TV News LIES

Tuesday, Sep 16th

Last update04:57:11 AM GMT

You are here News Economy Regulators Close Banks In Florida, Georgia, Illinois

Regulators Close Banks In Florida, Georgia, Illinois

E-mail Print PDF

Bank closuresU.S. regulators on Friday closed a large bank in Florida and two smaller ones in Georgia and Illinois, with the three total closures pushing this year's tally of failures to 68.

The Florida bank--Lydian Private Bank based in Palm Beach--is the fifth-largest failure this year by assets. The Georgia bank--First Southern National Bank, based in Statesboro--pushes that state's tally to 17 this year, the most in the country.

The Office of the Comptroller of the Currency closed both those banks. Sabadell United Bank agreed to take over Lydian, while HeritageBank of the South, a unit of Heritage Financial Group Inc. (HBOS), said it would take over First Southern.

First Choice Bank in Geneva, Ill., was shut by that state's department of financial and professional regulation. Inland Bank & Trust of Oak Brook, Ill., agreed to take it over. The three failures Friday struck in the three states with the most failures in the country so far this year. Behind Georgia, Florida now has 10 and Illinois, 7.

Still, with 68 total failures this year, the pace has slowed. By this point last year, 110 banks were shut by regulators.

The Federal Deposit Insurance Corp. said Miami-based Sabadell would purchase virtually all of the assets of Lydian, in addition to assuming all the deposits. At the end of June, assets totaled $1.7 billion and deposits were $1.24 billion.

More...


Most Recent Related Stories...


US wealth gap putting the squeeze on state revenue

income inequalityIncome inequality is taking a toll on state governments.The widening gap between the wealthiest Americans and...

Morgan Stanley to pay $95 million in U.S. mortgage-debt settlement

Morgan stanleyMorgan Stanley (MS.N) has agreed to pay $95 million to resolve a lawsuit accusing the Wall...

Seniors Forced Into Poverty As Education Department Demands Payment

student loan debtThe Education Department is demanding so much money from seniors with defaulted student loans that it's...

The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

Mary GalliganBankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!