Get ready for a wave of bank failures
As of now 39 banks have been failed in USA from the beginning of the year 2008.
Check the total number of bank fails from 2000 :
| 2000 : 2 | 2001 : 4 |
| 2002 : 11 | 2003 : 3 |
| 2004 : 4 | 2005 : 0 |
| 2006 : 0 | 2007 : 3 |
| 2008 : 25 | 2009 : 89 |
You can check the calendar view of the monthly bank failures at PortalSeven.com/Bank-Fails
If we check the numbers, we will find that banks were doing so great in period of the economic boom that no failures happened in year 2005 and 06.
But as the asset bubble burst, the banks started failing at faster speed.
CNN Money says :
NEW YORK (CNNMoney.com) — If it’s Friday, there must be a bank failing somewhere across the country.
For six consecutive weeks, industry regulators have seized control of a bank after the market closed on Friday, bringing the total number of failed banks so far this year to 14.
To put that into perspective, 25 banks failed in 2008, suggesting that the rate of failures is quickening as the economic crisis deepens.
“We’ll have a banner year [of failures] this year,” said Stuart Greenbaum, retired dean and professor emeritus at the Olin Business School at Washington University in St. Louis.
At the current rate, nearly 100 institutions — with a combined $50 billion in assets — will collapse by year’s end.
The latest is Oregon’s Silver Falls Bank, which was closed by U.S. regulators Friday.
With more consumers and businesses likely to default on loans as the recession drags on, some industry observers think the pace of bank failures could accelerate further.
Source : CNN Money
Add your thoughts and comments for this new disaster coming.
Tags: 2009 Failed Banks, bank failures, economic crisis, Failed Banks, Failed Banks 2009, FDIC, Financial Crisis
FDIC paints bleak banking picture as Banks post loss of $26.2 billion in fourth quarter
The FDIC press release today says :
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. Rising loan-loss provisions, losses from trading activities and goodwill write-downs all contributed to the quarterly net loss as banks continue to repair their balance sheets in order to return to profitability in future periods.
More than two-thirds of all insured institutions were profitable in the fourth quarter, but their earnings were outweighed by large losses at a number of big banks. Total deposits increased by $307.9 billion (3.5 percent), the largest percentage increase in 10 years, with deposits in domestic offices registering a $274.1 billion (3.8 percent) increase. And at year-end, nearly 98 percent of all insured institutions, representing almost 99 percent of industry assets, met or exceeded the highest regulatory capital standards.
For all of 2008, insured institutions earned $16.1 billion, a decline of 83.9 percent from 2007 and the lowest annual total since 1990. Twelve FDIC-insured institutions failed during the fourth quarter and one banking organization received assistance. During the year, a total of 25 insured institutions failed. The FDIC’s “Problem List” grew during the quarter from 171 to 252 institutions, the largest number since the middle of 1995. Total assets of problem institutions increased from $115.6 billion to $159 billion.
For complete press release
http://www.fdic.gov/news/news/.....09027.html
Lets hope tomorrow we do not see any addition to failed bank list.
Hold your nerves for FRIDAY !!!!!!
See you,
BankWatcher
http://www.portalseven.com
2 more banks failed on 27 Feb 2009 (Security Savings Bank, Henderson, NV and Heritage Community Bank, Glenwood, IL )
As feared yesterday, 2 more banks failed today. Looks like this is going to be normal practice of seeing addition to the failed bank list.
The 2 banks failed today are :
1) Security Savings Bank, Henderson, NV
2) Heritage Community Bank, Glenwood, IL
No advance notice is given to the public when a financial institution is closed. So you came to know only when a bank is taken over by FDIC.
FDIC does to secure the deposits of the people. Normally after FDIC takes over a bank, its accounts are transferred to some other bank or the complete bank is merged with another bank.
If you know any additional details about this, you are welcome.
Lets wait for next Friday to see if any more banks fails or not.
See you,
BankWatcher
http://www.portalseven.com
One more bank this Friday – Freedom Bank of Georgia
One more bank failed this Friday. This is the 17th bank to fail this year. U.S. regulators closed Freedom Bank of Georgia bank on Friday, the 17th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said Freedom Bank of Georgia had $173 million in assets and $161 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $36.2 million.
Northeast Georgia Bank agreed to assume the deposits of Freedom Bank of Georgia, whose four branches will reopen on Monday as branches of Northeast Georgia Bank.
Till now 42 banks have been failed since the start of year 2008.
Lets see what happens next Friday.
No bank failed this Friday !
No bank failed this Friday breaking the events of bank failures on Fridays for last 7 week. Yes, we have seen banks failing each Friday for last 7 weeks. A bit respite this time. But don’t expect more of this.
