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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

Bank Failures

Four banks (numbers four through seven for the year, if you are counting) were closed on Friday. This is a sad reminder that we have much more work to do to fix our economy.

  • BankEast, Knoxville, Tennessee was closed today by the Tennessee Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with U.S. Bank National Association, Cincinnati, Ohio, to assume all of the deposits of BankEast.
  • Patriot Bank Minnesota, Forest Lake, Minnesota was closed today by the Minnesota Department of Commerce, 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 Resource Bank, Savage, Minnesota, to assume all of the deposits of Patriot Bank Minnesota.
  • First Guaranty Bank and Trust Company of Jacksonville, Jacksonville, Florida was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, National Association, Winter Haven, Florida to assume all of the deposits of First Guaranty Bank and Trust Company of Jacksonville.
  • Tennessee Commerce Bank, Franklin, Tennessee was closed today by the Tennessee Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank & Trust Company, Louisville, Kentucky to assume all of the deposits of Tennessee Commerce Bank
By |2012-01-28T09:19:12-04:00January 28th, 2012|Economy|Comments Off on Bank Failures
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