On Friday, the Washington Department of Financial Institutions closed The Cowlitz Bank, headquartered in Longview, Washington and appointed the FDIC as receiver.

On Friday, the Office of Thrift Supervision closed Woodlands Bank, headquartered in Bluffton, South Carolina, and appointed the FDIC asreceiver for the bank.

On Friday, the Minnesota Department of Commerce closed Pinehurst Bank, headquartered in Saint Paul, Minnesota. As receiver, the FDIC entered into a purchase agreement with Coulee Bank, headquartered in LaCrosse, Wisconsin, to assume all of the deposits of Pinehurst Bank.

Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Westernbank Puerto Rico, headquartered in Mayaguez, Puerto Rico, and the FDIC was appointed receiver.

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

Treasury's most recent Transactions Report reveals a loss of $2,334,120,000 from two institutions in bankruptcy.

Yesterday the Joint Forum, a group established in 1996 by the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities, and insurance sectors, released “Review of the Differentiated Nature and Scope of Financial Regulation – Key Issues and Recommendations”, which addresses key issues and recommendations on the differenti

Yesterday, FDIC Chairman Sheila Bair, the keynote speaker at the Institute of International Bankers Cross-Border Insolvency Issues Conference in New York, stressed the need to end the “too big to fail” mentality by “eliminating the belief that the government will always support large, interconnected financial firms.” Chairman Bair noted that in order to do so, “we need an effective mechanism to close large, financial intermediaries when they get into trouble.”

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.

Yesterday, as receiver of two failed Florida banks, First State Bank and Community National Bank of Sarasota County, the FDIC entered into a purchase and assumption agreement with Sterns Bank, N.A., St. Cloud, Minnesota, to assume all the deposits of the failed banks. These closings bring the total number of failed bank’s in the nation this year to 71 and 6 in Florida.