Skip to main content

Why my Fridays stink! (more bank closings)

Andrew T Berman
Aug 14, 2009

OK, they are not that bad. Heck, I love know that I will have two days of not being 100% focused on work and get to spend time with my family. What I don't like about Friday is that Friday the FDIC releases its hit list of bank closings. Bank Closing - Union Bank, N.A., Gilbert, AZ: On August 14, 2009, the FDIC was named as Receiver for Union Bank, N.A., Gilbert, AZ by the Office of the Comptroller of the Currency. Bank Closing - Community Bank of Arizona, Phoenix, AZ: On August 14, 2009, the FDIC was named as Receiver for Community Bank of Arizona, (CERT # 57645), Phoenix, AZ by the Arizona Department of Financial Institutions. Bank Closing - Community Bank of Nevada, Las Vegas, NV: On August 14, 2009, the State Commissioner, by order of the Nevada Financial Institutions Division, closed the Community Bank of Nevada, (CERT # 34043), Las Vegas, NV and named FDIC as Receiver. All insured deposits, with the exception of brokered deposits, certificates of deposit and individual retirement accounts, were transferred to the newly created Deposit Insurance National Bank of Las Vegas ("DINB of Las Vegas"). BB&T, Winston-Salem, North Carolina, Assumes All of the Deposits of Colonial Bank, Montgomery, Alabama: Colonial Bank, Montgomery, Alabama, was closed today by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking and Trust (BB &T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank. Actually this was a pretty light week in terms of the number of announcements. Sadly, this week also came with a major hit with Colonial. Well have a great weekend!
Aug 14, 2009