Items Tagged with 'Bank failure'


  • Tennessee's Trust Company Bank becomes second bank failure of 2016

    First FDIC-insured bank failure in state since 2013
    The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver. Trust Company Bank becomes the second FDIC-insured bank to close in 2016, and the first in the state since 2013.
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  • What Works for the FDIC, Won't Work for Private RMBS

    When the Federal Deposit Insurance Corp. (FDIC) closed on its recent RMBS, the headline called it a "pilot securitization of performing single-family mortgages from 16 failed banks." Translation: expect more to come. It makes sense to the FDIC to do this, of course, as spreads on the deal indicate a cheap way to finance what is becoming a more and more expensive book to balance. It's a good deal for the investors and a great deal for taxpayers as it stops the need for more funding from Congress.
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  • Monday Morning Cup of Coffee

    A look at the stories on HousingWire’s weekend desk… with more coverage to come on bigger issues. Five failed banks on Friday pushed the total for 2009 to 45. The closures are estimated to cost a combined $264.2m to the Federal Deposit Insurance Corp.'s insurance fund. The Georgia Department of Banking and Finance closed Community Bank of West Georgia and named as receiver the FDIC. The bank had $199.4m in assets and $182.5m in deposits. Beyond an estimated $1.1m of deposits in excess of insurance limits, the FDIC expects the bank will cost the insurance fund $85m.
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  • FDIC to Lose $83 Million on Failed Bank

    As some of the nation's largest banks rush to meet a deadline today to turn in sufficient capital-raising plans for the government's stress tests and others await regulators' permission to repay capital to the US Treasury Department, another failed community bank finds its operations spun off through receivership. After taking a week off, the Federal Deposit Insurance Corp. (FDIC) on Friday saw another bank failure hit its deposit insurance fund, putting $214m in total assets on the line for sale or disposition.
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  • Two More Banks Bite the Dust

    Two Illinois Banks, holding combined assets of $974 million, were shut down Friday by federal regulators, marking the 35th and 36th US bank failures of 2009. Strategic Capital Bank and Citizens National Bank were both placed in receivership of the Federal Deposit Insurance Corporation. On behalf of Strategic Capital, the FDIC entered into a purchase and assumption agreement with Midland States Bank to assume all of Strategic Capital's deposits, totaling approximately $471m.
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  • 33rd Bank Failure Costs $108 Million; FDIC Named Receiver

    The Washington Department of Financial Institutions on Friday shut down Westsound Bank and named the Federal Deposit Insurance Corp. (FDIC) as receiver. The failure puts $334.6m in assets on the line for sale or disposition. It marks the 33rd failure of the year, compared with the three bank closures seen by the same time in 2008, indicating the fallout from recession is continuing to unwind.
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  • Three Failed Banks Cost FDIC $1.4 Billion

    Federal regulators shut down another three banks Friday as the US banking sector continues to absorb recession-related losses. All told, Friday’s failures will cost the Federal Deposit Insurance Corp.’s (FDIC) insurance fund an estimated $1.44bn and put a total $4.44bn in combined assets on the line for purchase or disposition. They mark the 30th, 31st, and 32nd failures so far in 2009.
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