Today, the Georgia Department of Banking and Finance closed The Community Bank, headquartered in Loganville, Georgia and the FDIC was appointed as receiver of The Community Bank.
On Friday, the Florida Office of Financial Regulation closed Sterling Bank, headquartered in Lantana, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all of the deposits of Sterling Bank.
Yesterday, Dexia S.A., a European bank that was rescued by the French and Belgian governments in September 2008, announced that it would no longer rely on state guarantees for future funding. All debt instruments issued prior to June 30, 2010 will remain guaranteed by the government pursuant to their terms.
On Friday, the Michigan Department of Financial and Insurance Services closed the Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Ann Arbor, headquartered in Ann Arbor, Michigan, to assume all of the deposits of New Liberty Bank.
Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Peotone Bank and Trust Company, headquartered in Peotone, Illinois, and the FDIC was appointed receiver.
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 Georgia Department of Banking and Finance closed RockBridge Commercial Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.