On Friday, the Florida Office of Financial Regulation closed Horizon Bank, headquartered in Bradenton, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, headquartered in Little Rock, Arkansas, to assume all of the deposits of Horizon Bank.
On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.
On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.
On Friday, the Missouri Division of Finance closed Southwest Community Bank, headquartered in Springfield, Missouri .
On Friday, the Illinois Department of Financial Professional Regulation - Division of Banking closed Midwest Bank and Trust Company, headquartered in Elmwood Park, Illinois, and appointed the FDIC as receiver.
Yesterday, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law concluded its series of hearings on the ramifications of auto industry bankruptcies. Testifying before the committee were:
Panel I:
Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing entitled “Ramifications of Auto Industry Bankruptcies; Part II.” Testifying before the committee was Ron Bloom, Senior Advisor, U.S. Department of Treasury.
Today, Treasury Secretary Geithner released a statement on the Presidential Task Force on the Auto Industry.
Yesterday morning, Chrysler Group LLC (formerly New CarCo Acquisition LLC), backed by Italian automaker Fiat S.p.A., acquired substantially all of Chrysler’s assets. Under the terms of the deal, a union retiree trust will initially own 55% of the new company, Fiat S.p.A. will own 20% and the U.S.
Late Sunday night, U.S. Bankruptcy Judge Arthur Gonzalez approved the sale of most of Chrysler's assets to Italian Automaker Fiat S.p.A., as contemplated in the Master Transaction Agreement between the two companies.