Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Broadway Bank , headquartered in Chicago, Illinois, and New Century Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver for both banks.
Today, the New York State Banking Department closed The Park Avenue Bank, headquartered in New York, New York, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Valley National Bank, headquartered in Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank.
On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver.
On Friday, the OTS closed Peoples First Community Bank, headquartered in Panama City, Florida, and the FDIC was named as receiver.
Yesterday, the Missouri Division of Finance closed Gateway Bank of St. Louis, headquartered in St. Louis, Missouri, and the FDIC was appointed as receiver.
Today, the Government Accountability Office (GAO) released a report entitled, “Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises’ Long-term Structures.” Last September, the Federal Housing Finance Agency placed the GSEs into conservatorship fearing that their deterioration would harm U.S. financial stability.
Earlier today, the FDIC was appointed as receiver of three banks: Southern Community Bank, Cooperative Bank and First National Bank of Anthony, bringing the total number of bank failures in the nation this year to 40.
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.