On Friday, the Nevada Financial Institutions Division closed Sun West Bank, headquartered in Law Vegas, Nevada, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with City National Bank, headquartered in Los Angeles, California, to assume all of the deposits of the failed bank.
Friday, the Florida Office of Financial Regulation closed The Bank of Bonifay, headquartered in Bonifay, Florida, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Federal Bank, headquartered in Lake City, Florida, to assume all of the deposits of The Bank of Bonifay.
On Friday, the Arizona Department of Financial Institutions closed Desert Hills Bank, headquartered in Phoenix, Arizona, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bancorp, headquartered in Westbury, NY to assume all of the deposits of Desert Hills Bank.
Today, Washington Mutual, Inc. (WMI) announced a Global Settlement Agreement with J.P. Morgan Chase and the FDIC. Under the agreement, J.P. Morgan Chase will give WMI over $4 billion in WMI deposits in its former failed bank subsidiaries in exchange for over $6 billion in other assets. Also, the three parties will split two potential tax refunds worth a total of $5.6 billion.
On Friday, the OCC closed First National Bank of Georgia , headquartered in Carrollton, Georgia, and the FDIC was named receiver.
On Friday, the Georgia Department of Banking and Finance closed RockBridge Commercial Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.
Yesterday, Daniel K. Tarullo, a governor of the Federal Reserve System, continued his vigorous speaking schedule with a speech at the Institute of International Bankers Conference on Cross-Border Insolvency Issues in New York.
Yesterday, the OCC closed Southern Colorado National Bank, headquartered in Pueblo, Colorado, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Legacy Bank, headquartered in Wiley, Colorado, to assume all of the deposits of Southern Colorado National Bank for a 1% premium.
Earlier today, First Coweta Bank, headquartered in Newnan, Georgia, was closed by the Georgia Department of Banking and Finance, and the FDIC was named as receiver.