Number of Banks Failed in year 2002

11

* Dollar amounts in thousands
# Institution Location Date Closed Deposits Assets Estimated Loss
1 HAMILTON BANK, NATIONAL ASSOCIATION MIAMI, FL 2002-01-11 1298731 1409496 112025
2 BANK OF SIERRA BLANCA SIERRA BLANCA, TX 2002-01-18 9914 10764 4574
3 OAKWOOD DEPOSIT BANK OAKWOOD, OH 2002-02-01 60168 72267 64380
4 NEXTBANK PHOENIX, AZ 2002-02-07 551297 700180 109503
5 NET FIRST NATIONAL BANK BOCA RATON, FL 2002-03-01 31601 37207 N/A
6 NEW CENTURY BANK SHELBY TOWNSHIP, MI 2002-03-28 18902 21091 4440
7 CONNECTICUT BANK OF COMMERCE STAMFORD, CT 2002-06-26 344416 384172 53617
8 UNIVERSAL FSB CHICAGO, IL 2002-06-27 40340 51628 274
9 AMTRADE INTERNATIONAL BANK OF GEORGIA ATLANTA, GA 2002-09-30 73205 92144 1326
10 BANK OF ALAMO ALAMO, TN 2002-11-08 52157 58454 9316
11 THE FARMERS BANK & TRUST OF CHENEYVILLE CHENEYVILLE, LA 2002-12-17 32103 35317 12205

     
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US Bank Failures Since 1934
FDIC Bank Failures since 1990


Cost of Bank Failures to FDIC


Total Deposits of All Banks Insured by FDIC since 1990


Cost of Bank Failures to FDIC

The Federal Deposit Insurance Corporation is an independent federal agency created in 1933 to promote public confidence and stability in the nation's banking system. The FDIC is often appointed as receiver for failed banks.

What is a bank failure?
 A bank failure is the closing of a bank by a federal or state banking regulatory agency. Generally, a bank is closed when it is unable to meet its obligations to depositors and others. This brochure deals with the failure of "insured banks." The term "insured bank" means a bank insured by FDIC, including banks chartered by the federal government as well as most banks chartered by the state governments. An insured bank must display an official FDIC sign at each teller window.

What is FDIC's role in a bank failure?
 In the event of a bank failure, the FDIC acts in two capacities. First, as the insurer of the bank's deposits, the FDIC pays insurance to the depositors up to the insurance limit. Second, the FDIC, as the "Receiver" of the failed bank, assumes the task of selling/collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit.



What is the purpose of FDIC deposit insurance?
 The FDIC protects depositors' funds in the unlikely event of the financial failure of their bank or savings institution. FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.

What is the FDIC insurance amount?
 The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. This includes principal and accrued interest and applies to all depositors of an insured bank. Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank. Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured. For more information on deposit insurance coverage, see the FDIC's brochure "Your Insured Deposits" which can be accessed at www.fdic.gov/deposit/deposits/insured

Who does the FDIC insure?
 Any person or entity can have FDIC insurance on a deposit. A depositor does not have to be a citizen, or even a resident of the United States. FDIC insurance only protects depositors, although some depositors may also be creditors or shareholders of an insured bank.

What does FDIC deposit insurance cover?
 FDIC insurance covers deposits received at an insured bank. Types of deposit products include checking, NOW, and savings accounts, money market deposit accounts (MMDA), and time deposits such as certificates of deposit (CDs).

What is the source of funding used by the FDIC to pay insured depositors of a failed bank?
 The FDIC's deposit insurance fund consists of premiums already paid by insured banks and interest earnings on its investment portfolio of U.S. Treasury securities. No federal or state tax revenues are involved.

How am I notified when my bank has been closed?
 The FDIC notifies each depositor in writing using the depositor's address on record with the bank. This notification is mailed immediately after the bank closes. When the failed bank is acquired by another bank; the assuming bank also notifies the depositors. This notification usually is mailed with the first bank statement after the assumption.


Source :  Federal Deposit Insurance Corporation


Notes :
* The Cost to DIF of $2.5 billion for "California National Bank" failed on 30th October,2009 is the total cost for all the 9 banks failed on that.