Through March 6, 17 banks have collapsed this year, following on the 25 failures in 2008. Last year’s total was more than in the previous five years combined and up from only three failures in 2007.
Sheila Bair, chairwoman of the FDIC, said Monday that the agency has set aside $22 billion to cover any projected losses over the next year, leaving $19 billion. The deposit insurance fund is raising the assessment on banks and thrifts to give it more money in reserve.
The FDIC now expects bank failures will cost the insurance fund around $65 billion through 2013, up from an earlier estimate of $40 billion.
The FDIC had 252 banks and thrifts on its list of troubled institutions at the end of 2008, up from 171 in the third quarter.
Regards,
PortalAdmin
And the story continues ……
After a week of respite, the story starts again. Whopping 3 banks seized by FDIC this Friday. That makes the total of banks failed this year to 20 and 45 since 2008.
Now we have 2 contender states for the most failed banks as California and Georgia with 8 failed banks each. These are the states which got hammered badly by the housing crisis.
FirstCity Bank,Stockbridge, GA.
FirstCity Bank, based in Stockbridge, Ga. was closed by state regulators, according to the Federal Deposit Insurance Corp., which was named the receiver. The FDIC said FirstCity Bank had $297 million in assets and $278 million in deposits as of March 18. The failure is expected to cost the FDIC deposit insurance fund about $100 million.
The FDIC has approved the payout of insured deposits and will mail checks to insured depositors on Monday. The FDIC insures up to $250,000 per account.
Colorado National Bank,Colorado Springs, CO.
The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Colorado National Bank, Colorado Springs, Colorado. Colorado National Bank, with approximately $122 million in assets, was chartered as a national bank in 2003. The OCC’s action follows the OCC appointing the FDIC as receiver for the bank’s affiliate TeamBank, National Association, Paola, Kansas, earlier today. Colorado National Bank and TeamBank, National Association are wholly owned subsidiaries of Team Financial, Inc., Paola, Kansas.
The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank’s unsafe and unsound practices weakened the bank’s condition and seriously prejudiced the interests of the bank’s depositors and the deposit insurance fund.
Teambank National Association,Paola, KN.
The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for TeamBank, National Association, Paola, Kansas. TeamBank’s primary market extended throughout Kansas and locations in Missouri and Nebraska. The bank, with approximately $668 million in assets, was chartered as a national bank in 1885. The bank is a wholly owned subsidiary of Team Financial, Inc., Paola, Kansas.
The OCC acted after finding that the bank was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank had incurred and is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized. The bank’s unsafe and unsound practices also weakened the bank’s condition and seriously prejudiced the interests of the bank’s depositors and the deposit insurance fund.
Regards,
PortalAdmin
After reading many posts about financial institutions your article gave me the right thoughts i was searching for.
Omni National Bank Failed – 21 st in USA and 4th in Georgia in year 2009
March 27 – Omni National Bank of Atlanta was seized by federal regulators, the 21st U.S. bank to fail this year, as foreclosures rise amid the recession and the highest unemployment in a quarter century.
Omni National, with $956 million in assets and $796.8 million in deposits, was shut today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was named receiver, the OCC said in a statement. SunTrust Banks Inc. of Atlanta will operate the lender’s six branches in four states and wind down the bank by April 27, the FDIC said. The failed bank had branches in Georgia, Illinois, Florida and Texas, and two loan offices in Alabama and Pennsylvania, the OCC said.
This was the 9th bank failed in Georgia since 2008. California is trailing behind Georgia with 8 bank failures since 2008.
22nd to be failed , Cape Fear Bank of Wilmington, N.C. fails
On Friday, April 10, 2009, Cape Fear Bank, Wilmington, NC was closed by the North Carolina Office of Commissioner of Banks and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. This is the 47th bank failed in USA since the stating of the recession. This was the first bank in North Carolina to fail.
First Federal Savings and Loan Association of Charleston, S.C., will assume all of the deposits of the bank. As of March 31, Cape Fear Bank had total assets of about $492 million and total deposits of $403 million. Cape Fear Bank’s eight offices will reopen Monday as branches of First Federal, the FDIC said.
Last week no bank failed. This week there were some good news coming from banking sector when as US banking giant Wells Fargo said Thursday it sees “record” net income of some three billion dollars for the first quarter.
New Frontier Bank closed, becomes 23rd this year and 48th since 2008
On Friday, April 10, 2009, the State Bank Commissioner, by order of the Banking Board of the Colorado Division of Banking, closed New Frontier Bank, Greeley, CO and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The Federal Deposit Insurance Corp said it immediately transferred New Frontier’s insured deposits to the Deposit Insurance National Bank of Greeley (DINB), except for brokered deposits, certificates of deposit and individual retirement accounts.
