemming from the real estate downturn have peaked and are now trending lower. The 92 failures as of mid-December this year is indeed well below the 157 that became insolvent in 2010 and 140 in 2009.

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FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter

Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since the start of 2008. No institution's balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests lenders are finding their way out of the storm. After rising since 2006, the FDIC's so-called ""Problem List"" of banks at risk of failure has contracted for two quarters in a row. At the same time, money set aside to cover expected loan losses has fallen nearly 50 percent from a year ago.

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Regulators Shut Down Lenders in Iowa and Louisiana

This year's tally of failed banks rose to 90 over the weekend, as state and federal regulators stepped in to close the doors on two more community-based lenders in Iowa and Louisiana. Polk County Bank has been acquired by Grinnell State Bank in Iowa, and Louisiana's Central Progressive Bank is now part of First NBC Bank. Together the two closings are expected to cost the FDIC more than $70 million.

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