This evening, the Missouri Division of Finance closed First Bank of Kansas City headquartered in Kansas City, Missouri, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of the failed bank.

Yesterday, the U.K. government published a report entitled "Developing effective resolution arrangements for investment banks" which sets forth, primarily in response to the September 2008 collapse of Lehman Brothers Holding, Inc. (in particular its U.K. arm, Lehman Brothers International (Europe)), the U.K.

On Friday, the Florida Office of Financial Regulation closed First Bank of Jacksonville, headquartered in Jacksonville, Florida, and appointed the FDIC as receiver.

Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008.

On Friday, the Nevada Financial Institutions Division closed SouthwestUSA Bank, headquartered in Las Vegas, Nevada, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Plaza Bank, headquartered in Irvine, California, to assume all of the deposits of SouthwestUSA Bank.

On Friday, the Office of the Comptroller of the Currency closed First National Bank, headquartered in Rosedale, Mississippi, and appointed the FDIC as receiver.

Friday, the California Department of Financial Institutions closed 1st Pacific Bank of California, headquartered in San Diego, California, and the FDIC was appointed receiver.

On Friday, the Arizona Department of Financial Institutions closed Desert Hills Bank, headquartered in Phoenix, Arizona, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with New York Community Bancorp, headquartered in Westbury, NY to assume all of the deposits of Desert Hills Bank.

On Friday, OTS closed Waterfield Bank, headquartered in Germantown, Maryland and appointed the FDIC as receiver. As receiver, the FDIC created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC, to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, “to allow depositors access to their insured funds and time to move accounts to other insured institutions.”

On Friday, the Florida Office of Financial Regulation closed Premier American Bank, headquartered in Miami, Florida, and the FDIC was named receiver.