The Deposit Insurance National Bank will remain open for about 30 days so customers can move their funds to other banks.
New Frontier had total assets of $2 billion and total deposits of about $1.5 billion as of March 24.
It is the 23rd U.S. bank to fail this year, and its resolution is expected to cost the deposit insurance fund about $670 million.
This was the second bank to fail today.
And also the second from Colorado since 2008.
American Sterling Bank closed on 17 April 2009.
American Sterling Bank, Sugar Creek, MO was closed by The Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The Federal Deposit Insurance Corp said American Sterling had $181 million in assets and $171.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.
This was the 24th bank to fail this year and 49th from the beginning of 2008.
Also first bank from Missouri this year and 3rd from last year.
Check the list of all the failed banks at :FAILED BANKS LIST – 2009
And on google map see where the banks are failing at :
FAILED BANKS MAP- 2009
Great Basin Bank of Nevada Fails, Now 25 each for 2008 and 2009
Nevada State Bank officials announced today that the bank has agreed, in a whole bank transaction, to acquire the banking operations of Great Basin Bank of Nevada in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).
Branches previously owned and operated by Great Basin Bank of Nevada, headquartered in Elko, Nev., will reopen on Monday morning as branches of Nevada State Bank, Nevada’s oldest state-chartered bank. All Great Basin clients will automatically become clients of Nevada State Bank, said Dallas Haun, president and chief executive officer of Nevada State Bank.
The acquisition is effective at the close of business on Friday, after state regulators declared Great Basin Bank of Nevada insolvent and named the FDIC as receiver. The FDIC Board of Directors then approved the whole bank acquisition of Great Basin Bank by Nevada State Bank, which includes all loans, deposits and assets.
Great Basin Bank of Nevada operated five bank branches, all in Northern Nevada. They include two branches in Elko, one in Spring Creek (southeast of Elko), one in Fallon and one in Winnemucca. The transaction includes approximately $220 million of deposits and $238 million of assets, including the loan portfolio of Great Basin Bank.
Some facts after the bank closure :
Analysis of failed banks in terms of Assets
As we are getting many news about the banks failed, I thought of consolidating this data.
After searching through FDIC data, I found out following information.
As per the FDIC data (12/31/2008), there 7085 commercial banks insured by FDIC.
If we group them by asset size this comes to:
Assets more than $1B - 511 banks
Assets $100M to $1B - 3790 banks
Assets less than $100M - 2784 banks
And if we group the banks failed in 2009 by asset size then :
Assets more than $1B - 3 banks
Assets $100M to $1B - 21 banks
Assets less than $100M - 1 bank
This clearly shows that mid-size banks are failing more than the big or small size banks.
The major banks failed this year are :
New Frontier Bank, Greeley, CO - $2.0 billion in Assets
County Bank, Merced, CA - $1.7 billion in Assets
Alliance Bank, Culver City, CA - $1.14 billion in Assets
If we analyze banks failed in 2008 then :
Assets more than $1B - 10 banks
Assets $100M to $1B - 13 banks
Assets less than $100M – 2 bank
PFF Bank and Trust, Pomona, CA – $3.7 billion in Assets
Downey Savings and Loan, Newport Beach, CA – $12.8 billion in Assets
Franklin Bank, SSB, Houston, TX – $5.1 billion in Assets
Washington Mutual, Inc, Henderson, NV – $307 billion in Assets
Silver State Bank, Henderson, NV – $2 billion in Assets
Integrity Bank, Alpharetta, GA – $1.1 billion in Assets
IndyMac Bank, Pasadena, CA – $32 billion in Assets
First National Bank of Nevada, Reno, NV – $3.4 billion in Assets
First Integrity Bank, Staples, MN – $1.1 billion in Assets
ANB Financial, Bentonville, AR – $2.1 billion in Assets
In all the failed banks till now, Washington Mutual was the biggest failure.
Regards,
PortalAdmin
FDIC seized 4 banks on Friday.
“Heritage Bank, Farmington Hills, MI” , “American Southern Bank, Kennesaw, GA” ,”First Bank of Beverly Hills, Calabasas, CA” and “First Bank of Idaho, Ketchum, ID”
Till now 29 banks have failed this year and 54 from 2008.
