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More Bank Failures

Bank Failures

Since I last posted on bank failures, weeks ago, there’ve been several more.

New City Bank
On Friday, March 9, 2012, New City Bank, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

Global Commerce Bank
On Friday, March 2, 2012, Global Commerce Bank, Doraville, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

Central Bank of Georgia
On Friday, February 24, 2012, Central Bank of Georgia, Ellaville, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

Home Savings of America
On Friday, February 24, 2012, Home Savings of America, Little Falls, MN was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

SCB Bank
On Friday, February 10, 2012, SCB Bank, Shelbyville, IN was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

Charter National Bank and Trust
On Friday, February 10, 2012, Charter National Bank and Trust, Hoffman Estates, IL was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

By |2012-04-05T20:48:58-04:00March 12th, 2012|Economy|Comments Off on More Bank Failures

Two More Banks Close

If I’m not mistaken, these are banks eight and nine for this year.

From the FDIC:

SCB Bank, Shelbyville, Indiana, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Merchants Bank, National Association, Muncie, Indiana, to assume all of the deposits of SCB Bank.

The four branches of SCB Bank will reopen on Saturday as branches of First Merchants Bank, National Association. Depositors of SCB Bank will automatically become depositors of First Merchants Bank, National Association. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of SCB Bank should continue to use their existing branch until they receive notice from First Merchants Bank, National Association that it has completed systems changes to allow other First Merchants Bank, National Association branches to process their accounts as well.

Again from the FDIC:

Charter National Bank and Trust, Hoffman Estates, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Barrington Bank & Trust Company, National Association, Barrington, Illinois, to assume all of the deposits of Charter National Bank and Trust.

The two branches of Charter National Bank and Trust will reopen on Saturday as Hoffman Estates Community Bank, a branch of Barrington Bank & Trust Company, National Association. Depositors of Charter National Bank and Trust will automatically become depositors of Barrington Bank & Trust Company, National Association. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Charter National Bank and Trust should continue to use their existing branch until they receive notice from Barrington Bank & Trust Company, National Association that it has completed systems changes to allow other Barrington Bank & Trust Company, National Association branches to process their accounts as well.

By |2012-02-12T20:17:27-04:00February 12th, 2012|Economy|Comments Off on Two More Banks Close
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