Yesterday, Dubai World, the struggling investment branch of the emirate of Dubai, announced that it had tentatively reached an agreement with a group of banks to restructure $23.5 billion in debt. The tentative agreement was reached with the Coordinating Committee, which represents approximately 60% of Dubai World's creditors. Dubai World needs the approval of all of its creditors to finalize the agreement.

On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.

On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.

On Friday, the Missouri Division of Finance closed Southwest Community Bank, headquartered in Springfield, Missouri .

On Friday, the Illinois Department of Financial Professional Regulation - Division of Banking closed Midwest Bank and Trust Company, headquartered in Elmwood Park, Illinois, and appointed the FDIC as receiver.

Friday, the Florida Office of Financial Regulation closed The Bank of Bonifay, headquartered in Bonifay, Florida, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Federal Bank, headquartered in Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.

Friday, the California Department of Financial Institutions closed 1st Pacific Bank of California, headquartered in San Diego, California, and the FDIC was appointed receiver.

Friday, the Minnesota Department of Commerce closed Access Bank, headquartered in Champlin, Minnesota, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Prinsbank, headquartered in Prinsburg, Minnesota, to assume all of the deposits of Access Bank.

Friday, the Arizona Department of Financial Institutions closed Towne Bank of Arizona, headquartered in Mesa, Arizona, and the FDIC was appointed receiver.

Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Westernbank Puerto Rico, headquartered in Mayaguez, Puerto Rico, and the FDIC was appointed receiver.