Failed Banks
Practical and Legal Issues Facing Homeowners
This page should help you gain a better understanding of the significant effects a failure can have upon any claims and defenses that a homeowner may have against those institutions. The causes of a failure can vary. A failure signifies that a financial institution either has a substantial run on deposits, which means that a significant amount of money has been withdrawn from existing accounts and the bank may not have enough cash on hand to honor its own liquidity, or that the institution is not able to meet the demands of its other obligations. When this happens the supervisory entity of the failed bank closes the bank and then the Federal Deposit Insurance Corporation (FDIC) becomes its receiver. Since failed banks are not subject to federal bankruptcy laws there is a special administrative system in place, which is operated by the FDIC, to manage and resolve issues that arise from the bank’s failure. Those issues include the payment of depositors, general creditors, and the sale of the bank’s assets and liabilities.
FDIC was created by Congress after the Depression of the 1930s with the overall objective of promoting stability and confidence in the banking system. Congress also wanted to insure deposits and keep open the channels of trade and commerce.
List of Failed Banks along with their claim bar dates Bank Insolvencies: Bars to Jurisdiction and to Claims and Defenses (NCLC Reports, January/February, 2009) Q&A Regarding the IndyMac Bank Failure Purchase and Assumption Agreements:1st American State Bank Affinity Bank Ameribank Inc., OH Ameribank, Inc. WV American Marine Bank American United Bank AmTrust Bank Bank of Clark County Bank of Elmwood Bank of Illinois Bank of Leeton Bank of Lincolnwood Bank of Wyoming BankFirst Bankunited (addendum ) Bank USA Barnes Banking Company Benchmark Bank Bradford Bank Brickwell Community Bank Buckhead Community Bank California National Bank CapitalSouth Carson River Community Bank Century Bank, FSB Charter Bank Citizens National Bank Citizens State Bank Colonial Bank Colorado National Bank Columbia State Bank Commerce Bank of Southwest Florida Community Bank & Trust Community Bank of Arizona Community Bank of Lemont Community Bank of Nevada Community National Bank of Sarasota County Coopertive Bank Corus Bank Dwelling House Savings and Loan Association Ebank Elizabeth State Bank Evergreen Bank Federal Savings Bank First BankAmericano FirstBank Financial Services First Coweta First Dupage Bank First Federal Bank of California First Heritage Bank First National Bank of Danville First National Bank of Georgia First National Bank of Nevada First Piedmont First Priority Bank First Regional Bank First Security National Bank First State Bank (FL)First State Bank (AZ) First State Bank of Altus First State Bank of Winchester Flagship National Bank Florida Community Bank Founders Bank Franklin Bank Freedom Bank Freedom Bank of Georgia Gateway Bank George Washington Savings Bank Georgian Bank Greater Atlantic Bank Guaranty Bank Haven Trust Bank Heritage Community Bank Hillcrest Bank Horizon Bank Horizon Bank (Wa) Imperial Capital Bank Independent Bankers' Bank IndyMac Master Purchase Agreement (March 18, 2009)IndyMac (July 11, 2008)IndyMac Loan Sale Agreement between FDIC and OneWest Bank Integrity Bank Irwin Union Bank, FSB Irwin Union Bank and Trust Company Jennings State Bank La Jolla Bank, FSB Madisonville State Bank Main Street Bank (MI)Mainsteet Bank (MN) Marco Community Bank Marshall Bank Meridian Bank MetroPacific Bank Millennium State Bank Mirae Bank Mutual Bank National Bank of Commerce Neighborhood Community Bank New South Federal Savings Bank North Houston Bank Ocala National Bank Omni National Bank Pay Agent Agreement Orion Bank Pacific Coast National Bank Pacific National Bank Park National Bank Partners Bank Peoples Community Bank Peoples First Community Bank PFF Bank and Trust Pinnacle Bank of Oregon Premier American Bank Prosperan Bank Rainier Pacific Bank Republic Federal Bank Riverside Bank of the Gulf Coast Riverview Community Bank Rock River Bank Sanderson Bank San Diego National Bank San Joaquin Bank Security Bank of Jones, Houston, Bibb, North Metro, North Fulton, and Gwinnett Counties Security Pacific Bank Security Savings Bank Sherman County Bank Silver Falls Bank Silver State Bank Solutions Bank Southern Colorado National Bank Southern Community Bank St. Stephen State Bank Suburban Federal Savings Bank Sun American Bank TeamBank Temecula Valley The Columbian Bank and Trust Company The Community Bank The John Warner Bank The La Coste National Bank The Tattnall Bank Town Community Bank & Trust Union Bank United Commercial Bank United Security Bank Valley Capital Bank Vantus Bank Venture Bank WaMu Warren Bank Waterfield Bank WaterFord Village Bank Westsound Bank Vineyard Bank
Other Relevant Documents:
Glover v. Washington Mutual - Opinion and Order -- 2009 WL 798832 (W.D. Pa. March 20, 2009) Glover v. Washington Mutual - Brief in Opposition to FDIC's Request for a Second Stay Glover v. Washington Mutual - Objections to Magistrate's Opinion and Order Glover v. Washington Mutual - Opposition to Objections FDIC letter re Class Claims
Material Loss Review - OIG Audit Reports:
1st Centennial Alliance Bank American Southern Bank American West Bank Bank of Lincolnwood Bank of Wyoming Cape Fear Bank Columbian Bank and Trust Cooperative Bank Corn Belt Bank and Trust Company FirstBank Financial Services First Bank of Beverly Hills First City Bank First National Bank First Piedmont Bank First Priority Bank Founders Bank Franklin Bank Freedom Bank of Florida Freedom Bank of Georgia Great Basin Bank Haven Trust Bank Heritage Community Bank Integrity Bank MagnetBank Main Street Bank MetroPacific Bank Millennium State Bank of Texas Mirae Bank Mutual Bank New Frontier Bank Security Pacific Bank Security Savings Bank Sherman County Bank Silver Falls Bank Silver State Bank Southern Community Bank Strategic Capital Bank Temecula Valley Bank The Bank of Clark County The Community Bank The Six Bank Subsidiaries of Security Bank Corporation Westsound Bank
The Institute for Foreclosure Legal Assistance
and NCLC