Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Wheatland Bank, headquartered in Naperville, Illinois, and the FDIC was appointed receiver.
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 Illinois Department of Financial and Professional Regulation – Division of Banking closed Independent Bankers’ Bank, headquartered in Springfield, Illinois, and theFDIC was named as receiver. As receiver, the FDIC created Independent Bankers’ Bank Bridge Bank, National Association to take over the operations of the failed bank.
This evening, the OTS closed Century Bank, FSB, headquartered in Sarasota, Florida, and the Florida Office of Financial Regulation closed Orion Bank, headquarte
Yesterday, the California Department of Financial Institutions closed San Joaquin Bank, headquartered in Bakersfield, California, and the FDIC was named as receiver.
In the past two days, AIG has announced the sale of its Hong Kong Financial branch and the sale of additional energy and infrastructure investment assets.
As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs.
Last week, the European Commission (EC) announced that it has decided to further review Dexia’s restructuring plan under EC Treaty state aid rules to “establish whether the restructuring plan for the Dexia group will restore the group's long-term viability.” The plan includes a €6.4 billion capital injection, announced in
Yesterday, the Big Three U.S. auto chief executives submitted restructuring plans to the Senate Banking Committee and the House Financial Services Committee, in response to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid’s November 21st request calling on the auto executives to “submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments” by December 2nd.