Category Archives: Financial
General Reinsurance Corporation Enters into Agreement Resolving Its Role in Fraudulent Reinsurance Transaction with AIG
As part of the agreement, General Re admitted its senior management participated in structuring a sham reinsurance transaction and creating a phony paper trail to make it appear as though General Re’s subsidiary, Cologne Re Dublin, had solicited reinsurance from AIG when the evidence demonstrated that the parties knew AIG wanted the transaction to manipulate its financial statements. Additionally, General Re entered into a secret side deal whereby AIG would never have to pay any losses under the contracts; AIG would return to General Re’s subsidiary the $10 million in premiums General Re’s subsidiary paid to AIG and AIG paid General Re an illicit accommodation $5 million fee for entering into the transaction.
OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California
OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California
FOR IMMEDIATE RELEASE
December 18, 2009
First Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. [...]
City National Bank, Los Angeles, California, Assumes All of the Deposits of Imperial Capital Bank, La Jolla, California
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $619.2 million. City National Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to all alternatives. Imperial Capital Bank is the 139th FDIC-insured institution to fail in the nation this year, and the sixteenth in California. The last FDIC-insured institution closed in the state was Pacific Coast National Bank, San Clemente, on November 13, 2009.
Bank Closing – Imperial Capital Bank, La Jolla, CA
On Friday, December 18, 2009, Imperial Capital Bank (CERT #26348), La Jolla, CA was closed by the California Department of Financial Institutions. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution; for further information, please visit the FDIC web site: Imperial Capital Bank (www.fdic.gov).
Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, Florida
Peoples First Community Bank is the 135th FDIC-insured institution to fail in the nation this year, and the fourteenth in Florida. The last FDIC-insured institution closed in the state was Republic Federal Bank, N.A., Miami, on December 11, 2009.
Bank Closing Peoples First Community Bank Panama City, FL
On Friday, December 18, 2009, Peoples First Community Bank (CERT #32167), Panama City, FL was closed by the Office of Thrift Supervision. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution; for further information, please visit the FDIC web site: Peoples First Community Bank (www.fdic.gov).
FDIC Approves the Payout of the Insured Deposits of Rockbridge Commercial Bank, Atlanta, Georgia
The FDIC was unable to find another financial institution to take over the banking operations of RockBridge Commercial Bank. RockBridge Commercial Bank is the 134th FDIC-insured institution to fail this year and the twenty-fifth in Georgia since The Buckhead Community Bank, Atlanta, was closed on December 4, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $124.2 million.
Bank Closing RockBridge Commercial Bank Atlanta, GA
On December 18, 2009, the FDIC was named as Receiver for RockBridge Commercial Bank, (CERT # 58315), Atlanta, GA by the Georgia Department of Banking and Finance. An assuming institution could not be located; therefore, the FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts. For further information, please [...]
Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas
As of September 30, 2009, SolutionsBank had total assets of $511.1 million and total deposits of approximately $421.3 million. Arvest Bank did not pay the FDIC a premium for the deposits of SolutionsBank. In addition to assuming all of the deposits of the failed bank, Arvest Bank agreed to purchase essentially all of the assets.
The FDIC and Arvest Bank entered into a loss-share transaction on approximately $411.3 million of SolutionsBank’s assets. Arvest Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of Republic Federal Bank, National Association, Miami, Florida
As of September 30, 2009, Republic Federal Bank, N.A. had total assets of approximately $433.0 million and total deposits of approximately $352.7 million. 1st United Bank will pay the FDIC a premium of 1.2 percent to assume all of the deposits of Republic Federal Bank, N.A. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase $267.1 million of the failed bank’s assets.
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