Belly Up Banks Equal Foreclosure Cleanup Contracts
See the below list of failed banks profiled on the Federal Deposit Insurance Corporation's ("FDIC") website for the year 2010, so far. An independent agency of the federal government, the FDIC was created in 1933 in response to thousands of bank failures that occurred in the 1920s and in the early 1930s.
FDIC's List of Failed Banks for 2010 (as of February 20, 2010)
• Marco Community Bank, Location: Marco Island, FL, Closing Date -- February 19, 2010
• La Jolla Bank, FSB, Location: La Jolla, CA, Closing Date -- February 19, 2010
• George Washington Savings Bank, Location: Orland Park, IL, Closing Date -- February 19, 2010
• The La Coste National Bank, Location: La Coste, TX, Closing Date -- February 19, 2010
• 1st American State Bank of Minnesota, Location: Hancock, MN, Closing Date -- February 5, 2010
• American Marine Bank, Location: Bainbridge Island, WA, Closing Date -- January 29, 2010
• First Regional Bank, Location: Los Angeles, CA, Closing Date -- January 29, 2010
• Community Bank and Trust, Location: Cornelia, GA, Closing Date -- January 29, 2010
• Marshall Bank, N.A., Location: Hallock, MN, Closing Date -- January 29, 2010
• Florida Community Bank, Location: Immokalee, FL, Closing Date -- January 29, 2010
• First National Bank of Georgia, Location: Carrollton, GA, Closing Date -- January 29, 2010
• Columbia River Bank, Location: The Dalles, OR, Closing Date -- January 22, 2010
• Evergreen Bank, Location: Seattle, WA, Closing Date -- January 22, 2010
• Charter Bank, Location: Santa Fe, NM, Closing Date -- January 22, 2010
• Bank of Leeton, Location: Leeton, MO, Closing Date -- January 22, 2010
• Premier American Bank, Location: Miami, FL, Closing Date -- January 22, 2010
• Barnes Banking Company, Location: Kaysville, UT, Closing Date -- January 15, 2010
• St. Stephen State Bank, Location: St. Stephen, MN, Closing Date -- January 15, 2010
• Town Community Bank & Trust, Location: Antioch, IL, Closing Date -- January 15, 2010
• Horizon Bank, Location: Bellingham, WA, Closing Date -- January 8, 2010
Marco Community Bank Closes
The latest failed bank listed is Marco Community Bank in Marco Island, Florida. On Friday, February 19, 2010, Marco Community Bank, Marco Island, Florida, was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation was named as the Receiver.
According to the FDIC, no advance notice is given to the public when a financial institution closes up shop.
All Marco Community Bank deposit accounts, excluding certain brokered deposits, have been transferred to Mutual of Omaha Bank, Omaha, NE (the "assuming" or "acquiring" institution)
The formerly known Marco Community Bank will now reopen as a branch of the Mutual of Omaha Bank during its regular business hours.
What This Means for Foreclosure Cleanup Businesses
The acquiring (or assuming) institutions of failed banks can be fertile ground for foreclosure cleanup business contracts. How? Because these acquiring banks or assuming institutions will now have all of these new assets to manage; and many of these new assets will be real estate assets (which will include homes in default and homes that are undergoing the foreclosure process).
These new real estate assets will ultimately need some form of property preservation and foreclosure cleanup services. (http://www.foreclosure-
Foreclosure cleanup business owners who are poised to reach out quickly to these newly appointed acquiring institutions offering their company's services can grow their businesses by seeking cleanup contracts. Properties that have been foreclosed upon will need securing in the form of window boarding and lock changing, debris removal, yard work and interior and exterior inspections.
One inspections contract can add thousands of dollars to foreclosure cleanup business' bottom-line.
For more info about Marco Community Bank and other failed banks across the United States, visit the FDIC's website.
Good luck with your foreclosure cleanup business!
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Foreclosure Cleanup, LLC, authoring company of How to Start a Foreclosure Cleanup Business: FREE Articles and Advice, http://www.foreclosure-
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