More than 50 recent regulatory actions against U.S. financial institutions provide some insight into which banks are struggling.
A bank failure is often preceded by a cease-and-desist order. The Federal Deposit Insurance Corporation issued the following cease-and-desist orders.
|Institution||Location||Date of Order||Order No.|
|Bank of Agriculture and Commerce||Stockton, Calif.||Feb. 19||FDIC-08-408b|
|Bank of Leeton||Leeton, Mo.||Feb. 27||FDIC-09-036b|
|Bank of Westminster||Westminster, S.C.||Feb. 24||FDIC-08-309b|
|Cape Fear Bank (failed 4/10)||Wilmington, N.C.||Feb. 24||FDIC-09-005b|
|Columbia River Bank||The Dalles, Ore.||Feb. 9||FDIC-08-360b|
|Community Bank of Lemont||Lemont, Ill.||Feb. 5||FDIC-08-372b|
|Concord Bank||St. Louis||Feb. 13||FDIC-08-368b|
|Desert Commercial Bank||Palm Desert, Calif.||Feb. 17||FDIC-08-397b|
|First Bank of Beverly Hills||Calabasas, Calif.||Feb. 19||FDIC-09-051b|
|First Regional Bank||Los Angeles||Feb. 23||FDIC-08-353b|
|Imperial Capital Bank||La Jolla, Calif.||Feb. 17||FDIC-08-392b|
|Midwest Community Bank||Plainville, Kan.||Feb. 25||FDIC-08-373b|
|The Park Avenue Bank||New York||Feb. 11||FDIC-08-401b|
|Republic Bank & Trust Co.||Louisville, Ky.||Feb. 27||FDIC-08-308b|
|Security Savings Bank (failed 2/27)||Henderson, Nev.||Feb. 3||FDIC-09-004b|
|Sherman County Bank (failed 2/13)||Loup City, Neb.||Feb. 9||FDIC-09-046b|
|Temecula Valley Bank||Temecula, Calif.||Feb. 12||FDIC-09-057b|
|University Bank||Ann Arbor, Mich.||Feb. 12||FDIC-08-194b|
|Waterford Village Bank||Williamsville, N.Y.||Feb. 12||FDIC-08-402b|
|West Michigan Community Bank||Hudsonville, Mich.||Feb. 19||FDIC-08-238b|
|Woodlands Commercial Bank||Salt Lake City||Feb. 4||FDIC-09-041b|
Removal-and-prohibition orders were issued against the following institutions by the FDIC.
|Institution||Location||Individual||Date of Order||Order No.|
|Alpine Bank||Glenwood Springs, Colo.||Terri Fatka||Feb. 27||FDIC-08-08-091e|
|The Citizens Bank of Weir, Kansas||Weir, Kan.||Martha E. Thompson||Feb. 11||FDIC-08-002e|
|First Commonwealth Bank||Indiana, Pa.||Rose Falise||Feb. 27||FDIC-08-263e|
|Hancock Bank of Louisiana||Baton Rouge, La.||Lester John Brooks Jr.||Feb. 27||FDIC-07-14|
|Provident Bank||Jersey City, N.J.||Catherine Valencia||Feb. 27||FDIC-08-096e|
|Republic First Bank||Philadelphia||Paul A Verdi Jr.||Feb. 11||FDIC-08-313e|
|Republic First Bank||Philadelphia||Maria O. Verdi||Feb. 11||FDIC-08-314e|
|Slade’s Ferry Trust Co.||Somerset, Mass.||Cheryl A. Swift||Feb. 11||FDIC-07-124e|
The FDIC issued the following civil money penalties.
|Institution||Location||Amount||Date of Order||Order No.|
|Citizens Deposit Bank of Arlington Inc.||Arlington, Wis.||$2,400||Feb. 9||FDIC-08-258k|
|Cross Keys Bank||St. Joseph, La.||$17,335||Feb. 25||FDIC-08-367k|
|Petefish, Skiles & Co.||Virginia, Ill.||$2,350||Feb. 18||FDIC-08-161k|
|Spencer Savings Bank||Spencer, Mass.||$5,500||Feb. 12||FDIC-08-343k|
|Spencer Savings Bank||Spencer, Mass.||$4,805||Feb. 12||FDIC-08-344k|
|Sterling Savings Bank||Spokane, Wash.||$125,000||Feb. 12||FDIC-08-285k|
|Sun Security Bank||Ellington, Mo.||$15,900||Feb. 10||FDIC-08-329k|
|Sun Security Bank||Ellington, Mo.||$5,500||Feb. 10||FDIC-08-330k|
|The Tampa State Bank||Tampa, Kan.||$6,150||Feb. 11||FDIC-08-255k|
|Wells Fargo Financial Bank||Sioux Falls, S.D.||$125,000||Feb. 11||FDIC-09-021k|
The FDIC terminated the following cease-and-desist orders.
