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.

On Friday, American International Group, Inc. (AIG) released its results for the fourth quarter and full year 2009. AIG reported a Q4 net loss of $8.9 billion, bringing 2009’s total net losses to $10.9 billion.

On Monday, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released a report entitled “Factors Affecting Efforts to Limit Payments to AIG Counterparties.” The report examines certain transactions related to the rescue of AIG, including the creation of Maiden Lane III, a limited liability company formed last year to facilitate the purchase of assets from counterparties of AIG Financia

In the past two days, AIG has announced the sale of its Hong Kong Financial branch and the sale of additional energy and infrastructure investment assets.

On Thursday, AIG announced a $4.35 billion loss for the first quarter of 2009, as compared to a net loss of $7.81 billion in the first quarter of 2008 and a net loss of $61.7 billion in the fourth quarter of 2008.

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.