Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Broadway Bank , headquartered in Chicago, Illinois, and New Century Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver for both banks.
Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Citizens Bank&Trust Company of Chicago, headquartered in Chicago, Illinois, and the FDIC was appointed receiver.
A hotel property derives much of its value from its operator and brand. When a hotel owner is in distress with respect to its loan obligations, the operator also plays a critical role in the resolution of the workout process between the owner and the lender. The rights and obligations of the operator contained in its agreements with the owner and the lender affect any workout decision that the parties may make.
On Friday, the OCC closed Unity National Bank, headquartered in Cartersville, Georgia, and the FDIC was named receiver.
On Friday, the Georgia Department of Banking and Finance closed McIntosh Commercial Bank, headquartered in Carrollton, Georgia, and the FDIC was named receiver.
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.
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.