No Recognition in the Bahamas for Cayman Island Bank Liquidators

No Recognition in the Bahamas for Cayman Island Bank Liquidators

15 April 2016 – The liquidators of Caledonian Bank in the Cayman Islands requested the Bahamian court for the recognition of their position. They requested the court’s endorsement to represent Caledonian Bank in the Bahamas, as well as to acknowledge the Cayman proceedings as foreign procedures under Section 253 of the Bahamian Companies Winding-up Amendment

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Banking Authorization for Choice Bank Limited Revoked

Banking Authorization for Choice Bank Limited Revoked

29 June 2018 – Revocation of License for Choice Bank Limited and Appointment of New Liquidator  On 29 June 2018, the licence for Choice Bank Limited was revoked pursuant to section 25 and 27 of the International Banking Act, Chapter 267, Revised Edition 2011 of the Substantive Laws of Belize (the Act). This prohibits Choice

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St. Vincent Based Loyal Bank Limited Loses its Banking License

St. Vincent Based Loyal Bank Limited Loses its Banking License

10 August 2018 – St. Vincent Based Loyal Bank Limited Loses its Banking License A Notice of Revocation has been issued to Loyal Bank Limited, effective 7th August, 2018 pursuant to section 21 (2) (a) of the International Banks Act. Winding up proceedings have commenced against Loyal Bank Limited and the Financial Services Authority will

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Lucayas Bank Bahamas stops trading and placed under administration

Lucayas Bank Bahamas stops trading and placed under administration

25 November 2021 – Lucayas Bank Bahamas Stops Trading and Placed Under Administration: The Central Bank of the Bahamas placed Nassau based Lucayas Bank under statutory administration on the 27th of October 2021. The special administrator initially resumed control over the banks management and operations to ensure financial stability and maintain confidence in the system.

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Euro Pacific Bank Suspends its Operations

Euro Pacific Bank Suspends its Operations

30 June 2022 – Financial Regulator in Puerto Rico Puts an Halt to Euro Pacific Bank Charges insufficient capital, violations to Consent Order, insolvency and other violations to the local International Financial Center Regulatory Act; issues Temporary Order Designating Trustee San Juan, P.R., June 30, 2022 —The Office of the Commissioner of Financial Institutions (“OCIF”,

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FBME Bank Liquidation Approved

FBME Bank Liquidation Approved

30 June 2023 - FBME Bank Liquidation Approved In July 2014, FBME Bank entered into special administration following allegations of wrongdoing. Restrictions were placed on incoming and outgoing payments. This was despite the fact that the resolution authority exceeded its authority by proposing the sale of the bank. Account holders of the branch in Cyprus

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Heartland Tri-State Bank (Kansas) Closed

Heartland Tri-State Bank (Kansas) Closed

29 July 2023 – Insolvency issues force Kansas Based Heartland Tri-State Bank to close The banking industry faced another setback with the unexpected closure of the Heartland Tri-State Bank in Kansas. This was the latest in a series of bank failures in the United States, raising the count to five in the current year. Officials

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FDIC Introduces Robust Resolution and Long-term Debt Regulations for Major Banks on August 29

FDIC Introduces Robust Resolution and Long-term Debt Regulations for Major Banks on August 29

24 August 2023 – The Federal Deposit and Insurance Corporation (FDIC), a cornerstone of U.S. financial stability, is gearing up to introduce transformative rules designed to redefine how significant regional banks brace for potential financial setbacks. The announcement, revealed late Tuesday, is set to be made public on August 29, 2023. For those unfamiliar with

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