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Bay Cities Bank assumes all of the deposits of Progress Bank of Florida

On Friday, the Florida Office of Financial Regulation closed Progress Bank of Florida, headquartered in Tampa, Florida, and appointed the FDIC as receiver.

USA, Florida, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
Morris Bank assumes all of the deposits of The Gordon Bank

On Friday, the Georgia Department of Banking and Finance closed The Gordon Bank, headquartered in Gordon, Georgia, and appointed the FDIC as receiver.

USA, Georgia, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
Seaway Bank and Trust Company assumes all of the deposits of First Suburban National Bank

On Friday, the Office of the Comptroller of the Currency closed First Suburban National Bank, headquartered in Maywood, Illinois, and appointed the FDIC as receiver.

USA, Illinois, Banking, Insolvency & Restructuring, Alston & Bird LLP, Office of the Comptroller of the Currency (USA), Federal Deposit Insurance Corporation (USA)
FDIC approves the payout of the insured deposits of First Arizona Savings, A FSB

On Friday, the Office of Thrift Supervision closed First Arizona Savings, A FSB, headquartered in Scottsdale, Arizona, and appointed the FDIC as receiver.

USA, Arizona, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision, Federal Security Service
No abuse of discretion in refusing to reopen bankruptcy proceedings after four years

REDMOND v. FIFTH THIRD BANK (October 20, 2010)

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debt, Mortgage loan, Foreclosure, Standard of review, Remand (court procedure), Default (finance), Prejudice, United States bankruptcy court
Margin violation is not an affirmative defense to an action on a note

COSTELLO v. GRUNDON (October 18, 2010)

USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Share (finance), Bankruptcy, Unsecured debt, Breach of contract, Fraud, Discovery, Vacated judgment, Misrepresentation, Prima facie, Securities Act 1933 (USA), Trustee
Simmons First National Bank assumes all of the deposits of Security Savings Bank, F.S.B.

On Friday, the Office of Thrift Supervision closed Security Savings Bank, F.D.B., headquartered in Olathe, Kansas, and appointed the FDIC as receiver.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision
Midland States Bank assumes all of the deposits of WestBridge Bank and trust company

On Friday, the Missouri Division of Finance closed WestBridge Bank, headquartered in Chesterfield, Missouri, and appointed the FDIC as receiver.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
FDIC proposes orderly liquidation rules

Earlier today, the FDIC announced that the FDIC Board of Directors voted on Friday, October 8, 2010 to approve the issuance of a notice of proposed rulemaking (NPR) regarding the treatment of certain creditor claims under the FDIC’s new orderly liquidation authority established under Title II of the

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bond market, Letter of credit, Unsecured debt, Collateral (finance), Board of directors, Market liquidity, Liquidation, Holding company, Subsidiary, Subordinated debt, US Federal Government, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Bankruptcy court acted within discretion in concluding that trust did not meet the "adequate assurance of future performance" test

IN RE: RESOURCE TECHNOLOGY CORP. (October 1, 2010)

USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Natural gas, Board of directors, Legal burden of proof, Electricity, Contempt of court, Landfill, United States bankruptcy court