“Our government invited us and others to step up, and we did,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase.
Read More »Atlanta Bank Shuts Down in 2015’s Third Closing
Georgia's Department of Banking and Finance took possession of Capitol City Bank & Trust Company on Friday, citing the bank's "unsound condition" as a result of losses on real estate loans. Despite receiving help to shore up its capital, it was unable to recover following the financial crash.
Read More »Chicago Bank Falls in Second Collapse of 2015
Highland Community Bank, located in the city's South Side, closed its doors over the weekend on orders from the Illinois Department of Financial & Professional Regulation's banking division.
Read More »Florida Bank Closes in First Failure of 2015
The closure, announced jointly by the Office of the Comptroller of the Currency (OCC) and FDIC, comes after years of increased scrutiny from regulators. OCC first filed a consent order against the Crestview bank in 2010, demanding operational changes after it uncovered what the agency called "unsafe and unsound banking practices."
Read More »Regulators Shut Down Minnesota Bank; 2014 Tally Hits 18
The bank, which is Minnesota's first to close in 2014, was shuttered on Friday by the Minnesota Department of Commerce, which appointed FDIC as receiver. In a statement, the agency cited lack of capital, continuing operating losses, and a large volume of problem assets as reasons for the forced closing.
Read More »Regulators Shutter California Bank; 2014 Failure Tally Hits 17
The Office of the Comptroller of the Currency (OCC) closed down the Palm Desert-based Frontier Bank—also known as El Paseo Bank—citing a lack of assets and earnings "due to unsafe and unsound practices."
Read More »Regulators Close Down Illinois Bank
Only a week after the latest collapse, federal regulators announced the closure of yet another government-insured bank, bringing the year-to-date tally to 16. The Office of the Comptroller of the Currency (OCC) announced Friday the shuttering of the National Republic Bank of Chicago, appointing FDIC as receiver.
Read More »Maryland Bank Closes in 15th Collapse of 2014
The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies. The latest collapse follows a quiet period after what had been an active summer for FDIC. Last year, the agency announced 24 bank closings, 22 of which had already occurred by this time.
Read More »Illinois Bank Becomes 14th to Fall in 2014
The fallout of the financial crisis caught up to another bank over the weekend, resulting in a shutdown by federal regulators. The Office of the Comptroller of the Currency (OCC) announced on Friday the closure of Chicago-based GreenChoice Bank. The recently shuttered bank is the second to fall in Illinois in the past two months and the 14th FDIC-insured institution to close so far this year.
Read More »Regulators Shutter Georgia Bank; 2014 Failure Count Hits 13
State and federal regulators announced Friday the closing of a Georgia bank, putting the 2014 national bank failure tally at 13. Georgia's Department of Banking and Finance took possession of Conyers-based Eastside Commercial Bank, appointing FDIC as receiver. While FDIC doesn't make its list of Problem Banks open to the public, Eastside has sat on Calculated Risk's unofficial list since 2009.
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