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Tag Archives: Bank Failure

FDIC-Insured Banks Report Earnings Growth in Q2

Income at financial institutions insured by the FDIC rose during the second quarter, according to a report released Thursday by the agency. Total net income at FDIC-insured institutions increased 22.6 percent year-over-year to $42.2 billion in the second quarter. "Asset quality continues to recover, loan balances are trending up, fewer institutions are unprofitable, the number of problem banks is down, and the number of failures is significantly below levels of a year ago," said FDIC chairman Martin J. Gruenberg.

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FDIC Announces Collapse of Wisconsin Bank

The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.

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Bank Failure List Inches Up to 17

After nearly two months with no activity, FDIC's list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral). The Fort Myers-based bank was closed by the Florida Office of Financial Regulation, which appointed FDIC as receiver.

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Wisconsin Bank Closes, 2013 Failure List Reaches 14

The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), FDIC announced Friday. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.

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Another Bank Collapses, Total Up to 13

FDIC announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Western State Bank (Devils Lake, North Dakota).

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Bank Collapse Total Climbs to 12

Pisgah Community Bank (Asheville, North Carolina) and Sunrise Bank (Valdosta, Georgia) became the 11th and 12th federally insured banks to fail in the nation this year, FDIC announced.

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