Items Tagged with 'American Sterling Bank'

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  • Monday Morning Cup of Coffee

    [Update 1: Adds ebank closure] A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues: Regulators shut down four banks Friday, bringing the total number of banks shut down in 2009 to 81. The Federal Deposit Insurance Corporation (FDIC) estimates the latest closing will cost more nearly $3.5bn.
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  • Monday Morning Cup of Coffee

    Regulators closed five banks over the weekend, pushing the 2009 total to 69 failures. The Federal Deposit Insurance Corp. (FDIC) estimates that the closings will cost a combined $911.7m. The Oklahoma State Banking Department closed the First State Bank of Altus, which cost the FDIC $25.2m. Herring Bank of Amarillo, Texas assumes the $98.2m in deposits and agreed to purchase $64.4m of the bank’s $103.4m in assets.
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  • Monday Morning Cup of Coffee

    Four bank failures pushed the running '09 total to 57 failures. They pose an estimated cost to the Federal Deposit Insurance Corp.'s (FDIC) deposit insurance fund of a combined $1.09bn. The Office of the Comptroller of the Currency shut down Vineyard Bank, which costs the FDIC an estimated $579m. California Bank & Trust assumes all of its $1.6bn of deposits, except for the bank's $134m in brokered deposits. California Bank & Trust also entered a loss-sharing agreement with the FDIC on about $1.5bn of the bank's $1.9bn of assets.
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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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  • 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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  • Georgia's Omni National Fails; 21st Bank Failure This Year

    This pace of bank failures early this year makes one thing clear: there are going to be plenty more failures to come as this year rolls onward. Omni National Bank of Atlanta was seized by federal regulators late Friday, the 21st U.S. bank to fail this year, amid rising foreclosures and an unemployment rate that appears headed into double digits.
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  • Two Bank Failures Cost FDIC $100 Million

    The Illinois Department of Financial Professional Regulation on Friday shut down Glenwood, Ill.-based Heritage Community Bank and named as receiver the Federal Deposit Insurance Corp., which entered into a purchase and assumption agreement with MB Financial Bank of Chicago. The four Heritage offices reopened Saturday as branches of MB Financial Bank, which assumed all of the failed bank's $218.6 million in deposits, including brokered deposits.
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  • 4 Failed Banks Cost FDIC $342 Million

    On the day of the most bank closings so far in 2009, regulators closed four more banks late Friday and named the Federal Deposit Insurance Corp. as receiver. The announcement brought total closings to 13 for the year as of Feb. 13. The estimated cost of all four banks to the Deposit Insurance Fund will be some $341.6, the FDIC said. Number 10
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