On Friday, the Nevada Financial Institutions Division closed SouthwestUSA Bank, headquartered in Las Vegas, Nevada, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Plaza Bank, headquartered in Irvine, California, to assume all of the deposits of SouthwestUSA Bank.

On Friday, the Florida Division of Financial Institutions closed Peninsula Bank, headquartered in Englewood, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, headquartered in Miami, Florida, to assume all of the deposits of Peninsula Bank.

On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.

Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Broadway Bank , headquartered in Chicago, Illinois, and New Century Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver for both banks.

Today, the Louisiana Office of Financial Institutions closed Statewide Bank, headquartered in Covington, Louisiana, and the FDIC was named receiver.

Last Friday, financial services group Dexia SA announced that it had reached an agreement with the European Commission relating to its restructuring plan. Dexia had previously received approximately €6.4 billion in bailout money from Belgium, France and Luxembourg. Pursuant to the negotiated restructuring plan, Dexia will:

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.

Yesterday afternoon, the House Judiciary Committee held Part II of its series of hearings entitled “Too Big to Fail – the Role for Bankruptcy and Antitrust Law in Financial Regulation Reform.” Yesterday’s hearing focused on proposed financia

Yesterday, Bank of Elmwood, headquartered in Racine, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, and the FDIC was named as receiver.

On August 11, 2009, in a long-anticipated ruling in the Chapter 11 case of General Growth Properties, Inc. (GGP), the court denied the motions to dismiss that had been brought on behalf of several of the property-level lenders.1 Few, if any, observers expected that the court would grant these motions and actually dismiss any of the individual SPE borrowers from the larger GGP bankruptcy, as doing so would have likely opened the door for the other secured lenders to seek dismissal.