On Friday, the Florida Office of Financial Regulationclosed Haven Trust Bank Florida, headquartered in Ponte Vedra Beach, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Southern Bank, headquartered in Boca Raton, Florida, to assume all of the deposits of the failed bank.
On Friday, the Ohio Division of Financial Institutions closed Bramble Savings Bank, headquartered in Milford, Ohio, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Foundation Bank, headquartered in Cincinnati, Ohio, to assume all of the deposits of Bramble Savings Bank.
On Friday, the Office of Thrift Supervision closed Maritime Savings Bank, headquartered in West Allis, Wisconsin, and appointed the FDIC as receiver for the bank.
On Friday, the Georgia Department of Banking and Finance closed Bank of Ellijay, headquartered in Ellijay, Georgia, First Commerce Community Bank, headquartered in Douglasville, Georgia, and The Peoples Bank, headquartered in Winder, Georgia, and appointed the FDIC as receiver for each bank. The failed banks were not affiliated with one another.
On Friday, the New Jersey Department of Banking and Insurance closed ISN Bank, headquartered in Cherry Hill, New Jersey, and appointed the FDIC as receiver for the bank.
Yesterday, the United Kingdom’s Commercial Secretary to the Treasury launched a consultation on a new special-resolution regime, Special administration regime for investment firms, to strengthen the government’s ability to handle future insolvencies of failing investment banks to minimize cost and disruption of the overall national financial system.
Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008.
On Friday, the Florida Office of Financial Regulation closed Horizon Bank, headquartered in Bradenton, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, headquartered in Little Rock, Arkansas, to assume all of the deposits of Horizon Bank.
On Tuesday, the FDIC held the first in a series of proposed roundtable discussions on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which is intended to bring transparency to the rulemaking process. Government officials, industry executives, academics and investors were invited to participate in the discussion.
On Friday, the California Department of Financial Institutions closed Sonoma Valley Bank, headquartered in Sonoma, California, and appointed the FDIC as receiver.