After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, “The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry,” examining how TARP funds have been used to support and reorganize both

Today, the Georgia Department of Banking and Finance closed the Georgian Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.

Yesterday, the OCC closed Southern Colorado National Bank, headquartered in Pueblo, Colorado, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Legacy Bank, headquartered in Wiley, Colorado, to assume all of the deposits of Southern Colorado National Bank for a 1% premium.

Today, the Michigan Office of Financial and Insurance Regulation closed Warren Bank, headquartered in Warren, Michigan, and the FDIC was named as receiver.

Yesterday, the Minnesota Department of Commerce closed Riverview Community Bank, headquartered in Otsego, Minnesota, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all the deposits of Riverview Community Bank.

Yesterday, the OCC closed Flagship National Bank, headquartered in Bradenton, Florida, and the FDIC was named as receiver.

Yesterday, the Georgia Department of Banking & Finance closed American United Bank, headquartered in Lawrenceville, Georgia, and the FDIC was named as receiver.

Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing to discuss the role of bankruptcy and antitrust law in financial regulatory reform, particularly with respect to institutions that may be regarded as “too big to fail,” as highlighted during the financial crisis.

Testifying before the Subcommittee were the following witnesses:

Panel I

Yesterday, the California Department of Financial Institutions closed San Joaquin Bank, headquartered in Bakersfield, California, and the FDIC was named as receiver.

Yesterday, Bank of Elmwood, headquartered in Racine, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, and the FDIC was named as receiver.