On Friday, the Nevada Department of Business and Industry, Financial Institutions Division closed Carson River Community Bank, headquartered in Carson City, Nevada, and the FDIC was named receiver.
On Friday, the Oregon Division of Finance and Corporate Securities closed Columbia River Bank, headquartered in Dalles, Oregon, and the FDIC was named receiver.
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.
Yesterday, Bank of Elmwood, headquartered in Racine, Wisconsin, was closed by the Wisconsin Department of Financial Institutions, and the FDIC was named as receiver.
The Alabama State Banking Department closed CapitalSouth Bank, headquartered in Birmingham, Alabama, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with IBERIABANK, headquartered in Lafayette, Louisiana, to assume all the deposits of CapitalSouth Bank, except brokered deposits.
Today, the Utah Department of Financial Institutions closed MagnetBank, Salt Lake City, Utah , and the FDIC was named as receiver. The FDIC was unable to find another financial institution to assume the banking operations of MagnetBank.
On October 17, 2014, the Delaware Supreme Court held that under the Delaware Uniform Commercial Code, the subjective intent of a secured party is irrelevant in determining the effectiveness of a UCC-3 termination statement if the secured party authorized its filing.[1]
Background
On Friday, the Washington Department of Financial Institutions closed Shoreline Bank, headquartered in Shoreline, Washington, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with GBC International Bank, headquartered in Los Angeles, California, to assume all of the deposits of the failed bank.
On Friday, the California Department of Financial Institutions closedButte Community Bank, headquartered in Chico, California, and Pacific State Bank, headquartered in Stockton, California, and appointed the FDIC as receiver for the two banks.
Late last week, the Governing Committee of the Fund for Orderly Bank Restructuring (FROB) met to discuss the restructuring of Caja de Ahorros y Monte de Piedad de Cordoba (CajaSur).