On Friday, the Michigan Office of Financial and Insurance Regulation closed Citizens State Bank, headquartered in New Baltimore, Michigan, and the FDIC was named as receiver.
On Friday, the OTS closed First Federal Bank of California, headquartered in Santa Monica, California, and the FDIC was named as receiver.
This past Monday, in the wake of last month's termination of TCW Group, Inc.
On Friday, the Florida Office of Financial Regulation closed Premier American Bank, headquartered in Miami, Florida, and the FDIC was named receiver.
Yesterday, the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services held a hearing entitled “The Condition of Financial Institutions: Examining the Failure and Seizure of an American Bank.” Participants in the hearing examined the current state of U.S.
On Friday, the Minnesota Department of Commerce closed St. Stephen State Bank, headquartered in St. Stephens, Minnesota, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First State Bank of St. Joseph, headquartered in St. Joseph, Minnesota, to assume all of the deposits of St. Stephen State Bank.
Yesterday, the FDIC announced that it had entered into a purchase and assumption agreement to assume the assets and deposits of the recently created Independent Bankers’ Bank Bridge Bank (IBBBB). IBBBB was created by the FDIC on December 18, 2009, to take over the operations of The Independent Bankers’ Bank, headquartered in Springfield, Illinois.
Today, the FDIC announced that Colony Capital Acquisitions, LLC paid a total of approximately $90.5 million (net of working capital) in cash for a 40% equity stake in a limited liability company (LLC) created by the FDIC to hold a portfolio of approximately 1,200 distressed commercial real estate loans with an aggregate unpaid principal balance of $1.02 billion arising out of 22 failed bank receiverships.
On Friday, the Missouri Division of Finance closed Bank of Leeton, headquartered in Leeton, Missouri, and the FDIC was named receiver.
On Friday, the Oregon Division of Finance and Corporate Securities closed Columbia River Bank, headquartered in Dalles, Oregon, and the FDIC was named receiver.