Last Friday, financial services group Dexia SA announced that it had reached an agreement with the European Commission relating to its restructuring plan. Dexia had previously received approximately €6.4 billion in bailout money from Belgium, France and Luxembourg. Pursuant to the negotiated restructuring plan, Dexia will:
On Friday, the Minnesota Department of Commerce closed 1st American State Bank of Minnesota, headquartered in Hancock, Minnesota, and the FDIC was named receiver.
On Friday, the Florida Office of Financial Regulation closed Florida Community Bank , headquartered in Immokalee, Florida and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, headquartered in Miami, Florida, to assume all of the deposits of Florida Community Bank.
On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.
On Friday, the OCC closed First National Bank of Georgia , headquartered in Carrollton, Georgia, and the FDIC was named receiver.
On Friday, the California Department of Financial Institutions closed First Regional Bank, headquartered in Los Angeles, California, and the FDIC was named receiver.
On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver.
On Friday, the OCC closed Marshall Bank , National Association, headquartered in Hallock, Minnesota, and the FDIC was named receiver.
In parallel with the decision to allow the UK government to intervene in the liquidation of Bradford & Bingley, the European Commission has approved measures taken to facilitate the restructuring of Dunfermline Building Society. After the business encountered major financial difficulties, the UK Government intervened to facilitate an approved restructuring plan under which the building society’s impaired assets were split from its profitable business and put into administration.
On Friday, the Missouri Division of Finance closed Bank of Leeton, headquartered in Leeton, Missouri, and the FDIC was named receiver.