Last time on 13-Feb-2009 also, FDIC seized 4 banks.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
American Southern Bank, Kennesaw, GA:
#26th bank to fail this year in USA
#First bank from Michigan to fail this year and 2nd since 2008
#Has $112.3 million in assets and $104.3 million in deposits
Heritage Bank, Farmington Hills, MI:
#27th bank to fail this year in USA
#5th bank from Georgia to fail this year and 10th since 2008
#Has $184.6 million in assets and $151.7 million in deposits
#Maximum banks failed in Georgia since 2008
First Bank of Beverly Hills, Calabasas, CA:
# 28th bank to fail this year in USA
# 4th bank from California to fail this year and 9th since 2008
# Has $1.5 billion in assets and $1.0 billion in deposits
First Bank of Idaho, Ketchum, ID:
# 29th bank to fail this year in USA
# 1st bank from Idaho to fail since 2008
# Has $374 million in assets and $488 million in deposits
FDIC closed 3 banks this Friday, the MAY DAY.
“Silverton Bank, N.A., Atlanta, GA” , “Citizens Community Bank, Ridgewood, NJ” and America West Bank, Layton, UT .
Till now 32 banks have failed this year and 57 from 2008.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
Silverton Bank, N.A., Atlanta, GA:
# 30th bank to fail this year in USA
# 6th bank from Georgia to fail this year and 11th since 2008
# Has $4.1 billion in assets and $3.3 billion in deposits
# Biggest bank to fail this year till now and 5th biggest bank since 2008
Citizens Community Bank, Ridgewood, NJ:
# 31st bank to fail this year in USA
# 1st bank from New Jersey to fail since 2008
# Has $45.1 million in assets and $43.7 million in deposits
America West Bank, Layton, UT:
# 32nd bank to fail this year in USA
# 2nd bank from Utah to fail since 2008
# Has $299 million in assets and $284 million in deposits
Also layoff tracker at :
http://portalseven.com/Layoffs
FDIC seized and sold Westsound Bank of Bremerton, WA. this Friday
This was 33rd bank to fail this year and taking count to 58 since 2008.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
Westsound Bank , Bremerton, WA:
# 33rd bank to fail this year in USA
# 2nd bank from Washington to fail this year
# Has $365 million in assets and $330 million in deposits as of 31-Dec-2008
BankUnited FSB, Coral Gables, FL. closed by regulators
This was 34th bank to fail this year and taking count to 59 since 2008.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
BankUnited FSB , Coral Gables, FL:
# 34th bank to fail this year in USA
# 4th bank from Floridato fail this year and 5th since 2008
# Has $12.80 billion in assets and $8.6 billion in deposits as of 02-May-2009
2 more banks failed this week, Strategic Capital Bank and Citizens National Bank
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb was seized by FDIC.
Both the banks from Illinois which makes the 5 bank failures from the state this year.
So far 36 banks have been failed this year and the count goes to 61 bank failures since 2008.
Strategic Capital Bank
The Federal Deposit Insurance Corp. was appointed receiver of the Strategic Capital Bank, based in Champaign, Ill. It had $537 million in assets and $471 million in deposits as of May 13.
The FDIC said Friday the bank’s deposits will be assumed by Midland States Bank, based in Effingham, Ill. Its branches will reopen Tuesday as a branch of Midland States Bank.
Citizens National Bank
The Federal Deposit Insurance Corp said Citizens National Bank had $437 million assets and about $400 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $106 million.
Morton Community Bank, of Morton, Illinois, agreed to assume the deposits of Citizens National Bank, who offices will reopen on Saturday as branches of Morton Community Bank.
Illinois’ Bank of Lincolnwood fails, 37th of 2009
Bank of Lincolnwood was shuttered by Illinois regulators Friday, bringing the number of failed banks this year to 37 and costing the Federal Federal Deposit Insurance Corp.’s deposit insurance fund $83 million.
The two offices of Lincolnwood, Ill.-based bank will reopen Saturday as branches of Republic Bank of Chicago. Bank of Lincolnwood customers will retain their deposit insurance coverage, the FDIC said.
As of late last month, Bank of Lincolnwood had total assets of about $214 million and total deposits of $202 million. Republic Bank agreed to purchase about $162 million in assets, leaving $52 million for the FDIC to sell.
This was the 6th bank from Illinois to fail this year and 7th from the start of 2008.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
FDIC closed 3 banks today (19 June)
65 banks failed since 2008, 25 in 2008 and 40 in 2009 till now.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
Southern Community Bank, Fayetteville, GA :
# 38th bank to fail this year in USA
# 7th bank to fail this year and 12th since 2008 from Georgia state.
# Georgia has the maximum bank failures in USA
# As of May 29 has $377 million in assets and $307 million in deposits
# United Community Bank of Blairsville, Ga., will assume all of the deposits.
Cooperative Bank, Wilmington, NC :
# 39th bank to fail this year in USA
# 2nd bank from North Carolina to fail this year
# As of May 31 has $970 million in assets and $774 million in deposits
First National Bank of Anthony, Anthony, KS :
# 40th bank to fail this year in USA
# 2nd bank from Kansas to fail this year
# As of March 31 has $156.9 million in assets and $142.5 million in deposits
FDIC closed record 5 banks today
FDIC must be very busy today as for the first time 5 banks had been siezed by FDIC.
