Yesterday, Delaware Bankruptcy Judge Mary Walrath granted a request by Washington Mutual (WaMu) shareholders to appoint an independent examiner, to be chosen by the U.S. trustee, to review assets and claims in the company’s bankruptcy case related primarily to the 2008 seizure and sale of WaMu by the FDIC to JPMorgan Chase for $1.9 million.
Yesterday Treasury released "guidance on its role in the exploration of a possible initial public offering of the common stock of General Motors Company." Under the Troubled Asset Relief Program, Treasury acquired 60.8% of GM's common stock and $2.1 billion of its preferred stock in connection with GM's restructuring last summer.
Friday, the Minnesota Department of Commerce closed Access Bank, headquartered in Champlin, Minnesota, and the FDIC was appointed receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Prinsbank, headquartered in Prinsburg, Minnesota, to assume all of the deposits of Access Bank.
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.