On Friday, the California Department of Financial Institutions closed First Regional Bank, headquartered in Los Angeles, California, 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.
Today, HM Treasury announced the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland Plc (RBS), regarding their participation in the U.K.
On Friday, the OTS closed Vantus Bank, headquartered in Sioux City, Iowa, and the FDIC was named as receiver.
Today, after an extended auction, the OTS closed BankUnited, FSB, headquartered in Coral Gables, Florida and named theFDIC as receiver.
Over the past two weeks, the federal government has relied on nearly every legal authority available to address the unfolding crisis in financial institutions with large mortgage-related holdings — direct and indirect financial assistance, government takeovers and even a decision to let the bankruptcy process run its course have all come into play. Today, several new actions have been announced, together with proposals that would require Congressional action.
On Friday, the Ohio Division of Financial Institutions closed Bramble Savings Bank, headquartered in Milford, Ohio, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Foundation Bank, headquartered in Cincinnati, Ohio, to assume all of the deposits of Bramble Savings Bank.
On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security 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.