Four More for the FDIC – and Three that NO One Wanted?
Ouch, a busy day for the FDIC…..
Calculated Risk: Bank Failures #135 to 138: Four More
From the FDIC: Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, FloridaPeoples First Community Bank, Panama City, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of September 30, 2009, Peoples First Community Bank had approximately $1.8 billion in total assets and $1.7 billion in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $556.7 million. … Peoples First Community Bank is the 135th FDIC-insured institution to fail in the nation this year, and the fourteenth in Florida. The last FDIC-insured institution closed in the state was Republic Federal Bank, N.A., Miami, on December 11, 2009.
From the FDIC: FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of Citizens State Bank, New Baltimore, Michigan
Citizens State Bank, New Baltimore, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which then appointed Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 30, 2009, Citizens State Bank had $168.6 million in total assets and $157.1 million in total deposits. …
The cost to the FDIC’s Deposit Insurance Fund is estimated to be $76.6 million. Citizens State Bank is the 136th bank to fail this year and the fourth in Michigan. The last FDIC-insured institution closed in the state was Home Federal Savings Bank, Detroit, on November 6, 2009
From the FDIC: Beal Bank, Plano, Texas, Assumes All of the Deposits of New South Federal Savings Bank, Irondale, Alabama
New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 30, 2009, New South Federal Savings Bank had approximately $1.5 billion in total assets and $1.2 billion in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $212.3 million. … New South Federal Savings Bank is the 137th FDIC-insured institution to fail in the nation this year, and the third in Alabama. The last FDIC-insured institution closed in the state was CapitalSouth Bank, Birmingham, on August 21, 2009.
From the FDIC: FDIC Creates Bridge Bank to Take Over Operations of Independent Bankers’ Bank, Springfield, Illinois
The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to take over the operations of Independent Bankers’ Bank, Springfield, Illinois, after the bank was closed today by the Illinois Department of Financial and Professional Regulation—Division of Banking, which appointed the FDIC as receiver. …
As of September 30, 2009, Independent Bankers’ Bank had approximately $585.5 million in assets and $511.5 in deposits. At the time of closing, the bank had an estimated $269,000 in uninsured funds. …
The FDIC estimates that the cost to the Deposit Insurance Fund will be $68.4 million. Independent Bankers’ Bank is the 138th bank to fail in the nation this year and the twenty-first in Illinois. The last FDIC-insured institution to fail in the state was Benchmark Bank, Aurora, on December 4, 2009.
Three banks today with no buyer!
Technorati Tags: FDIC, Bank Closures
6 on the 4th of December – busy weekend for FDIC
Most of them were relatively small, at least if you believe that $35 million is a small amount. AmTrust was the only one that actually put us into the billions……
Calculated Risk: Bank Failure #130: Greater Atlantic Bank, Reston, Virginia
From the FDIC: Sonabank, McLean Virginia, Assumes All of the Deposits of Greater Atlantic Bank, Reston, VirginiaGreater Atlantic Bank, Reston, Virginia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of October 20, 2009, Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35 million. … Greater Atlantic Bank is the 130th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was New Atlantic Bank, National Association, Norfolk, on August 12, 1993.
That makes six today.
Technorati Tags: Bank Closures, FDIC
FDIC Friday…..
$270 Million in cost to the taxpayers for these two…..
Calculated Risk: Bank Failures #125 & 126: Two more in Georgia
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of the Buckhead Community Bank, Atlanta, GeorgiaThe Buckhead Community Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million. … The Buckhead Community Bank is the 125th FDIC-insured institution to fail in the nation this year, and the 22nd in Georgia. The last FDIC-insured institution closed in the state was United Security Bank, Sparta, on November 6, 2009.
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia
First Security National Bank, Norcross, Georgia, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million. … First Security National Bank is the 126th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was The Buckhead Community Bank, Atlanta, earlier today.
Technorati Tags: FDIC, Bank Failures
Friday Night Bank Closures – I missed one….
There were actually 5 of them last night.
Calculated Risk: Bank Failure #120: United Commercial Bank, San Francisco, California
From the FDIC: East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, CaliforniaUnited Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. … United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.
Technorati Tags: FDIC, Bank Closures
Friday Night Shutdowns….
Calculated Risk: Bank Failure #116: United Security Bank, Sparta, Georgia
From the FDIC: Ameris Bank, Moultrie, Georgia, Assumes All of the Deposits of United Security Bank, Sparta, GeorgiaUnited Security Bank, Sparta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 14, 2009, United Security Bank had total assets of $157 million and total deposits of approximately $150 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58 million. … United Security Bank is the 116th FDIC-insured institution to fail in the nation this year, and the twenty-first in Georgia. The last FDIC-insured institution closed in the state was American United Bank, Lawrenceville, on October 23, 2009.
