On Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Ravenswood Bank, headquartered in Chicago, Illinois, and appointed the FDIC as receiver for the bank.
On Friday, the Kansas Office of the State Bank Commissioner closed Thunder Bank, headquartered in Sylvan Grove, Kansas, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Bennington State Bank, headquartered in Salina, Kansas, to assume all of the deposits of Thunder Bank.
On Friday, the Nevada Financial Institutions Division closed SouthwestUSA Bank, headquartered in Las Vegas, Nevada, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Plaza Bank, headquartered in Irvine, California, to assume all of the deposits of SouthwestUSA Bank.
On Friday, the Georgia Department of Banking & Finance closed Crescent Bank and Trust Company, headquartered in Jasper, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Comptroller of the Currency closed Williamsburg First National Bank, headquartered in Kingstree, South Carolina, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.
On Friday, the Florida Office of Financial Regulation closed Sterling Bank, headquartered in Lantana, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all of the deposits of Sterling Bank.
On Friday, the Oregon Department of Consumer and Business Services closed Home Valley Bank, headquartered in Cave Junction, Oregon, and appointed the FDIC as receiver for the bank.
Yesterday, the Special Inspector General for the Trouble Asset Relief Program (SIGTARP) released a report criticizing the Treasury Department’s role in the accelerated closure of hundreds of GM and Chrysler dealerships.
On Tuesday, the Bank of Spain released details regarding the status of the restructuring of the Spanish savings bank sector, in what it called “the biggest overhaul of the Spanish banking sector in recent history.” The Bank also provided details regarding funding for bank restructurings supplied by the Fund for the Orderly Restructuring of the Banking Sector (FROB),