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What is a De Novo Bank?
The Office of Thrift Supervision (OTS) 12 C.F.R. Parts 543 and 552 defines a De Novo Bank“any Federal Savings Institution chartered by OTS the business of which has not been conducted previously under any charter or conducted in the previous three years in substantially the same form as is proposed to be conducted by the de novo institution.”
These newly organized institutions may be subject to minimum initial capitalization requirements as well as more vigorous inspections and risk based assessments.
For complete information, visit the Office of Thrift Supervision.
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Latest News from FDIC.gov
2009
The list of Bank Failures in Brief is updated through August 28, 2009. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662).
August
Affinity Bank, Ventura, CA with approximately $1 billion in assets and approximately $922 million in deposits was closed. Pacific Western Bank, San Diego, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-157-2009)
Mainstreet Bank, Forest Lake, MN with approximately $459 million in assets and approximately $434 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits, excluding certain brokered deposits. (PR-156-2009)
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