Yesterday, the United Kingdom’s Commercial Secretary to the Treasury launched a consultation on a new special-resolution regime, Special administration regime for investment firms, to strengthen the government’s ability to handle future insolvencies of failing investment banks to minimize cost and disruption of the overall national financial system.
On Friday, the Florida Office of Financial Regulation closed Sterling Bank, headquartered in Lantana, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all of the deposits of Sterling Bank.
On Friday, the Office of the Comptroller of the Currency closed Home National Bank, headquartered in Blackwell, Oklahoma, and the FDIC was appointed receiver.
On Friday, Washington Mutual Inc. (WMI), the holding company that owned Washington Mutual Bank (WMB), filed a disclosure statement and amended reorganization plan with the U.S.
Yesterday, the Washington Department of Financial Institutions closed Frontier Bank, headquartered in Everett, Washington, and appointed the FDIC receiver.
On Friday, the OTS closed La Jolla Bank, FSB, headquartered in La Jolla, California, 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, AmTrust Bank, headquartered in Cleveland, Ohio, was closed by the OTS and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bank, headquartered in Westbury, New York, to assume the deposits of AmTrust Bank. AmTrust did not pay a premium to assume the deposits.