Before this twice it had siezed 4 banks on single day on 13/Feb and 24/Apr 2009.
70 banks failed since 2008, 25 in 2008 and 45 in 2009 till now.
So far 14 banks failed only in Georgia since 2008 and 9 this year alone.
Behind is the California with 11 bank failures since 2008 , 5 in 2008 and 6 in 2009.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about the bank failures :
Community Bank of West Georgia, Villa Rica, GA :
# 41st bank to fail this year in USA
# 8th bank to fail this year and 13th since 2008 from Georgia state.
# As of May 15 has $199.4 million in assets and $182.5 million in deposits
Neighborhood Community Bank, Newnan, GA :
# 42nd bank to fail this year in USA
# 9th bank to fail this year and 14th since 2008 from Georgia state.
# As of March 31 has $212 million in assets and $190 million in deposits
# CharterBank, West Point, Georgia Assumes All of the Deposits of bank
Horizon Bank, Pine City, MN:
# 43rd bank to fail this year in USA
# 1st bank to fail this year and 2nd since 2008 from Minnesota state.
# As of March 31 has $84 million in assets and $69 million in deposits
# All deposit accounts, excluding certain brokered deposits, have been transferred to Stearns Bank N.A., St. Cloud, MN
Metro Pacific Bank, Irvine, CA :
# 44th bank to fail this year in USA
# 5th bank to fail this year and 10th since 2008 from California state.
# As of March 31 has $75 million in assets and $70 million in deposits
# All non-brokered deposit accounts have been transferred to Sunwest Bank, Tustin, CA
Mirae Bank, Los Angeles, CA :
# 45th bank to fail this year in USA
# 6th bank to fail this year and 11th since 2008 from California state.
# As of May 29 has $456 million in assets and $362 million in deposits
# Wilshire State Bank, of Los Angeles, agreed to assume the insured deposits and $449 of the assets of Mirae Bank
2 banks from Illinois closed today by FDIC.
72 banks failed since 2008, 25 in 2008 and 47 in 2009 till now.
Today Illinois has most number of bank failures (8) this year after Georgia which saw 9 bank failures till now. California has 6 banks failures.
Check the complete list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance.....p_2009.jsp
Some statistics about this bank failure :
John Warner Bank,Clinton, IL :
# 46th bank to fail this year in USA
# 7th bank to fail this year and 8th since 2008 from Illinois state.
# As of March 31 has $71 million in assets and $64 million in deposits
# State Bank of Lincoln, Lincoln, IL will assume all deposits of failed bank
First State Bank of Winchester, Winchester, IL :
# 47th bank to fail this year in USA
# 8th bank to fail this year and 8th since 2008 from Illinois state.
# As of March 31 has $32.9 million in assets and $33.3 million in deposits
# All deposit accounts have been transferred to The First National Bank of Beardstown, Beardstown, IL
Bank of Wyoming closed by FDIC – First from the state
This was the 78th bank to fail since 2008 and 53rd this year.
Wyoming gets added to the list of bank failing states.
And on google map see the bank location :
http://portalseven.com/finance.....p?state=WY
Some statistics about this bank failure :
# 53rd bank to fail this year in USA
# 1st bank from Wyoming to fail in this economic crisis
# As of June 30, 2009 had total assets of $70 million and total deposits of approximately $67 million.
# Central Bank & Trust will purchase all deposits, except about $8 million in brokered deposits, held by Bank of Wyoming.
# The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27 million
This Friday 4 banks were closed by FDIC.
So far 57 banks failed in 2009 and 82 since 2008.
http://portalseven.com/Failed-Banks-2009
For California, this was the 8th failure this year with total 13 banks fails since 2008. Of this 13 failures , 8 banks were with the assets of more than $1 billion. 4 medium sized banks with assets between $100 million and $1 billion. And only 1 small bank with assets less than $100 million.
Check all the bank failures in California at
http://portalseven.com/finance.....p?state=CA
For Georgia, 1 bank failed this Friday , taking total to 15 since 2008 and 11th bank failure this year.
Of this 15 failures, 2 banks were with the assets of more than $1 billion. 13 medium sized banks with assets between $100 million and $1 billion.
Check all the bank failures in Georgia at
http://portalseven.com/finance.....p?state=GA
Failed banks total zoom to 64.
FDIC till now closed 1 bank in New York and 6 bank subsidiaries of Security Bank Corporation in Georgia.
