Items Tagged with 'Bank failures in the United States'

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  • 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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  • Monday Morning Cup of Coffee

    A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues: Regulators shut down five banks Friday, including beleaguered Colonial Bank. So far, 77 banks have been shut down in 2009. The Federal Deposit Insurance Corporation (FDIC) estimates the latest closings will cost nearly $3.7bn.
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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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  • 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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  • Four Bank Failures Cost FDIC $700 Million

    Federal regulators shut down another four banks Friday as the extent of the damage to the financial industry continues to unwind. All told, Friday's failures will cost the Federal Deposit Insurance Corp.'s (FDIC) insurance fund an estimated $698.4m and put a total $2.29bn in combined assets on the line for purchase or disposition. It is the 26th, 27th, 28th and 29th failures so far in 2009.
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  • Two Bank Failures Push '09 Count to 25

    Another two bank failures announced late Friday pushed the running total to 25 banks shut down by federal regulators so far this year, marking a substantial increase from the pace of bank failures seen last year. As of April 2008, regulators had closed only two banks, demonstrating the continued effects of deteriorating financial markets on U.S. banks. Friday’s bank failures will cost an estimated $84m to the Federal Deposit Insurance Corp. (FDIC) insurance fund. The failures put a total $452m in combined assets  on the line for purchase or disposition.
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