Bank Failures for Friday Nov 19, 2010

A while back I started reporting the news of each weeks bank failures. Over time, I got away from that. You usually don't hear about the bank failures still going on, unless you happen to live in an area where the FDIC shutters a bank. However, it is still happen every Friday, except most Holiday weekends. For example, I fully anticipate that this weekends closures will be the last for November. Because of Thanksgiving next week, the next round of seizures will be December 3, 2010.

First Banking Center, Burlington, WI was closed by the State of Wisconsin Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding the Cede & Co. deposits, have been transferred to First Michigan Bank, Troy, MI ("assuming institution") and will be available immediately. The former First Banking Center locations will reopen as branches of First Michigan Bank during regular business hours.

Allegiance Bank of North America, Bala Cynwyd, PA was closed by the Pennsylvania Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to VIST Bank, Wyomissing, PA ("assuming institution") and will be available immediately. The former Allegiance Bank of North America locations will reopen as branches of VIST Bank during regular business hours.

Gulf State Community Bank, Carrabelle, FL' target="new
was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding the Cede & Co. deposits, have been transferred to Centennial Bank, Conway, AR ("assuming institution") and will be available immediately. The former Gulf State Community Bank locations will reopen as branches of Centennial Bank during regular business hours.

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