On Friday, OTS closed Key West Bank, headquartered in Key West, Florida, and the FDIC was named receiver.
On Friday, the Arizona Department of Financial Institutions closed Desert Hills Bank, headquartered in Phoenix, Arizona, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bancorp, headquartered in Westbury, NY to assume all of the deposits of Desert Hills Bank.
Today, Dubai World announced that it has presented a restructuring proposal to the Coordinating Committee representing its creditors on the restructuring of $23.5 billion of total financial liabilities of Dubai World as of December 31, 2009.
In a recent opinion issued in the case In re Philadelphia Newspapers, LLC, et al., Case No. 09-4266 (3rd Cir. 2010), the United States Court of Appeals for the Third Circuit held that secured lenders do not have an absolute right to credit bid on all asset sales under section 1129(b)(2)(A) of the Bankruptcy Code. This opinion could have a profound effect on the manner in which debtors seek approval of a sale pursuant to a plan of reorganization and, potentially, a chilling effect on the willingness of lenders to extend credit in the future.
On Friday, the Georgia Department of Banking and Finance closed Century Security Bank, headquartered in Duluth, Georgia, and theFDIC was named receiver.
On Friday, the Utah Department of Financial Institutions closed Advanta Bank Corp., headquartered in Draper, Utah, and the FDIC was named receiver.
On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.
On Friday, the Georgia Department of Banking and Finance closed Bank of Hiawassee, headquartered in Hiawassee, Georgia, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement wi
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.