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.
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.