Check all the failed banks at
http://portalseven.com/Failed-Banks-2009
So now in Georgia we have 16 bank failures this year and 21 since 2008.
Check details and map of all the failed banks in Georgia at
http://portalseven.com/finance.....p?state=GA
And Waterford Village Bank becomes the FIRST bank from New York to be closed by FDIC.
http://portalseven.com/finance.....p?state=NY
More details about today’s bank failures :
Waterford Village Bank, Williamsville, NY
#First bank from NY to be closed by FDIC in this economic downturn.
#As of March 31, 2009, had total assets of $61.4 million and total deposits of approximately $58 million
#Evans Bank, N.A., Angola, New York, to assume all of the deposits of Waterford Village Bank.
Security Bank Corporation, Macon, Georgia :
(1)Security Bank of Gwinnett County, Suwanee, GA, with $322 million in assets and $292 million in deposits;
(2)Security Bank of North Fulton, Alpharetta, GA, with $209 million in assets and $191 million in deposits.
(3)Security Bank of North Metro, Woodstock, GA, with $224 million in assets and $212 million in deposits; and
(4)Security Bank of Bibb County, Macon, GA, with $1.2 billion in total assets and $1 billion in deposits;
(5)Security Bank of Houston County, Perry, GA, with $383 million in assets and $320 million in deposits;
(6)Security Bank of Jones County, Gray, GA, with $453 million in assets and $387 million in deposits;
State Bank and Trust Company, Pinehurst, Georgia, Assumes All of the Deposits of the Six Bank Subsidiaries of Security Bank Corporation, Macon, Georgia
Failed banks total for year 2009 zoom to 68 With 93 bank failures since 2008.
23 banks failed just in July only.
FDIC till now closed 5 banks today , 1 each in Oklahoma, Florida, Ohio,New Jersey and in Illinois.
Check all the failed banks at
http://portalseven.com/Failed-Banks-2009
More about these bank failures :
1) First State Bank of Altus, Altus, Oklahoma
# First bank from Oklahoma to be closed by FDIC in more than 17 years.
# As of June 19, 2009, First State Bank of Altus had total assets of $103.4 million and deposits of approximately $98.2 million.
# Herring Bank, Amarillo, Texas, to assume all of the deposits of First State Bank of Altus.
# Cost to the Deposit Insurance Fund (DIF) will be $25.2 million
http://portalseven.com/finance.....p?state=OK
2)Integrity Bank, Jupiter, Florida
# 4th bank from Florida to be closed by FDIC this year and 6th since 2008
# As of June 5, 2009, Integrity Bank had total assets of $119 million and total deposits of approximately $102 million
# Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Integrity Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $46 million
http://portalseven.com/finance.....p?state=FL
3)Peoples Community Bank, West Chester, Ohio
# First bank from Ohio to be closed by FDIC in this economic downturn.
# As of March 31, 2009, Peoples Community Bank had total assets of $705.8 million and total deposits of approximately $598.2 million
# First Financial Bank, National Association, Hamilton, Ohio, to assume all of the deposits of Peoples Community Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $129.5 million
http://portalseven.com/finance.....p?state=OH
4)First BankAmericano, Elizabeth, New Jersey
# 2nd bank from New Jersey to be closed by FDIC this year.
# As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million
# Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano.
# Cost to the Deposit Insurance Fund (DIF) will be $15 million
http://portalseven.com/finance.....p?state=NJ
4)First BankAmericano, Elizabeth, New Jersey
# 2nd bank from New Jersey to be closed by FDIC this year.
# As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million
# Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano.
# Cost to the Deposit Insurance Fund (DIF) will be $15 million
http://portalseven.com/finance.....p?state=NJ
5)Mutual Bank, Harvey, Illinois
# 13th bank from Florida to be closed by FDIC this year and 14th since 2008
# As of July 16, 2009, Mutual Bank had total assets of $1.6 billion and total deposits of approximately $1.6 billion
# United Central Bank, Garland, Texas, to assume all of the deposits of Mutual Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $696 million
http://portalseven.com/finance.....p?state=IL
Failed Banks Total Goes to 72.
FDIC closed 3 banks today. 2 from Florida and 1 from Oregon.
In 2009 6 banks have failed in Florida and 8 bank failures since 2008.
Of these 8 failures , 1 bank was with assests more that $1 billion.
5 banks with assets between $100 million and $1 billion.
And 1 bank with assets less than $100 million.
http://portalseven.com/finance.....p?state=FL
In Oregon , 3 banks have failed in 2009.
Of these 3 failures , 2 banks has assets between $100 million and $1 billion.