|Institution||Location||Date of Order||Order No.|
|Central Progressive Bank||Lacombe, La.||Feb. 19||FDIC-07-105b|
|First Vietnamese American Bank||Westminster, Calif.||Feb. 9||FDIC-06-195b|
|Oakland Deposit Bank||Oakland, Tenn.||Feb. 24||FDIC-08-319b|
An Order Approving Application to Modify Order of Prohibition From Further Participation against David Cruse was issued by the FDIC against Goreville State Bank in Goreville, Ill.
A prompt corrective action was filed by the FDIC on Feb. 13 against Venture Bank in Lacey, Wash., while a termination of insurance occurred at Escrow Bank USA in Midvale, Utah, and an order was granted to Pedro Ayala-Garcia giving permission to participate in the affairs of any insured depository institution.
The Federal Reserve Board reported that it entered formal written agreements with the following financial institutions and their regulators. Among other things, the agreements require operational improvements, capital conservation and progress reports.
Date of Order
Federal Reserve Bank
|Bankeast Corp., Bankeast||Knoxville, Tenn.||March 23||Atlanta||na||09-015-WA/RB-HC
|Blossman Bancshares Inc.||Lacombe, La.||March 26||Atlanta||State of Louisiana Office of Financial Institutions||09-013-WA/RB-HC|
|Community Bankshares Inc., Community Banks of Colorado||Greenwood Village, Colo.||March 25||Kansas City||Colorado Division of Banking||09-028-WA/RB-HC
|First State Bank of Red Bud||Red Bud, Ill.||March 17||St. Louis||Illinois Department of Financial and Professional Regulation Division of Banking||09-012-WA/RB-SM
|United Security Bancshares Inc.||Woodstock, Ga.||March 31||Atlanta||Banking Commissioner of the State of Georgia||09-018-WA/RB-HC|
|Venture Financial Group Inc.||Dupont, Wash.||April 6||San Francisco||na||09-026-WA/RB-HC|
|San Joaquin Bancorp, San Joaquin Bank||Bakersfield, Calif.||April 7||San Francisco||State of California, Department of Financial Institutions||09-031-WA/RB-HC
Consent Prompt Corrective Action Directives were issued by the Federal Reserve Board on April 1 against Michigan Heritage Bank in Farmington Hills, Mich., and on March 26 against Heritage Bank in Topeka, Kan.
On March 30, the Federal Reserve Board terminated an August 27, 2003, cease-and-desist order against WestLB AG, Dusseldorf, Germany, and its New York branch.
Scott M. Polakoff, acting Office of Thrift Supervision director, was placed on leave as the Treasury Department investigates OTS complacency in the backdating of capital contributions that occurred in August 2008, the OTS said last month. OTS Deputy Director and Chief Counsel John E. Bowman was appointed acting director of the agency.
In the Matter of DAVID CRUSE, individually, and as an institution-affiliated party of GOREVILLE STATE BANK GOREVILLE, ILLINOIS INSURED STATE NONMEMBER Merged into, and now known as REGIONS BANK BIRMINGHAM, ALABAMA STATE MEMBER BANK).
FDIC-94-1e, FDIC-08-110e&j, Feb. 19, 2008 (Federal Deposit Insurance Corporation, Washington, D.C.).
In the Matter of Venture Bank, Lacey, Washington.
FDIC-09-058 PCAS, Feb. 13, 2009 (Federal Deposit Insurance Corporation, Washington, D.C.)
In the Matter of Escrow Bank USA, Midvale, Utah, (Insured State Nonmember Bank).
FDIC-07-128p, Feb. 13, 2009 (Federal Deposit Insurance Corporation, Washington, D.C.)
In the Matter of Pedro Ayala-Garcia, in the Application for Consent to Participate in the Conduct of the Affairs of Any Insured Depository Institution.
FDIC-08-232L, Feb. 27, 2009 (Federal Deposit Insurance Corporation, Washington, D.C.)
In the Matter of Michigan Heritage Bank, Farmington Hills, Michigan.
Docket No. 09-041-PCA-SM, April 1, 2009 (Board of Governors of the Federal Reserve System, Washington, D.C.)
In the Matter of Heritage Bank, Topeka, Kansas.
Docket No. 09-032-PCA-SM, March 26, 2009 (Board of Governors of the Federal Reserve System, Washington, D.C.)