5 bank receiverships terminated by FDIC

The federal bank deposit insurer terminated its receiverships of five banks April 1, all of them several months – in one case, more than a year – after its initial notices that it planned to do so.

A notice for the Federal Register shows that the Federal Deposit Insurance Corp. (FDIC) as of Monday (April 1) had terminated the receiverships of Madisonville State Bank, Madisonville, Texas; Century Security Bank, Duluth, Ga.; Innovative Bank, Oakland, Calif.; Charter National Bank & Trust, Hoffman Estates, Ill.; and Allied Bank, Mulberry, Ark.

The FDIC, in notices of its intent to terminate receiverships, generally states that the receiverships are to be terminated no earlier than 30 days after the notice, and each notice gives members of the public an opportunity to submit comments within 30 days of the notice.

With respect to these five receiverships, the agency said that it had fulfilled its obligations as receiver and made all dividend distributions required by law.

A notice about the pending termination of FDIC’s receivership of Madisonville State Bank was issued in October 2018; of Century Security Bank and Allied Bank, in November 2018; and of Innovative Bank, in January 2019. The notice of intent to terminate the receivership of Charter National Bank and Trust was published in the Federal Register in February 2018.

Notice of Termination of Receiverships

RR: FDIC to terminate receiverships of two MI, CA banks (Jan. 30, 2019)

RR: FDIC receiverships of 4 banks in AR, IL, GA, KS to terminate (Nov. 2, 2018)

RR: Receivership of TX bank to be terminated, FDIC says (Oct. 18, 2018)

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