And 1 bank with assets less than $100 million.
http://portalseven.com/finance.....p?state=OR
More about these bank failures :
1) First State Bank, Sarasota, Florida
# 5th bank from Florida to be closed by FDIC this year and 7th since 2008
# As of May 31, 2009, First State Bank had total assets of $463 million and total deposits of approximately $387 million
# Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of First State Bank, excluding those from brokers.
# Cost to the Deposit Insurance Fund (DIF) will be $116 million
2)Community National Bank of Sarasota County, Venice, Florida
# 6th bank from Florida to be closed by FDIC this year and 8th since 2008
# As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million
# Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of Community National Bank of Sarasota County.
# Cost to the Deposit Insurance Fund (DIF) will be $24 million
3)Community First Bank, Prineville, Oregon
# 63rd bank from Oregon to be closed by FDIC
# As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million.
# Home Federal Bank, Nampa, Idaho, to assume all of the deposits of Community First Bank
# Cost to the Deposit Insurance Fund (DIF) will be $45 million
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Failed Banks Total Goes to 74 in 2009 and 99 since 2008.
Colonial Bank, Montgomery, Alabama was the biggest bank failure of 2009.
As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
Before this in 2008, we have seen bigger failures as Washington Mutual(Assets : $307 billion ) and IndyMac (Assets : $32 billion).
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
More about today’s bank failures :
1)Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania
# 1th bank from Pennsylvania to be closed by FDIC
# As of March 31, 2009, Dwelling House Savings and Loan Association had total assets of $13.4 million and total deposits of approximately $13.8 million.
# PNC Bank, National Association, Pittsburgh, Pennsylvania, to assume all of the deposits of Dwelling House Savings and Loan Association.
# Cost to the Deposit Insurance Fund (DIF) will be $6.8 million
2)Colonial Bank, Montgomery, Alabama
# 1th bank from Alabama to be closed by FDIC
# As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
# Branch Banking and Trust (BB&T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $2.8 billion.
3)Colonial Bank, Montgomery, Alabama
# 1th bank from Alabama to be closed by FDIC
# As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
# Branch Banking and Trust (BB&T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $2.8 billion.
4)Colonial Bank, Montgomery, Alabama
# 1th bank from Alabama to be closed by FDIC
# As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
# Branch Banking and Trust (BB&T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $2.8 billion.
5)Colonial Bank, Montgomery, Alabama
# 1th bank from Alabama to be closed by FDIC
# As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
# Branch Banking and Trust (BB&T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $2.8 billion.
Failed Banks Total Goes to 81 in 2009 and 106 since 2008.
Till now 23 banks have been failed in Georgia alone since 2008.
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
More about today’s bank failures :
1)ebank, Atlanta, Georgia
# 17th bank from Georgia to be closed by FDIC in 2009 and 22nd since 2008.
# As of July 10, 2009, ebank had total assets of $143 million and total deposits of approximately $130 million.
# Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of ebank.
# Cost to the Deposit Insurance Fund (DIF) will be $63 million.
2)First Coweta, Newnan, Georgia
# 18th bank from Georgia to be closed by FDIC in 2009 and 23nd since 2008.
# As of July 31, 2009, First Coweta had total assets of $167 million and total deposits of approximately $155 million.
# United Bank, Zebulon, Georgia, to assume all of the deposits of First Coweta, excluding those from brokers.
# Cost to the Deposit Insurance Fund (DIF) will be $48 million.
3)CapitalSouth Bank, Birmingham, Alabama
# 2nd bank from Alabama to be closed by FDIC
# As of June 30, 2009, CapitalSouth Bank had total assets of $617 million and total deposits of approximately $546 million.
# IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of CapitalSouth Bank, excluding those from brokers.
# Cost to the Deposit Insurance Fund (DIF) will be $151 million.
4)Guaranty Bank, Austin, Texas
# 2nd bank from Texas to be closed by FDIC
# As of June 30, 2009, Guaranty Bank had total assets of approximately $13 billion and total deposits of approximately $12 billion.
# BBVA Compass, Birmingham, Alabama, to assume all of the deposits of Guaranty Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $3 billion.
# Guaranty Bank had 103 branches in Texas and 59 branches in California
This friday FDIC closed 3 banks, 1 each from Maryland, Minnesota and California.
In August 15 banks failed compared to 24 failures in July.
Bradford Bank is the 82nd FDIC-insured institution to fail in the nation this year, and the second in Maryland.
The last FDIC-insured institution closed in the state was Suburban Federal Savings Bank, Crofton, on January 30, 2009.
Mainstreet Bank is the 83rd FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution to be closed in the state was Horizon Bank, Pine City, on June 26, 2009.
