Chicago’s ShoreBank fails, is bought by investors – Chicago-based ShoreBank, which for more than three decades made loans to South and West siders who might not have gotten financing elsewhere to buy homes, apartment buildings and start businesses, failed Friday. It had struggled for months to raise sufficient funds to stay afloat.Its deposits and most [...]
The Federal Deposit Insurance Corp. on Friday evening shut down First National Bank Savannah.The bank failure is Georgia’s 39th since August 2008 and ninth in 2010.The Savannah Bank will assume all of the deposits of First National Bank. The four branches of First National Bank will reopen on Monday as branches of The Savannah Bank.
Regulators late Friday seized Sun West Bank, and City National Bank of Los Angeles took over deposits. The Federal Deposit Insurance Corp. estimates its fund will lose $96.7 million because of Sun West’s failure, but customers won’t lose any of their deposits, including those deposits that exceeded FDIC insurance limits.
May 15 (Bloomberg) — Midwest Banc Holdings Inc., recipient of $84.8 million in bailout funds from the Troubled Asset Relief Program, had its Illinois lender seized by regulators as the count of failed U.S. banks this year rose to 72. Midwest Bank and Trust, with $3.17 billion in assets and 23 retail branches, was closed [...]
NEW YORK — Regulators on Friday shut down seven banks in Illinois, putting the number of U.S. bank failures this year at 57. The Federal Deposit Insurance Corp. took over four banks in Chicago: New Century Bank, with $485.6 million in assets; Citizens Bank&Trust Co., with $77.3 million in assets; Broadway Bank, with $1.2 billion [...]
The former president of a small business bank in New York closed by regulators on Friday has been arrested and charged with engaging in a variety of schemes to defraud the bank and its regulators, including the U.S. government’s Troubled Asset Relief Program.
Old Southern Bank was closed late Friday by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver.
WILMINGTON, Del. — Washington Mutual Inc. says it has resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company’s Chapter 11 bankruptcy. The government agency seized Washington Mutual’s flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. [...]
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