On Friday, the OTS closed Vantus Bank, headquartered in Sioux City, Iowa, and the FDIC was named as receiver.

Today, after an extended auction, the OTS closed BankUnited, FSB, headquartered in Coral Gables, Florida and named theFDIC as receiver.

Over the past two weeks, the federal government has relied on nearly every legal authority available to address the unfolding crisis in financial institutions with large mortgage-related holdings — direct and indirect financial assistance, government takeovers and even a decision to let the bankruptcy process run its course have all come into play. Today, several new actions have been announced, together with proposals that would require Congressional action.

On Friday, the Florida Office of Financial Regulation closed Progress Bank of Florida, headquartered in Tampa, Florida, and appointed the FDIC as receiver.

On Friday, the Ohio Division of Financial Institutions closed Bramble Savings Bank, headquartered in Milford, Ohio, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Foundation Bank, headquartered in Cincinnati, Ohio, to assume all of the deposits of Bramble Savings Bank.

On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.

On Friday, the Florida Division of Financial Institutions closed Peninsula Bank, headquartered in Englewood, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, headquartered in Miami, Florida, to assume all of the deposits of Peninsula Bank.

On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.

Friday, the Office of the Comptroller of the Currency closed Amcore Bank, National Association, headquartered in Rockford, Illinois, and the FDIC was appointed receiver.

Today, the Federal Deposit Insurance Corporation (FDIC) announced the close of a Rule 144A sale of $1.8 billion principal amount of notes backed by 103 non-agency residential mortgage backed securities (RMBS) from seven failed bank receiverships.