CIT Group Inc.
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.
On Friday, AmTrust Bank, headquartered in Cleveland, Ohio, was closed by the OTS and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bank, headquartered in Westbury, New York, to assume the deposits of AmTrust Bank. AmTrust did not pay a premium to assume the deposits.
Yesterday, Treasury released its most recent completed transactions report for the period ending December 10, 2009.
On Friday, the Georgia Department of Banking and Finance closed RockBridge Commercial Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.
On Friday, the OTS closed Peoples First Community Bank, headquartered in Panama City, Florida, and the FDIC was named as receiver.
On Friday, the Illinois Department of Financial and Professional Regulation – Division of Banking closed Independent Bankers’ Bank, headquartered in Springfield, Illinois, and theFDIC was named as receiver. As receiver, the FDIC created Independent Bankers’ Bank Bridge Bank, National Association to take over the operations of the failed bank.
There are hundreds of hotel properties in special servicing or foreclosure and even more that are on the brink. When dealing with a distressed hotel property, there are several issues and opportunities to consider.
Receivership
On Friday, the Michigan Office of Financial and Insurance Regulation closed Citizens State Bank, headquartered in New Baltimore, Michigan, and the FDIC was named as receiver.
On Friday, the OTS closed First Federal Bank of California, headquartered in Santa Monica, California, and the FDIC was named as receiver.