2012 Failed Banks Thread

[eXpat]

Well, better late than never!

3 Banks to start the new year
-American Eagle Savings Bank
-The First State Bank
-Central Florida State Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

[eXpat]

And four this friday:
-BankEast
-Patriot Bank Minnesota Forest Lake
-Tennessee Commerce Bank
-First Guaranty Bank and Trust Company of Jacksonville
http://www.fdic.gov/bank/individual/failed/banklist.html

[Cloud9]

Still waiting on Sun Trust to bite the dust.

[jdmartin]

Man are you fast Expat!

Interesting in the failures today was the aggregate cost of the failures - these 4 banks cost the FDIC insurance program $600 million. The one in Franklin was $400+ million alone. Considering that bank was only one branch, I have to believe it was massive commercial development failures. The bank's liabilities were about a billion, so the rescuing bank is only accepting 600 million of that. Crazy, crazy stuff...

[eXpat]

And 2 today:
-SCB Bank
-Charter National Bank and Trust
http://www.fdic.gov/bank/individual/failed/banklist.html

not biggies

SCB Bank, Shelbyville, IN with approximately $182.6 million in total assets and $171.6 million in total deposits was closed. First Merchants Bank, National Association has agreed to assume all deposits excluding certain brokered deposits.
(PR-018-2012)

Charter National Bank and Trust, Hoffman Estates, IL with approximately $93.9 million in total assets and $89.5 million in total deposits was closed. Barrington Bank & Trust Company, National Association has agreed to assume all deposits.
(PR-017-2012)

http://www.fdic.gov/bank/historical/bank/index.html

[eXpat]

Another 2 for today
-Home Savings of America
-Central Bank of Georgia
http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC Bank Failures on Feb. 24 Include Rare "No Acquirer" Event

It doesn't happen very often, but this week one of the two banks closed by the FDIC failed to find a buyer. Such failures have been rare events to date as the regulator resolves troubled institutions. The preferred strategy is to sell the failing bank to a stronger acquiring institution, close it at the end of the day on Friday and re-open the bank as part of the new owner on Monday. For unlucky FDIC Certificate Holder 29178 Home Savings of America on 35 East Broadway in Little Falls, Minnesota, that scenario was not to be. The $440M asset bank tumbled on capital adequacy in September 2011.

http://www.huffingtonpost.com/dennis-santiago/fdic-bank-failures-on-feb_b_1300590.html

[nellywhite]

That sounds a big trouble, with the recession happening to our country aren't that good our economy also failing which could result to bank failures. One of the chief complaints about things holding back an economic recovery has been the lack of willingness of banks to lend cash. They seem to be opening back up to it somewhat the FDIC reports big increase in bank lending. And it could be the solution to the reduction in the number of banks on the “troubled” list at the FDIC, or those banks in the greatest danger of failing. The number of bank failures for the period was only 18. The total for the year was 92, which is a dramatic reduction from the 157 banks that went under in 2010. Recently adds 11 more have failed since Jan. 1, 2012. Good thing banks have been slowly building themselves back up to extending more credit to more people.

[eXpat]

Time to update a bit this thread, this is from last friday
-Global Commerce Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

[babystrangeloop]

Time to update a bit this thread, this is from last friday
-Global Commerce Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Any whoppers?

[Keith_McClary]

Fifth TARP Bank Fails, Likely Wiping Out Taxpayer Stake

Sonoma Valley Bank in northern California failed on Friday, the fifth financial institution that failed despite having received federal bailout funds. The failure likely wipes out the $8.7 million taxpayer investment that was made in the bank in early 2009 as part of the controversial Troubled Asset Relief Program.
...
Sonoma Valley Bank joins CIT Group Inc., Pacific Coast National Bank, United Commercial Bank, and Midwest Bank and Trust Co., which all failed shortly after receiving the federal bailout funds.

[eXpat]

Just one today and is a wee one:
-Fort Lee Federal Savings Bank, FSB

http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC closes bank in New Jersey, makes 17 US bank failures so far in 2012

WASHINGTON — Federal regulators have shuttered a bank in New Jersey, bringing to 17 the number of banks that have failed so far this year.

The Federal Deposit Insurance Corp. said Friday that it closed Fort Lee Federal Savings Bank, FSB, in Fort Lee, N.J.
The bank, with has a single branch, had about $51.9 million in assets and $50.7 million in deposits as of Dec. 31.

Alma Bank of Astoria, N.Y., agreed to assume Fort Lee Federal Savings Bank’s deposits and $15.7 million of its assets.

The FDIC estimates that Fort Lee Federal Savings Bank’s failure will cost the insurance fund $14 million.

Fort Lee Federal Savings Bank is the first FDIC-insured institution in New Jersey to fail this year.

The pace of bank closures has slowed sharply after ballooning following the financial crisis in 2008. By this time last year, 34 banks had failed.

http://www.washingtonpost.com/business/markets/fdic-closes-bank-in-new-jersey-makes-17-us-bank-failures-so-far-in-2012/2012/04/20/gIQAENqWWT_story.html

[jdmartin]

Big day today - 5 on the board:


Palm Desert National Bank, Palm Desert, CA
Plantation Federal Bank, Pawleys Island, SC
Inter Savings Bank, fsb, Maple Grove, MN
HarVest Bank, Gaithersburg, MD
Bank of the Eastern Shore, Cambridge, MD

www.fdic.gov

About 1.5 billion dollars worth of combined assets or so. Couple hundred million cost to the FDIC insurance..

[eXpat]

Just one today:
-Security Bank, National Association
http://www.fdic.gov/bank/individual/failed/banklist.html

Florida's Security Bank, National Assn. fails

May 4 (Reuters) - The Office of the Comptroller of the Currency closed one Florida bank on Friday, bringing the total number of closures this year to 23.

Security Bank, National Association of North Lauderdale, Florida was shut down.

As of March 31, 2012, the bank had approximately $101 million in total assets and $99.1 million in deposits.

Banesco USA, of Coral Gables, Florida, has agreed to take on the failed bank's deposits and essentially all of its assets.

Security Bank, National Association's three branches will reopen on Monday as branches of Banesco USA.

The FDIC estimates the failure will cost its insurance fund $10.8 million

http://www.reuters.com/article/2012/05/04/fdic-bank-failure-idUSL1E8G4MHL20120504

[Revi]

We may be adding one of the Too Big to Fail group if this kills JP Morgan:

http://www.zerohedge.com/news/jpm-crash ... ket-losses

Breaking news!

[eXpat]

One today
-Alabama Trust Bank, National Association

http://www.fdic.gov/bank/individual/failed/banklist.html

The sole branch of Alabama Trust Bank, National Association will reopen during its normal business hours beginning Saturday as a branch of Southern States Bank. Depositors of Alabama Trust Bank, National Association will automatically become depositors of Southern States Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Alabama Trust Bank, National Association should continue to use their existing branch until they receive notice from Southern States Bank that it has completed systems changes to allow other Southern States Bank branches to process their accounts as well.

http://www.cbs42.com/content/localnews/story/Alabama-Trust-Bank-fails/4YVKNo-jMU2BTgceCn-tuA.cspx

[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.