The U.S. Court of Appeals for the Third Circuit, in In re Philadelphia Newspapers LLC,1 has ruled that secured creditors do not have a right, as a matter of law, to credit bid their claims when their collateral is sold under a plan of reorganization. The Third Circuit held that secured creditors may be barred from credit bidding where a debtor's reorganization plan provides secured creditors with the "indubitable equivalent" of their secured interest in the assets. The court's ruling follows a similar ruling last year by the U.S.

On Friday, the Georgia Department of Banking and Finance closed Century Security Bank, headquartered in Duluth, Georgia, and theFDIC was named receiver.

On Friday, the Utah Department of Financial Institutions closed Advanta Bank Corp., headquartered in Draper, Utah, and the FDIC was named receiver.

On Friday, the Georgia Department of Banking and Finance closed Bank of Hiawassee, headquartered in Hiawassee, Georgia, and the FDIC was named receiver.  As receiver, the FDIC entered into a purchase and assumption agreement wi

On Friday, the Minnesota Department of Commerce closed State Bank of Aurora, headquartered in Aurora, Minnesota, and the FDIC was named receiver. As receiver, the FDICentered into a purchase and assumption agreement with Northern State Bank, headquartered in Ashland, Wisconsin, to assume all of the deposits of State Bank of Aurora.

On Friday, the Georgia Department of Banking and Finance closed  Appalachian Community Bank, headquartered in Ellijay, Georgia, and the FDIC was named receiver.

Today, the Florida Office of Financial Regulation, Division of Financial Institutions closed Old Southern Bank, headquartered in Orlando, Florida, and the FDIC was named receiver.

Today, the New York State Banking Department closed The Park Avenue Bank, headquartered in New York, New York, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Valley National Bank, headquartered in Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.

Today, the Louisiana Office of Financial Institutions closed Statewide Bank, headquartered in Covington, Louisiana, and the FDIC was named receiver.

On Friday, OTS closed Waterfield Bank, headquartered in Germantown, Maryland and appointed the FDIC as receiver. As receiver, the FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC, to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, “to allow depositors access to their insured funds and time to move accounts to other insured institutions.”