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).
On Friday, the Florida Office of Financial Regulation closed three bank subsidiaries of Bank of Florida Corporation: (1) Bank of Florida – Southeast, Fort Lauderdale, Florida; (2) Bank of Florida – Southwest, Naples, Florida; and (3) Bank of Florida –
Yesterday, the Michigan Office of Financial and Insurance Regulation closed CF Bancorp, headquartered in Port Huron, Michigan, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First Michigan Bank, headquartered in Troy, Michigan, to assume all of the deposits of CF Bancorp.
On Friday, the Missouri Division of Finance closed Bank of Leeton, headquartered in Leeton, Missouri, and the FDIC was named receiver.
CIT Group Inc.
Today, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law held a hearing to discuss the role of bankruptcy and antitrust law in financial regulatory reform, particularly with respect to institutions that may be regarded as “too big to fail,” as highlighted during the financial crisis.
Testifying before the Subcommittee were the following witnesses:
Panel I