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.
Today, Washington Mutual, Inc. (WMI) announced a Global Settlement Agreement with J.P. Morgan Chase and the FDIC. Under the agreement, J.P. Morgan Chase will give WMI over $4 billion in WMI deposits in its former failed bank subsidiaries in exchange for over $6 billion in other assets. Also, the three parties will split two potential tax refunds worth a total of $5.6 billion.
Today, the Federal Deposit Insurance Corporation (FDIC) announced the close of a Rule 144A sale of $1.8 billion principal amount of notes backed by 103 non-agency residential mortgage backed securities (RMBS) from seven failed bank receiverships.
Today, the Florida Office of Financial Regulation, Division of Financial Institutions closed Old Southern Bank, headquartered in Orlando, Florida, and the FDIC was named receiver.
Today, the New York State Banking Department closed The Park Avenue Bank, headquartered in New York, New York, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Valley National Bank, headquartered in Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.