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 Federal Deposit Insurance Corporation (FDIC) announced the close of a Rule 144A sale of $1.8 billion principal amount of notes backed by 103 non-agency residential mortgage backed securities (RMBS) from seven failed bank receiverships.
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.”
On Friday, the Illinois Department of Financial Professional Regulation – Division of Banking closed Bank of Illinois, headquartered in Normal, Illinois, and the FDIC was named receiver.
On Friday, the Nevada Department of Business and Industry, Financial Institutions Division closed Carson River Community Bank, headquartered in Carson City, Nevada, and the FDIC was named receiver.
On Friday, the Washington Department of Financial Institutions closed Rainier Pacific Bank, headquartered in Tacoma, Washington, and the FDIC was named receiver.