A federal district court has ruled that a distressed debt fund is not a “financial institution” for purposes of the assignment provisions of a loan agreement.
Background
On Friday, the Florida Office of Financial Regulation closed Wakulla Bank, headquartered in Crawfordville, Florida, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Centennial Bank, headquartered in Conway, Arkansas, to assume all of the deposits of the failed bank.
On Friday, the Office of the Comptroller of the Currency closed Community National Bank at Bartow [http://www.occ.treas.gov/ftp/release/2010-101.htm], headquartered in Bartow, Florida, and Independent National Bank, headquartered in Ocala, Florida, and appointed the FDIC as receiver.
On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed
Yesterday, the Department of Insurance, Financial Institutions & Professional Regulation of the Missouri Division of Finance closed Champion Bank, headquartered in Creve Coeur, Missouri, and appointed the FDIC receiver.
On Friday, the OTS closed La Jolla Bank, FSB, headquartered in La Jolla, California, and the FDIC was named receiver.
Yesterday, the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services held a hearing entitled “The Condition of Financial Institutions: Examining the Failure and Seizure of an American Bank.” Participants in the hearing examined the current state of U.S.
Today, the Florida Office of Financial Regulation closed Commerce Bank of Southwest Florida, headquartered in Fort Meyers, Florida, and the FDIC was appointed as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Central Bank, headquartered in Stillwater, Minnesota, to assume all of the deposits of Commerce Bank of Southwest Florida.