On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.
The Federal Housing Finance Agency (FHFA) has proposed new rules to "codify the terms of conservatorship and receivership operations for Fannie Mae, Freddie Mac and the Federal Home Loan Banks," as required by the Housing and Economic Recovery Act of 2008.
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.
Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously
On Friday, the Florida Office of Financial Regulation closed Marco Community Bank, headquartered in Marco Island, Florida, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank., headquartered in Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.
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.
On Friday, the Illinois Department of Financial and Professional Regulation - Division of Banking closed Benchmark Bank, headquartered in Aurora, Illinois, and the FDIC was named as receiver.
Yesterday, the Georgia Department of Banking & Finance closed American United Bank, headquartered in Lawrenceville, Georgia, and the FDIC was named as receiver.
This evening, the Missouri Division of Finance closed First Bank of Kansas City headquartered in Kansas City, Missouri, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of the failed bank.