Location Root Tag

WASHINGTON — Three banks totaling $1.9 billion in assets failed late Friday, bringing the year's closure total to 84.

InBank of Oak Forest, Ill., went from well capitalized to insolvent in no time at all, and industry observers are pointing to the $209 million-asset bank as an extreme example of an aggressive regulatory approach to deteriorating credit quality.

Sierra Bancorp in Porterville, Calif., has lined up a $21.3 million capital infusion.

Pinnacle Bank of Rogers, Ark., and Central Bank of Little Rock have called off plans to merge.

California credit unions had another increase in loan delinquencies during the second quarter, and more of them have been deemed troubled.

Preferred Bank in Los Angeles aimed to bring in $10 million with its recent stock offering, but demand exceeded its expectations.

LegacyTexas Group Inc. in Plano must get more aggressive in dealing with its loan trouble in order to satisfy regulators.

The $7.8 billion-asset company said Thursday that it had proposed two separate swaps — one for its $100 million of subordinated notes, the other for its $125 million of capital securities.

Plains Capital Corp. said in a filing with the Securities and Exchange Commission that it will use the funds to pay off its $92 million in funding under the Troubled Asset Relief Program, pay off another $20 million in debt and perhaps use the remainder to buy other banks or assets.

Though it already has a fat tangible common equity ratio, PacWest Bancorp in San Diego is piling on even more capital with an eye toward buying failed institutions.

Virginia Business Bank in Richmond agreed to submit written plans to the Federal Reserve Board and the Virginia Bureau of Financial Institutions detailing how its board plans to enhance oversight of the bank while also retooling its operations.

Lorain National Bank selected VINtek in December and began implementation earlier this year of the vendor's electronic lien and title technology.

Guaranty Bank, a $13.5 billion-asset Austin thrift, failed on Friday and was scooped up by a Spanish-owned bank.

Appalachian Bancshares Inc. in Ellijay, Ga., is warning that it might be unable to survive. In belatedly filing its second-quarter results with the Securities and Exchange Commission this week, the $1.2 billion-asset company said that its bank unit is undercapitalized and that it is uncertain whether it can satisfy a regulatory order to raise capital.

Guaranty Bancorp in Denver is going out of its way to distance itself from Guaranty Financial Group, the Austin company that has said its failure is imminent.

Nearly out of capital, CIB Marine Bancshares Inc. in Pewaukee, Wis., is pursuing an unusual route for a bank parent: bankruptcy.

First Bancshares Inc. in Mountain Grove, Mo., and its First Home Savings Bank have signed regulatory orders with the Office of Thrift Supervision requiring plans to improve earnings and preserve capital.

The proposed merger of two Pennsylvania companies with ties to Vernon W. Hill 2nd has been touted as the second coming of Commerce Bank. But more than nine months on, regulators have yet to bless the deal.

After four consecutive quarterly losses, the depleted Mercantile Bancorp Inc. in Quincy, Ill., is exploring ways to recapitalize itself.

By seizing the Montgomery, Ala., unit of Colonial BancGroup Inc. on Friday and selling it to BB&T Corp., regulators nullified a contract that Colonial had made to sell 21 Nevada branches to a blank-check company, Global Consumer Acquisition, analysts said. Without those offices, Global Consumer's other proposed acquisition may be hard to justify. The company had agreed to buy 1st Commerce Bank in North Las Vegas from Capitol Bancorp Ltd., largely for the charter.