Archive for the ‘FDIC CEASE AND DESIST’ Category

Sterling Financial Corporation

Friday, October 16th, 2009

Sterling financial Corp was rocked with a cease-and-desist order from FDIC, resulting in a shakeout of upper management. The bank must now raise additional capital and shore up financial buffers against the rising tide of nonperforming loans. Sterling Financial Corp., the parent company of Washington’s second largest bank, announced a management shakeup ...

First Mariner Bank, Baltimore, Maryland

Tuesday, September 22nd, 2009

The FDIC issued a wait and hold everything order to First Mariner Bank of Baltimore, Maryland. In a Form 8-K last night, First Mariner Bank, the wholly-owned bank subsidiary of First Mariner Bancorp (Nasdaq: FMAR) reports that it has agreed with the FDIC and The Maryland Division of Financial Regulation to ...

Colonial BancGroup Inc.

Thursday, June 11th, 2009

Montgomery, Alabama, based Colonial Bank has been slapped with an FDIC cease-and-desist order. The bank also caught the ire of the State of Alabama Banking Department, which ordered it to improve its capital ratio. The regulatory action complicates merger deals already in the pipeline. Taylor, Bean & Whitaker's deal with Colonial may ...

West Suburban Bank, Lombard, Illinois

Sunday, February 1st, 2009

West Suburban Bank, Lombard, Illinois, has received an FDIC cease-and-desist order for not doing the regulator's job. Unlike most cease and desist orders having to do with lending practices, West suburban Bank's order has to do with monitoring clients accounts. The "cease and desist" order, issued Dec. 3 and released Friday, ...

Corn Belt Bank and Trust Company, Pittsfield, Illinois

Sunday, February 1st, 2009

Corn Belt Bank and Trust Company, Pittsfield, Illinois, was hit with a cease-and-desist order from the FDIC. Federal and state banking regulators have filed cease-and-desist orders against West Suburban Bank of Lombard and Corn Belt Bank & Trust Co. of Pittsfield. Grievances against West Suburban include a board of directors that has ...

Mainstreet Bank, Forest Lake, Minnesota

Sunday, February 1st, 2009

Mainstreet Bank of Forest Lake, Minnesota, was slapped with an FDIC cease-and-desist order for unsafe lending practices. It seems like just yesterday that banks only knew how to lend recklessly, but the FDIC says Main Street Bank can no longer turn to its old ways.  Mainstreet Bank of Forest Lake, one of Minnesota's ...

New Frontier Bank, Greeley, Colorado

Friday, January 30th, 2009

The Office of Thrift Supervision has issued a cease-and-desist order to prevent New Frontier Bank of Greeley, CO, from taking on new business or extending fresh credit. The cease-and-desist order, which was effective Dec. 2, but not reported publicly until Friday, states that the bank was involved in “unsafe or unsound ...

AmTrust Bank, Cleveland Ohio

Tuesday, November 25th, 2008

The Office of Thrift Supervision has issued a cease-and-desist order against AmTrust Financial Corp based in Cleveland Ohio. The effective date of the order is November 19, and you can see the PDF here. The order specifically prohibits the bank from making any loans for land acquisition and development, while ...