Seven Banks Are Shut Down by the FDIC

Seven banks across the country closed by Federal Deposit Insurance Corporation Friday. The banks closed and sold off because the banks were not  financially sound. The banks did not meet capital requirements.

First Regional Bank, in Los Angeles closed. The bank had $2.2 billion assets and $1.9 billion in deposits. First Regional has 10 branches and 3 specialty offices. The branches will reopen as branches of First Citizens Bank and Trust based in Raleigh,NC. In 2009 First Citizens bought failed Temecula Valley Bank.

First National Bank based in Carrollton,GA in suburban Atlanta was shut down regulators on Friday. Community and Southern Bank a newly charter bank acquires the assets of First National Bank . The 11 banks branches re-open as community and Southern Bank  a bank chartered to buy failed banks.

A second Georgia bank Community Bank and Trust,Cornelia. The bank had $1.2 billion in assets and $1.1 billion in deposits; Community Bank and Trust had 36 branches in west and northwest Georgia and Eastern Alabama. The bank has been sold to SCBT the parent company of South Carolina Bank and Trust based in Columbia.

Florida Community Bank of Immokalee, Fla., with $875.5 million in assets and $795.5 million in deposits; Marshall Bank of Hallock, Minn., with $59.9 million in assets and $54.7 million in deposits; and American Marine Bank of Bainbridge Island, Wash., with $373.2 million in assets and $308.5 million in deposits.

Florida Community Bank was sold to Premier American Bank and  open as branches of Preimer American.

Marshall Bank sold to United Valley Bank, based in Cavalier, N.D.,

Columbia State Bank, based in Tacoma, Wash., is assuming the assets and deposits of American Marine Bank.

Yahoo Finance News

Los Angeles Times

WXIA-TV “11 Alive News”

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2 responses to “Seven Banks Are Shut Down by the FDIC

  1. Under First Citizens name, I imagine the banks will be far more successful…

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