On Friday, the Florida Office of Financial Regulation closed Florida Community Bank , headquartered in Immokalee, Florida and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, headquartered in Miami, Florida, to assume all of the deposits of Florida Community Bank.
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.
Yesterday, the Georgia Departments of Banking and Finance closed United Security Bank, headquartered in Sparta, Georgia, and the FDIC was named as receiver.
Today, the Georgia Department of Banking and Finance closed the Georgian Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.
Yesterday, as receiver of two failed Florida banks, First State Bank and Community National Bank of Sarasota County, the FDIC entered into a purchase and assumption agreement with Sterns Bank, N.A., St. Cloud, Minnesota, to assume all the deposits of the failed banks. These closings bring the total number of failed bank’s in the nation this year to 71 and 6 in Florida.
Today, the Office of the Comptroller of the Currency closed Citizens National Bank, headquartered in Macomb, Illinois, and the FDIC was appointed receiver.
Yesterday afternoon, the House delayed a vote on H.R. 1106, “Helping Families Save Their Homes Act of 2009” (the “Act”) after a little over an hour of debate, amidst unexpected opposition from some Democrats.
Bankruptcy Court Hearing Regarding Sale of Lehman’s Investment Management Division
Changes may be coming to the Bankruptcy Code that may affect secured creditors.[1] In 2012, the American Bankruptcy Institute established a Commission to Study the Reform of Chapter 11 (the “ABI Commission”). The ABI Commission is composed of many well-respected restructuring practitioners, including two of the original drafters of the Bankruptcy Code, whose advice holds great weight in the restructuring community.
In an adversary proceeding filed in the American Home Mortgage Holdings, Inc. bankruptcy case, the Delaware bankruptcy court affirmed that triangular setoffs are not allowed under the Bankruptcy Code and cannot be modified by contract or under the Bankruptcy Code’s safe harbor provision. In re American Home Mortgage Holdings, Inc., et al., Adv. Proc. No. 11-51851 (Bankr. D. Del. Nov. 8, 2013). Two contracts were at issue – a swap agreement between a bank and American Home Mortgage Investment Corp.