FDIC: Board of Directors Approves Proposed Rule to Modernize and Reform the FDIC’s Framework for Reviewing Bank Merger Transactions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking that would modernize and reform the process by which the FDIC reviews merger transactions under the Bank Merger Act (BMA). Notable reforms under the proposed rule would include: accounting for credit unions and centrally booked deposits in the competitive…
FDIC: Second Federal Savings and Loan Association of Philadelphia Assumes All Deposits of Tioga-Franklin Savings Bank, Philadelphia
Tioga-Franklin Savings Bank in Philadelphia was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into an agreement with Second Federal Savings and Loan Association of Philadelphia to assume all deposits and purchase substantially all assets of Tioga-Franklin Savings Bank. As…
FDIC: The Farmers State Bank of Oakley, KS Assumes All Deposits of Small Business Bank, Lenexa, KS
Small Business Bank in Lenexa, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into an agreement with The Farmers State Bank of Oakley, Kansas, to assume substantially all deposits and purchase certain assets of Small Business Bank. …
FDIC: Kentland Bank Assumes All Deposits of Kentland Federal Savings and Loan Association
Kentland Federal Savings and Loan Association of Kentland, Indiana was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into an agreement with Kentland Bank of Kentland, Indiana (no affiliation with Kentland Federal Savings and Loan Association) to purchase substantially…
FDIC: Anchor Bank Assumes Insured Deposits of Community Bank and Trust – West Georgia, LaGrange, Georgia
Community Bank and Trust – West Georgia of LaGrange, Georgia was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into an agreement with Anchor Bank of Palm Beach Gardens, Florida to assume substantially all insured deposits and acquire certain assets…
FDIC: Board of Directors Rescinds Statement of Policy on Qualifications for Failed Bank Acquisitions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved the rescission of a Statement of Policy on Qualifications for Failed Bank Acquisitions (Statement of Policy) issued in 2009 and related questions and answers issued in 2010. The Statement of Policy applied to private investments in certain companies that sought to assume deposit liabilities…
FDIC: First Independence Bank, Detroit, MI, Assumes All Deposits of Metropolitan Capital Bank & Trust, Chicago, IL
Metropolitan Capital Bank & Trust was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with First Independence Bank to assume substantially all deposits of Metropolitan Capital Bank & Trust. Metropolitan Capital Bank &…
FDIC: Additional Transparency Provided Regarding Marketing and Sale of Failing Financial Institutions
The Federal Deposit Insurance Corporation (FDIC) has enhanced its public website to increase transparency into the marketing and sale process of failing financial institutions and has posted templates of contractual agreements for transactions to facilitate review in advance of any acquisition opportunities. The information can be found in the Resolutions section of the website at Failing Bank Resolutions | FDIC.gov. …
OCC: Agency Elevates Bank Chartering Function; Names Stephen Lybarger as Senior Deputy Comptroller for Chartering, Organization and Structure
The Office of the Comptroller of the Currency (OCC) today announced the elevation and renaming of its chartering and licensing function and the appointment of Stephen Lybarger as Senior Deputy Comptroller for Chartering, Organization and Structure. “The business of banking is innovating at a rapid pace. Elevating the OCC’s chartering and licensing activities to be…
FDIC: Agency Rescinds 2024 Statement of Policy on Bank Merger Transactions and Reinstates Prior Policy
Summary: The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved the rescission of the agency’s 2024 Statement of Policy on Bank Merger Transactions (2024 Statement of Policy) and the reinstatement of the Statement of Policy on Bank Merger Transactions (Bank Merger Statement of Policy) that was in effect prior to 2024. As noted…