Exploring Hydrocarbon Depletion
NEW! Members Only Forums!
Access more articles, news & discussion by becoming a PeakOil.com Member.
SAN FRANCISCO (MarketWatch) -- The failure of Woodlands Bank of Bluffton, S.C. raises the number of bank failures this year to 91, according to the Federal Deposit Insurance Corp. Friday. Bank of the Ozarks of Little Rock, Ark., will buy essentially all of Woodlands' $376.2 million in assets and assume $355.3 million in deposits. FDIC estimates the cost to the Deposit Insurance Fund at $115 million
WASHINGTON — Regulators on Friday shut down three banks in Florida, two in South Carolina and one in Michigan, bringing to 96 the number of U.S. banks to succumb this year to the recession and mounting loan defaults.
The Federal Deposit Insurance Corp. on Friday took over the banks: Woodlands Bank, based in Bluffton, S.C., with $376.2 million in assets; First National Bank of the South, based in Spartanburg, S.C., with $682 million in assets; and Mainstreet Savings Bank of Hastings, Mich., with $97.4 million in assets.
The FDIC also seized Miami-based Metro Bank of Dade County, with assets of $442.3 million; Turnberry Bank of Aventura, Fla., assets of $263.9 million; and Olde Cypress Community Bank of Clewiston, Fla., assets of $168.7 million.
Miami-based NAFH National Bank, a newly chartered subsidiary of North American Financial Holdings Inc. of Charlotte, N.C., agreed to assume the assets and deposits of First National Bank of the South, Metro Bank of Dade County and Turnberry Bank. North American Financial Holdings said Friday the acquisitions give it "a strong presence in attractive banking markets," with 10 branches in the Miami area and 13 throughout South Carolina.
Bank of the Ozarks, based in Little Rock, Ark., agreed to assume the assets and deposits of Woodlands Bank, while CenterState Bank of Florida is assuming the assets and deposits of Olde Cypress Community Bank; and Commercial Bank, based in Alma, Mich., is acquiring the assets and deposits of Mainstreet Savings Bank.
The failure of Woodlands Bank is estimated to cost the deposit insurance fund $115 million. Estimated costs for the others are: First National Bank of the South, $74.9 million; Mainstreet Savings Bank, $11.4 million; Metro Bank of Dade County, $67.6 million; Turnberry Bank, $34.4 million; and Olde Cypress Community Bank, $31.5 million.
With 96 closures nationwide so far this year, the pace of bank failures far outstrips that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 57 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.
WASHINGTON (AP) - Regulators have shut banks in Florida, Georgia and Washington, lifting to 107 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
The Federal Deposit Insurance Corp. took over the banks: Bayside Savings Bank in Port Saint Joe, Fla., with $66.1 million in assets; Coastal Community Bank, based in Panama City, Fla., with $372.9 million in assets; NorthWest Bank and Trust, based in Acworth, Ga., with assets of $167.7 million; and Cowlitz Bank, based in Longview, Wash., with assets of $529.3 million.
WASHINGTON (Reuters) - U.S. regulators seized Ravenswood Bank of Chicago on Friday, bringing the number of closures this year to 109 as the community bank sector continues to suffer under the weight of bad loans.
Wintrust Financial Corp's Northbrook Bank and Trust Company of Northbrook, Illinois, will assume all of the deposits of the two branches of Ravenswood Bank, the Federal Deposit Insurance Corp said.
Ravenswood Bank had about $264.6 million in assets and $269.5 million in deposits as of June 30, the FDIC said.
In a statement, FDIC said Northbrook Bank will pay the FDIC a premium of 0.90 percent on the non-brokered deposits of Ravenswood Bank. In addition to assuming the non-brokered deposits of the failed bank, Northbrook Bank agreed to purchase essentially all of the assets.
Aug 13 (Reuters) - U.S. regulators on Friday closed Palos Bank and Trust Company in Illinois, the Federal Deposit Insurance Corp said, marking the 110th U.S. bank failure so far this year and the 14th in Illinois.
