2012 Failed Banks Thread

[emrnews]

How about updates in banks who are still alive and kicking? if there is an information already about this, thanks for sharing. =)

[eXpat]

4 Today:
-Waccamaw Bank
-Farmers' and Traders' State Bank
-Carolina Federal Savings Bank
-First Capital Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC closes 4 banks in 4 states

Federal regulators have seized 4 banks, one each in Illinois, North Carolina, South Carolina and Oklahoma, bringing to 28 the number of U.S. banks that have failed so far this year.

The Federal Deposit Insurance Corp. said Friday that it closed Farmers and Traders State Bank in Shabbona, Ill.; Waccamaw Bank in Whiteville, N.C.; Carolina Federal Savings Bank in Charleston, S.C.; and, First Capital Bank in Kingfisher, Okla.

Regulators estimate that the four bank failures will cost the insurance fund $80.8 million.

The FDIC lined up other lenders to assume the deposits and some of the assets of each bank.

Waccamaw Bank was the biggest. It had 16 branches and about $533.1 million in assets and $472.7 million in deposits, as of March 31. First Community Bank in Bluefield, Va., agreed to assume Waccamaw's deposits and buy about $515.3 million of the failed bank's assets.

The FDIC also entered a loss-share transaction with First Community Bank on $330.6 million of Waccamaw Bank's assets.

Farmers and Traders State Bank had two branches and roughly $43.1 million in assets and $42.3 million in deposits as of the end of March. First State Bank of Mendota, Ill., assumed all of Farmers and Traders' deposits and agreed to buy essentially all of its assets.

Carolina Federal Savings Bank had about $54.4 million in assets and $53.1 million in deposits. Bank of North Carolina in Thomasville, N.C., agreed to assume all of the failed bank's deposits to buy about $41 million of its assets.

First Capital Bank had about $46.1 million in assets and $44.8 million in deposits as of March 31.

F&M Bank in Edmond, Okla., agreed to pay a premium of about 7.7 percent to assume all of First Capital's deposits. It also agreed to buy about $40.7 million of the failed bank's assets.

http://www.businessweek.com/ap/2012-06/D9V987EG0.htm

[EdwinSm]

How about updates in banks who are still alive and kicking? if there is an information already about this, thanks for sharing. =)

From time to time the financial blog "Calculated Risk" publishes information about banks in trouble. Their most recent blog is titled "Unofficial Problem Bank list declines to 923 Institutions" and the blog can be found at http://www.calculatedriskblog.com/2012/06/unofficial-problem-bank-list-declines_09.html.

They also publish a lot on the housing situation which seems to be an important factor for following in this forum.

[eXpat]

3 banks fail today
-The Farmers Bank of Lynchburg
-Security Exchange Bank
-Putnam State Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC shutters 3 banks in 3 states

WASHINGTON (AP) — Federal regulators have seized 3 banks, one each in Florida, Georgia and Tennessee, bringing to 31 the number of U.S. banks that have failed so far this year.

The Federal Deposit Insurance Corp. said Friday that it closed Putnam State Bank in Palatka, Fla., Security Exchange Bank, in Marietta, Ga., and The Farmers Bank of Lynchburg, in Lynchburg, Tenn.

The FDIC lined up other lenders to assume the deposits and assets of each of the banks.

Regulators estimate that the failure of the three banks will cost the insurance fund $100 million.

Putnam State Bank, which had three branches, had about $169.5 million in assets and $160 million in deposits as of March 31.

http://www.businessweek.com/ap/2012-06-15/fdic-shutters-3-banks-in-3-states

[jdmartin]

You know what would be interesting, for someone with the time, expertise and inclination? To make a scatterplot of all the bank failures by region and date. It would be interesting to see if there's any trends on bank failures. As far as I can see, anecdotal evidence points to beginning failures in the West, migrating eastward and southward.

[Keith_McClary]

Major banks downgraded by Moody's

Moody's grouped the 15 institutions downgraded Thursday into three categories based on their relative credit-worthiness.
In the strongest group are JPMorgan, HSBC and the Royal Bank of Canada, which Moody's said had solid capital buffers and "contained" exposure to the European crisis. Moody's also said these banks demonstrated solid risk management during the financial crisis.
In the second group are Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, Societe Generale and UBS. Moody's said these firms had varying risk factors, ranging from high dependence on capital markets operations to limited liquidity and exposure to Europe.
The weakest group includes Bank of America, Citigroup, Morgan Stanley, and Royal Bank of Scotland (RBS). Moody's said firms in this group had experienced problems with volatility and risk management, and in some cases had weaker buffers than their peers in the industry.
BofA and Citi are now rated just two notches above junk status, while Morgan Stanley sits three notches above.

[EdwinSm]

It is time to wake up this thread:

Busy Friday...bringing the year total to 38.


"Pretty large loss for the DIF. That makes five today ..."
Read more at http://www.calculatedriskblog.com/#3SGkbJVzSkAk625p.99

Second Federal Savings and Loan Association of Chicago
Heartland Bank, Leawood, Kansas
The Royal Palm Bank of Florida
Georgia Trust Bank
First Cherokee State Bank

[EdwinSm]

Small enough to fail: #39 (in 2012):

As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank National Association agreed to purchase essentially all of the assets.

http://www.fdic.gov/news/news/press/2012/pr12089.html

[EdwinSm]

#40 in 2012. When will they run out of small banks and have to start failing the big ones?

Waukegan Savings Bank, Waukegan, Illinois....,

The two branches of Waukegan Savings Bank will reopen....

As of March 31, 2012, Waukegan Savings Bank had approximately $88.9 million in total assets and $77.5 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $19.8 million.

http://www.fdic.gov/news/news/press/2012/pr12090.html

[EdwinSm]

This thread seems to have died.... maybe the bank closure rate is too slow to get people excited. Anyway the number if bank closures in now up to 51. I wonder if that will be all for the year 2012.

Bank of Sullivan, Sullivan, Missouri, Assumes All of the Deposits of Community Bank of the Ozarks, Sunrise Beach, Missouri.

http://www.calculatedriskblog.com/2012/12/bank-failure-51-community-bank-of.html

Also:

Unofficial Problem Bank list declines to 845 Institutions

Note: The first unofficial problem bank list was published in August 2009 with 389 institutions. The number of unofficial problem banks grew steadily and peaked at 1,002 institutions on June 10, 2011. The list has been declining since then.

http://www.calculatedriskblog.com/2012/12/unofficial-problem-bank-list-declines_15.html

Does this reflect an improvement in the economy, or is it because so many banks have been closed/merged over the last few years that the numbers (in terms of individual banks) can no longer keep up?

[Keith_McClary]

Does this reflect an improvement in the economy, or is it because so many banks have been closed/merged over the last few years that the numbers (in terms of individual banks) can no longer keep up?

Closer regulatory oversight?

the Queen went on to suggest that the Financial Services Authority may not have been aggressive enough in its policing. She said: ‘The Financial Services – what do they call themselves, the regulators – Authority, which was really quite new … it didn’t have any teeth.’

http://www.dailymail.co.uk/news/article ... aults.html