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Seven banks failed Friday, bringing the total number of failures this year to within one of the number of failures in all of 2009. So far 139 banks have failed in 2010. Friday's failures are expected to cost the deposit insurance fund a collective $478 million.
October 22 -
The Tampa institution formerly known as Bay Financial Savings Bank is undergoing an extreme makeover, changing everything from its name to its charter to the makeup of its balance sheet.
May 28
The Federal Deposit Insurance Corp. is seeking $6.3 million in damages from three former directors of the failed Progress Bank of Florida in Tampa.
The FDIC lawsuit charges Thomas Rummel, Progress' former president, chief executive and chief loan officer, and former directors Laurence Fentriss and Timothy Anonick with negligence and breaches of fiduciary duty in their management of the bank's lending functions. The men assumed their roles at Progress
The complaint,
Rummel, Fentriss and Anonick also extended credit to borrowers who were not creditworthy, allowed loans of depositor funds in violation of the bank's policy and permitted poor loan underwriting, the complaint said. The lawsuit cites nine specific commercial real estate and commercial loans made from May 2007 to July 2009 that were allegedly approved by the defendants in violation of the bank's loan policy.
