On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.

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.

Today, Treasury Secretary Geithner released a statement on the Presidential Task Force on the Auto Industry.

Yesterday, in a filing with the Securities and Exchange Commission, General Motors announced that it is currently attempting to restructure debt held by the U.S. Treasury Department. Under a current proposal, GM would convert at least 50% of its debt held by the U.S. Treasury Department into common shares. As a result of the conversion Treasury would hold greater than 50% of GM’s common shares.

Today, the OCC closed the National Bank of Commerce, Berkley, Illinois and the FDIC was named as receiver. Republic Bank of Chicago, headquartered in Chicago, Illinois, entered into a purchase and assumption agreement with the FDIC to assume all the deposits of National Bank of Commerce.

A federal district court has ruled that a distressed debt fund is not a “financial institution” for purposes of the assignment provisions of a loan agreement.

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