Technorati Tags: Bank Closures
#100, 101, 102, 103, 104, 105, 106
Wow, take the night away from the computer to attend your daughter’s orchestra concert and you find out that the FDIC has been busy. They shut down 7 banks tonight!
Thanks to Calculated Risk for the FDIC Press Releases.
FDIC Press Release:
Partners Bank, Naples, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …As of September 30, 2009, Partners Bank had total assets of $65.5 million and total deposits of approximately $64.9 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $28.6 million. … Partners Bank is the 100th FDIC-insured institution to fail in the Nation this year, and the seventh in Florida. The last FDIC-insured institution closed in the state was Community National Bank of Sarasota County, Venice, on August 7, 2009.
From the FDIC: American United Bank, Lawrenceville, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $44 million. … American United Bank is the 101st FDIC-insured institution to fail in the Nation this year, and the twentieth in Georgia. The last FDIC
From the FDIC:
Flagship National Bank, Bradenton, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million. … Flagship National Bank is the 103rd FDIC-insured institution to fail in the Nation this year, and the ninth in Florida. The last FDIC-insured institution closed in the state was Hillcrest Bank Florida, Naples, which also closed today.
From the FDIC:
Hillcrest Bank Florida, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million. … Hillcrest Bank Florida is the 102nd FDIC-insured institution to fail in the Nation this year, and the eighth in Florida. The last FDIC-insured institution closed in the state was Partners Bank, Naples, earlier this evening.
From the FDIC:
Riverview Community Bank, Otsego, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20 million. … Riverview Community Bank is the 105th FDIC-insured institution to fail in the Nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was Jennings State Bank, Spring Grove, on October 2, 2009.
From the FDIC:
Bank of Elmwood, Racine, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million. … Bank of Elmwood is the 104th FDIC-insured institution to fail in the Nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was The First National Bank of Blanchardville, Blanchardville, on May 9, 2003
Technorati Tags: Bank Closures, FDIC, Bank Failures
Any guesses who’s going to be number #100?
Calculated Risk: Bank Failure #99: San Joaquin Bank, Bakersfield, California
FDIC Press Release: Citizens Business Bank, Ontario, California, Assumes All of the Deposits of San Joaquin Bank, Bakersfield, CaliforniaSan Joaquin Bank, Bakersfield, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 29, 2009, San Joaquin Bank had total assets of $775 million and total deposits of approximately $631 million. …
The FDIC and Citizens Business Bank entered into a loss-share transaction on approximately $683 million of San Joaquin Bank’s assets. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $103 million. … San Joaquin Bank is the 99th FDIC-insured institution to fail in the nation this year, and the tenth in California. The last FDIC-insured institution closed in the state was Affinity Bank, Ventura, on August 28, 2009.
Technorati Tags: Bank Closures
The FDIC is starting early today… And costing us $892 Million
by Tom on September 25, 2009
in Market Musings, banks
It’s only 4:30 PM EST and they are already closing a bank down. Should be an interesting weekend.
Tom Vanderwell
Atlanta’s Georgian Bank fails; 95th of the year – MarketWatch
SAN FRANCISCO (MarketWatch) — Atlanta’s Georgian Bank became the 95th bank failure of the year, according to the Federal Deposit Insurance Corp. on Friday. First Citizens Bank and Trust Company Inc. of Columbia, S.C., will assume all of the deposits of Georgian Bank, estimated at about $2 billion as of July 24. Georgian Bank also had total assets of $2 billion, which First Citizens agreed to purchase. The cost of the failure to FDIC’s deposit-insurance fund is $892 million. Georgian Bank also marks the 19th bank failure in the state this year.
Irwin Union RIP
And another one bites the dust……
Two interesting things about this one (at least interesting to me):
- The FDIC couldn’t find anyone to buy them. So, you and I own them. Oh, estimated losses, $850 million.
- They have a branch in the town next to mine. Drive past it to and from work every day…..
How many more today?
Tom Vanderwell
From the FDIC: First Financial Bank, National Association, Hamilton, Ohio, Assumes All of the Deposits of Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, IndianaFederal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana, respectively. The institutions are banking subsidiaries of Irwin Financial Corporation, Columbus, Indiana. The regulators immediately named the Federal Deposit Insurance Corporation (FDIC) as the receiver for the banks. …
#83 – ONLY $95 MIllion
Calculated Risk: Bank Failure #83: Mainstreet Bank, Forest Lake, Minnesota
From the FDIC: Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Mainstreet Bank, Forest Lake, MinnesotaMainstreet Bank, Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million. …
The FDIC and Central Bank entered into a loss-share transaction on approximately $268 million of Mainstreet Bank’s assets. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million. … 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.
