Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed R-G Premier Bank of Puerto Rico, headquartered in Hato Rey, Puerto Rico, and the FDIC was appointed receiver.
On Friday, the Illinois Department of Financial Professional Regulation – Division of Banking closed Bank of Illinois, headquartered in Normal, Illinois, and the FDIC was named receiver.
On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.
On Friday, the OTS closed First Federal Bank of California, headquartered in Santa Monica, California, and the FDIC was named as receiver.
Yesterday, the Minnesota Department of Commerce closed Prosperan Bank, headquartered in Oakdale, Minnesota, and the FDIC was named as receiver.
Today, the Michigan Office of Financial and Insurance Regulation closed Warren Bank, headquartered in Warren, Michigan, and the FDIC was named as receiver.
Today, in the sixth largest bank failure in U.S.
This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale). Following the proposed 363 Sale, the U.S.