Friday, the Arizona Department of Financial Institutions closed Towne Bank of Arizona, headquartered in Mesa, Arizona, and the FDIC was appointed receiver.
Friday, the Office of the Comptroller of the Currency closed Amcore Bank, National Association, headquartered in Rockford, Illinois, and the FDIC was appointed receiver.
On Friday, the California Department of Financial Institutions closed First Regional Bank, headquartered in Los Angeles, California, and the FDIC was named receiver.
On Friday, the OTS closed First Federal Bank of California, headquartered in Santa Monica, California, and the FDIC was named as receiver.
Yesterday, the Missouri Division of Finance closed Gateway Bank of St. Louis, headquartered in St. Louis, Missouri, and the FDIC was appointed as receiver.
The Illinois Department of Financial and Professional Regulation, Division of Banking, closed InBank, headquartered in Oak Forest, Illinois, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A., headquartered in Chicago, Illinois, to assume all the deposits of InBank except certain brokered deposits.
Yesterday, in a filing with the Securities and Exchange Commission, General Motors announced that it is currently attempting to restructure debt held by the U.S. Treasury Department. Under a current proposal, GM would convert at least 50% of its debt held by the U.S. Treasury Department into common shares. As a result of the conversion Treasury would hold greater than 50% of GM’s common shares.
Today, the Georgia Department of Banking and Finance closed Haven Trust Bank, headquartered in Duluth, Georgia and the FDIC was appointed as receiver.