The FDIC said Palos Bank and Trust Company had $493.4 million in assets. First Midwest Bank of Itasca, Illinois, will assume the deposits of the failed institution.
The bank failure is expected to cost the FDIC's insurance fund $72 million
(Reuters) - The Federal Deposit Insurance Corp said on Friday these banks were seized by their regulators:
* In the largest failure in months, Chicago's ShoreBank was acquired by Urban Partnership Bank in Chicago. ShoreBank, a notable community development bank, had $2.16 billion in assets and $1.54 billion in deposits. The FDIC and Urban Partnership Bank entered into a loss-share transaction on $1.41 billion of ShoreBank's assets. The closing will cost the insurance fund $367.7 million.
* Community National Bank At Bartow in Bartow, Florida, with about $67.9 million in total assets. CenterState Bank of Florida, National Association, Winter Haven, Florida, will assume Community National Bank At Bartows' $63.7 million in deposits, as well as about $51.9 million of its assets. The failure will cost the insurance fund about $10.3 million.
* Independent National Bank in Ocala, Florida, with about $156.2 million in assets, was also acquired by CenterState Bank of Florida, N.A., which will assume the deposits and buy the assets. The FDIC said it entered into a loss-share agreement with CenterState Bank of Florida, N.A. on $119.7 million of the assets. The failure will cost the insurance fund $23.2 million.
* Imperial Savings and Loan Association in Martinsville, Virginia, with about $9.4 million in total assets. River Community Bank, National Association of Martinsville, Virginia, will assume the bank's deposits and its assets. The failure will cost the insurance fund $3.5 million.
... The panic over the bank began last week, after Afghanistan’s Central Bank ousted Kabul Bank’s chairman and the chief executive officer on revelations that the bank had lent hundreds of millions of dollars to allies of President Hamid Karzai and poured money into risky real estate investments in Dubai. Investment losses paired with a possible run on the bank could bring down the bank, which is a major player in the nascent, American-fostered financial system and which administers payments to government workers and some security forces.
SAN FRANCISCO (MarketWatch) -- Horizon Bank of Bradenton, Fla., became the 119th U.S. bank failure of 2010, according to the Federal Deposit Insurance Corp. on Friday. Bank of the Ozarks will assume Horizon's $164.6 million in deposits and purchase its $187.8 million in assets. The bank failure marks the 23rd in Florida this year. The cost to the Deposit Insurance Fund is $58.9 million, FDIC said
Afghanistan’s central bank yesterday seized control of the troubled Kabul Bank over concerns about possible financial irregularities, including the purchase of more than US$150 million (Dh550.9m) of Dubai property.
The central bank governor also announced that Kabul Bank’s top two directors and shareholders were under investigation.
The crisis has flagged concerns about the handling of funds from Western donor countries, channeled through a nascent commercial banking sector that the United States has encouraged Afghanistan to build and which is tied closely to Karzai's family and members of his inner circle.
A widespread perception among Afghans that Karzai's government is corrupt will be a major issue at Saturday's parliamentary election, which the Taliban has vowed to disrupt.
Georgia’s Community & Southern Bank picked up $800 million in deposits as it acquired three of the six U.S. banks that collapsed this week, bringing the failure count this year to 125.
Banks in Georgia, New Jersey, Ohio and Wisconsin were closed by regulators, according to statements on the website of the Federal Deposit Insurance Corp., which was named receiver. This week’s failures cost the agency’s deposit-insurance fund $347.6 million.
“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,” the FDIC said in each of the statements.
Banks are failing at a faster pace than last year, which saw the most failures since 1992, as real estate values remain depressed and economic recovery stays sluggish. Regulators closed 140 banks last year. The FDIC’s list of “problem” banks climbed to 829 lenders with $403 billion in assets at the end of the second quarter, a 7 percent increase from the 775 on the list in the first quarter, the FDIC said last month.
Users browsing this forum: No registered users and 15 guests