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Tag Archives: Bank Failure

Bank Failure Count Hits 10 to End April

This year's bank failure tally rose to double digits over the weekend with the collapse of two more federally insured institutions. FDIC announced the closing of Parkway Bank in Lenoir, North Carolina, and Douglas County Bank in Douglasville, Georgia, bringing the total number of bank closings this year to 10. While this year has been slower in terms of bank failures, April has seen the pace pick up, with more than half of the year's closings occurring this month alone.

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FDIC Announces 3 More Bank Failures, Total Rises to 8

The 2013 national bank failure tally ran up to eight this weekend as three more institutions fell by the wayside. FDIC announced the collapses of Chipola Community Bank in Marianna, Florida; Heritage Bank of North Florida in Orange Park; and First Federal Bank in Lexington, Kentucky.

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Report: Q1 Sees 15 Mortgage-Related Company Closings

Mortgage Daily tracked a total of 15 mortgage-related business closings in the first quarter of 2013, putting the year on pace to see the fewest number of mortgage banking failures in seven years. While Q1's casualty rate was greater than Q4 2012 (when 13 businesses shut down or collapsed), it's an improvement over Q1 2012, which saw 27 total closings. At the current pace, Mortgage Daily forecasts around 60 mortgage-related closings this year, down from 83 last year and the lowest level since 2006.

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Arizona Sees First FDIC-Insured Bank Failure Since 2011

Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, the agency announced. The Arizona Department of Financial Institutions closed the bank Friday, appointing FDIC as receiver. To protect depositors, Gold Canyon Bank's estimated $44.2 million in deposits has been assumed by First Scottsdale Bank, National Association, which has also agreed to purchase essentially all of the failed bank's $45.2 million in total assets.

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Report: FDIC Making More Non-Public Settlements with Banks

The Los Angeles Times obtained more than 1,600 pages of FDIC settlements from 2007 through 2013 addressing a variety of behaviors (ranging from reckless lending to inflated appraisals). According to the report, many of these settlements went unannounced, sparing the institutions from negative attention. These "no-press-release arrangements" sometimes help FDIC close deals with defendants in the least costly manner possible.

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Georgia Bank Shuts Down, 2013 Tally Inches Up to 4

FDIC announced Friday the closure of Frontier Bank, based in LaGrange, Georgia. Frontier Bank mark's Georgia's first bank failure in 2013 and is the nation's fourth failure overall this year. By the same time in 2012, there had been 12 bank collapses.

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Chicago Bank Collapses, 2013 Total at 3

Chicago's Covenant Bank is the third FDIC-insured institution to close this year, the agency announced. According to a release from FDIC, Liberty Bank and Trust Company in New Orleans has agreed to assume all of the deposits of the failed bank and will purchase essentially all of the assets.

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Minnesota Bank Collapses, Brings 2013 Tally to 2

1st Regents Bank, of Andover, Minnesota, became the country's second FDIC-insured institution to collapse in 2013, the FDIC announced Friday. All of 1st Regents' estimated $49.1 million in deposits and virtually all of its $50.2 million in assets will be assumed by First Minnesota Bank in Minnetonka, the agency said in a release. First Minnesota will pay the FDIC a premium of 2 percent to assume the deposits.

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Washington Bank First to Fail in 2013

The FDIC announced that the Washington State Department of Financial Institutions shuttered Westside Community Bank on Friday. The bank's two branches are reopening as branches of Irvine, California's Sunwest Bank.

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