Affinity Bank is the 84th FDIC-insured institution to fail in the nation this year, and the ninth in California. The last FDIC-insured institution closed in the state was Vineyard Bank, National Association, Rancho Cucamonga, on July 17, 2009.
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
More about today’s bank failures :
1)Bradford Bank, Baltimore, Maryland
# 2nd bank from Maryland to be closed by FDIC since 2008.
# As of June 30, 2009, Bradford Bank had total assets of $452 million and total deposits of approximately $383 million.
# Manufacturers and Traders Trust Company (M&T), Buffalo, New York, to assume all of the deposits of Bradford Bank.
# The nine branches of Bradford Bank will reopen on Saturday as branches of M&T.
# Cost to the Deposit Insurance Fund (DIF) will be $97 million.
2) Mainstreet Bank, Forest Lake, Minnesota
# 3nd bank from Maryland to be closed by FDIC since 2008.
# As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million.
# Central Bank, Stillwater, Minnesota, to assume all of the deposits of Mainstreet Bank.
# The eight branches of Mainstreet Bank will reopen on Saturday as branches of Central Bank.
# Central Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Mainstreet Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $95 million.
3) Affinity Bank, Ventura, California
# 9thd bank from California to be closed by FDIC in 2009 and 14th since 2008.
# As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million.
# Pacific Western Bank, San Diego, California, to assume all of the deposits of Affinity Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $254 million.
Failed Banks Total Goes to 89 in 2009 and 114 since 2008.
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
More about today’s bank failures :
1)First Bank of Kansas City, Kansas City, Missouri,
# 4th bank from Missouri to be closed by FDIC since 2008.
# As of June 30, 2009, First Bank of Kansas City had total assets of $16 million and total deposits of approximately $15 million.
# Great American Bank, De Soto, Kansas, to assume all of the deposits of First Bank of Kansas City.
# Cost to the Deposit Insurance Fund (DIF) will be $6 million.
2)InBank, Oak Forest, Illinois
# 15th bank from Illinois to be closed by FDIC since 2008.
# As of August 3, 2009, InBank had total assets of $212 million and total deposits of approximately $199 million.
# MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of InBank, except certain brokered deposits.
# Cost to the Deposit Insurance Fund (DIF) will be $66 million.
3)Vantus Bank, Sioux City, Iowa
# 1st bank from Iowa to be closed by FDIC since 2008.
# As of August 28, 2009, Vantus Bank had total assets of $458 million and total deposits of approximately $368 million.
# Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Vantus Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $168 million.
4)Platinum Community Bank, Rolling Meadows, Illinois
# 16th bank from Iowa to be closed by FDIC since 2008.
# As of August 29, 2009, had total assets of $345.6 million and total deposits of $305.0 million.
# MB Financial Bank, National Association, to accept the failed bank’s direct deposits from the federal governmen
# Cost to the Deposit Insurance Fund (DIF) will be $114.3 million.
5)First State Bank, Flagstaff, Arizona
# 3rd bank from Arizona to be closed by FDIC since 2008.
# As of July 24, 2009, First State Bank had total assets of $105 million and total deposits of approximately $95 million.
# Sunwest Bank, Tustin, California, to assume all of the deposits of First State Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $47 million.
We should see 80 (169) more banks go this year if the FDIC adds anothe special assessment, if not it should be about 40 (129)
Failed Banks Total Goes to 92 in 2009 and 117 since 2008 as of 09/11.
Corus Bank is the 90th FDIC-insured institution to fail in the nation this year, and the sixteenth in Illinois.
Brickwell Community Bank is the 91st FDIC-insured institution to fail in the nation this year, and the third in Minnesota.
Venture Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Washington.
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
More about today’s bank failures :
1)Corus Bank, National Association, Chicago, Illinois
# 16th bank from Illinois to be closed by FDIC in 2009.
# As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion.
# MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of Corus Bank, N.A.
# Cost to the Deposit Insurance Fund (DIF) will be $1.7 billion.
# Check all the failed banks in Illinois: Failed Banks in Illinois
2)Brickwell Community Bank, Woodbury, Minnesota
# 3rd bank from Minnesota to be closed by FDIC in 2009.
# As of July, 24, 2009, Brickwell Community Bank had total assets of $72 million and total deposits of approximately $63 million.
# CorTrust Bank, N.A., Mitchell, South Dakota, to assume all of the deposits of Brickwell Community Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $22 million.
# Check all the failed banks in Minnesota : Failed Banks in Minnesota
3)Venture Bank, Lacy, Washington
# 3rd bank from Washington to be closed by FDIC in 2009.
# As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million.
# First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Venture Bank.
# Cost to the Deposit Insurance Fund (DIF) will be $298 million.
# Check all the failed banks in Washington at : Failed Banks in Washington