Tag Archives: Bank Failure

With only weeks left before the end of 2013, FDIC has added another tally to its list of the year's bank failures. The Office of the Comptroller of the Currency (OCC) announced Friday the closure of Texas Community Bank, National Association, in the Woodlands, Texas.

A Florida bank became the 23rd FDIC-insured institution to fall this year, the agency announced Wednesday.

The FDIC announced Friday the closure of two more banks--including Connecticut's first collapse in more than a decade--bringing this year's failure tally to 22 so far.

Income at financial institutions insured by the FDIC rose during the second quarter, according to a report released Thursday by the agency. Total net income at FDIC-insured institutions increased 22.6 percent year-over-year to $42.2 billion in the second quarter. "Asset quality continues to recover, loan balances are trending up, fewer institutions are unprofitable, the number of problem banks is down, and the number of failures is significantly below levels of a year ago," said FDIC chairman Martin J. Gruenberg.

The FDIC's list of federally insured bank failures grew to 20 so far this year as two more banks collapsed.

The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.

After nearly two months with no activity, FDIC's list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral). The Fort Myers-based bank was closed by the Florida Office of Financial Regulation, which appointed FDIC as receiver.

FDIC's failed bank tally rose to 15 as an institution in Las Vegas shut down, the agency announced.

The Wisconsin Department of Financial Institutions closed Banks of Wisconsin (Kenosha), FDIC announced Friday. As receiver, the agency entered into a purchase and assumption agreement with North Shore Bank, FSB (Brookfield, Wisconsin) to assume all of Banks of Wisconsin's $127.6 million in deposits and $97.4 million in assets. The remaining assets (approximately $36.6 million) will be retained by FDIC for later disposition.

FDIC announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Western State Bank (Devils Lake, North Dakota).