Over the last few years, the financial markets in the United States hit all time lows. Local and national banks started to close or merge with larger banks once the companies could no longer manage business logistically. The Federal Deposit Insurance Corporation is responsible for making sure that each deposited transaction and bank member. This government institution was established in 1933 after reexamining the events that led to the Great Depression four years earlier. The FDIC has a list of troubled banks that it updates periodically to ensure the awareness of these hurting establishments.
Founded in 2006, One Georgia Bank is an Atlanta-based establishment located in the heart of Midtown. Located in Stockbridge, High Trust Bank celebrated its 105th anniversary as a financial institution this year. However, Ameris Bank acquired both of these banks on July 15th, 2011 when the FDIC declared these banks as financial failures. Established in 2003, the Mountain Heritage Bank of Clayton, GA was shut down by the FDIC on June 24th, 2011. It later became acquired by the First American Bank and Trust Company. McIntosh State Bank of Jackson, GA. was shut down by the FDIC on June 17th, 2011 and became merged with the Hamilton State Bank. On May 20th, the First Georgia Banking Company and the Atlantic Southern Bank were both closed and CertusBank acquired both.
The First Peoples Bank of St. Lucie, FL was founded in 1999. However, the bank was shut down on July 15th and later merged with the Premier American Bank. On June 17th, the First Commercial Bank of Tampa Bay was closed and the Stonegate Bank took over any remaining assets. The Coastal Bank of Cocoa Beach, FL was shut down on May 6th, 2011. The Florida Community Bank, a subsidiary Premier American Bank, acquired the Coastal Bank afterward.
On July 8th, the FDIC received two separate banks and later delegated control to two different companies. The Signature Bank of Windsor was acquired by the Points West Community Bank while the Colorado Capital Bank was taken over by the First-Citizens Bank and Trust Company.
Columbia Bank and its subsidiary, Columbia State Bank, have acquired two Washington state banks for the month of May in 2011. The first institution, Summit Bank of Burlington, was closed on May 20th after 97 years of service. First Heritage Bank of Snohomish was closed on May 27th.
The Prescott, AZ branch of the Summit Bank was closed by regulators on July 15th, 2011. This particular branch later became transferred to the Foothills Bank. Earlier in the year, the Legacy Bank of Scottsdale was closed on January 7th. The Enterprise Bank & Trust assumed all remaining assets.
The First Chicago Bank & Trust, originally opened in 1903 under the First Chicago Bank name. The bank was placed on the failed list and shut down by officials on July 8th. The Northbrook Bank & Trust Company has assumed responsibility ever since. The Western Springs National Bank and Trust was closed on April 8th, 2011 and was later taken over by Heartland Bank and Trust Company.
Matt Wooddy has been a freelance writer since 2006. His work has been featured in local and national audio magazines. Aside from graphic design and illustration work, he has also taught several classes on painting and drawing basics. Wooddy is also a DJ and technical engineer.