Georgian Bank, a bank based in the city of Atlanta, has been shut down by federal regulators. The closure marks the failed bank number 95 in 2009.
The FDIC took over the bank and is expected to lose about $900 million in doing so. Georgian Bank had about $2 billion in assets as of the final week of July.
The five branches of Georgian Bank will be taken over by First Citizens Bank and Trust Co. — a bank based in the state of South Carolina. All five branches will open on Monday under the new name.
Not only will the number of …read more

Another week, another set a failed banks. However, this time there was a big fish in the net. Colonial BancGroup, which had assets of approximately $25 billion, was shut down by federal regulators on Friday — the biggest bank failure in the United States in 2009.
Colonial BancGroup was sold to BB&T, a bank based in North Carolina. All of Colonial BancGroup’s 346 branches will open as BB&T branches on Saturday. Colonial BancGroup had branches in a number of states including Texas, Nevada, Georgia and Florida.
Four other banks were shut down by federal regulators on Friday: Community Bank of Arizona, Community …read more

Two lenders in Florida and one in Oregon have gone under in what has become a gruesome trend for the financial world. The collapses of these three banks mark have propelled the number of bank closures due to the recession to 72, highlighting the devastating impact of the economic crisis.
 
Community National Bank and First State Bank, both of which were based in Sarasota, Florida, and Community First Bank, based in Prineville, Oregon, were shut down by federal regulators in a move that will cost the FDIC $185 million. All in all, the banks were in charge of $769 million worth …read more

According to a statement released by U.S. federal regulators, Teva Pharmaceuticals will be unable to sell any of its veterinary drugs until it manages to sort out several manufacturing problems. In order to be able to sell the products from its animal health unit once again, Teva will have to win the FDA’s approval after several inspections.
The move came after the FDA found enough manufacturing violations during inspections dating as far back as 2007 to justify closing down Teva’s facilities. After the news broke, Teva’s shares fell to $53 from $53.34, marking a slight fall for the largest American manufacturer …read more

The United States federal regulators shut down four more banks on Friday — upping the total in 2009 from 53 to 57. All four banks were appointed to the FDIC.
Two of the four banks were located in the state of California. South Dakota and Georgia were the locations of the other two banks.
The two banks in California were Vineyard Bank and Temecula Valley Bank. Of the four banks that were shut down by regulators on Friday, these two were also the two biggest.
In Georgia, the failed bank was First Piedmont Bank. BankFirst was the failed bank located in South Dakota.
First-Citizens …read more

Newmont Mining has been fined in excess of $500,000 by federal regulators due to the death of an employee two years ago. The fine, which came from the Mine Safety and Health Administration, cites safety violations.
In addition to Newmont Mining getting fined, the MSHA also decided to fine four of the company’s supervisors to the total tune of $60,000.
The death occurred in an underground Nevada gold mine called Midas Mine. Thomas Daniel Shaw, the miner who died, reportedly was operating a loader when he dropped into a sinkhole and fell to his death.
After the fall, it took nearly two weeks …read more

Heading into Thursday, a total of 45 banks had been shut down in 2009 by federal regulators. On Thursday, seven more banks failed — pushing the total on the year up to 52.
Six of the seven banks that failed were in the state of Illinois. The other bank was in Texas.
The failed bank in Texas was Millennium State Bank out of Dallas. The lone branch will be turned into a State Bank of Texas branch.
The five banks out of Illinois were John Warner Bank, First State Bank of Winchester, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, …read more