On Friday, the New Jersey Department of Banking and Insurance closed ISN Bank, headquartered in Cherry Hill, New Jersey, and appointed the FDIC as receiver for the bank.
On Friday, the Oregon Division of Finance and Corporate Securities closed LibertyBank, headquartered in Eugene, Oregon, and appointed the FDIC as receiver for the bank.
On Friday, the Office of the Comptroller of the Currency closed Home National Bank, headquartered in Blackwell, Oklahoma, and the FDIC was appointed receiver.
On Friday, the Illinois Department of Financial Professional Regulation - Division of Banking closed Midwest Bank and Trust Company, headquartered in Elmwood Park, Illinois, and appointed the FDIC as receiver.
Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Citizens Bank&Trust Company of Chicago, headquartered in Chicago, Illinois, and the FDIC was appointed receiver.
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.