Yesterday, the Georgia Departments of Banking and Finance closed United Security Bank, headquartered in Sparta, Georgia, and the FDIC was named as receiver.

Yesterday, the Minnesota Department of Commerce closed Prosperan Bank, headquartered in Oakdale, Minnesota, and the FDIC was named as receiver.

CIT Group Inc.

Yesterday, the California Department of Financial Institutions closed United Commercial Bank, headquartered in San Francisco, California, and the FDIC was named as receiver.

Yesterday, the Missouri Division of Finance closed Gateway Bank of St. Louis, headquartered in St. Louis, Missouri, and the FDIC was appointed as receiver.

Yesterday afternoon, the House Judiciary Committee held Part II of its series of hearings entitled “Too Big to Fail – the Role for Bankruptcy and Antitrust Law in Financial Regulation Reform.” Yesterday’s hearing focused on proposed financia

On Monday, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) released a report entitled “Factors Affecting Efforts to Limit Payments to AIG Counterparties.” The report examines certain transactions related to the rescue of AIG, including the creation of Maiden Lane III, a limited liability company formed last year to facilitate the purchase of assets from counterparties of AIG Financia

Yesterday, the bankrupt estate of Lehman Brothers Holdings, Inc. (Lehman) sued Barclays Capital, Inc.

This evening, the OTS closed Century Bank, FSB, headquartered in Sarasota, Florida, and the Florida Office of Financial Regulation closed Orion Bank, headquarte

Yesterday, Daniel K. Tarullo, a governor of the Federal Reserve System, continued his vigorous speaking schedule with a speech at the Institute of International Bankers Conference on Cross-Border Insolvency Issues in New York.