On Friday, the Office of the Comptroller of the Currency closed Community National Bank at Bartow [http://www.occ.treas.gov/ftp/release/2010-101.htm], headquartered in Bartow, Florida, and Independent National Bank, headquartered in Ocala, Florida, and appointed the FDIC as receiver.
On Friday, the California Department of Financial Institutions closedButte Community Bank, headquartered in Chico, California, and Pacific State Bank, headquartered in Stockton, California, and appointed the FDIC as receiver for the two banks.
On Friday, the Office of Thrift Supervision closed Imperial Savings and Loan Association, headquartered in Martinsville, Virginia, and appointed the FDIC as receiver.
Yesterday, a federal judge preliminary approved a $125 million cash settlement for former shareholders of New Century Financial Corp. (“New Century”). New Century was the second largest subprime mortgage originator before it filed for bankruptcy in April 2007. In February 2008, Michael J.
On Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Ravenswood Bank, headquartered in Chicago, Illinois, and appointed the FDIC as receiver for the bank.
On Friday, the Oregon Division of Finance and Corporate Securities closed LibertyBank, headquartered in Eugene, Oregon, and appointed the FDIC as receiver for the bank.
On Friday, the OTS closed Bayside Savings Bank, headquartered in Port Saint Joe, Florida, and the Florida Department of Financial Regulation closed Coastal Community Bank, headquartered in Panama City Beach, Florida, and the agencies appointed the FDIC as receiver for the banks.
On Friday, the Georgia Department of Banking & Finance closed NorthWest Bank and Trust, headquartered in Acworth, Georgia, and appointed the FDIC as receiver for the bank.
On Friday, the Washington Department of Financial Institutions closed The Cowlitz Bank, headquartered in Longview, Washington and appointed the FDIC as receiver.
Last week, the Federal Trade Commission announcedamendments to the Telemarketing Sales Rule (TSR) relating to the telemarketing of debt relief services, including new restrictions on advance fees charged by debt relief companies.