Friday closure banks 2010

[jdmartin]

Four more today:


Home National Bank, Blackwell, OK
USA Bank, Port Chester, NY
Ideal Federal Savings Bank, Baltimore, MD
Bay National Bank, Lutherville, MD

Link here: www.fdic.gov , on the front page.

[eXpat]

-Woodlands Bank, Bluffton
S.C.'s Woodlands Bank marks year's 91st failure

SAN FRANCISCO (MarketWatch) -- The failure of Woodlands Bank of Bluffton, S.C. raises the number of bank failures this year to 91, according to the Federal Deposit Insurance Corp. Friday. Bank of the Ozarks of Little Rock, Ark., will buy essentially all of Woodlands' $376.2 million in assets and assume $355.3 million in deposits. FDIC estimates the cost to the Deposit Insurance Fund at $115 million

http://www.marketwatch.com/story/scs-woodlands-bank-marks-years-91st-failure-2010-07-16?reflink=MW_news_stmp

[eXpat]

Actually several today!
-Mainstreet Savings Bank, FSB
-Olde Cypress Community Bank
-Turnberry Bank Aventura
-Metro Bank of Dade County
-First National Bank of the South
-Woodlands Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

WASHINGTON — Regulators on Friday shut down three banks in Florida, two in South Carolina and one in Michigan, bringing to 96 the number of U.S. banks to succumb this year to the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. on Friday took over the banks: Woodlands Bank, based in Bluffton, S.C., with $376.2 million in assets; First National Bank of the South, based in Spartanburg, S.C., with $682 million in assets; and Mainstreet Savings Bank of Hastings, Mich., with $97.4 million in assets.

The FDIC also seized Miami-based Metro Bank of Dade County, with assets of $442.3 million; Turnberry Bank of Aventura, Fla., assets of $263.9 million; and Olde Cypress Community Bank of Clewiston, Fla., assets of $168.7 million.

Miami-based NAFH National Bank, a newly chartered subsidiary of North American Financial Holdings Inc. of Charlotte, N.C., agreed to assume the assets and deposits of First National Bank of the South, Metro Bank of Dade County and Turnberry Bank. North American Financial Holdings said Friday the acquisitions give it "a strong presence in attractive banking markets," with 10 branches in the Miami area and 13 throughout South Carolina.

Bank of the Ozarks, based in Little Rock, Ark., agreed to assume the assets and deposits of Woodlands Bank, while CenterState Bank of Florida is assuming the assets and deposits of Olde Cypress Community Bank; and Commercial Bank, based in Alma, Mich., is acquiring the assets and deposits of Mainstreet Savings Bank.

The failure of Woodlands Bank is estimated to cost the deposit insurance fund $115 million. Estimated costs for the others are: First National Bank of the South, $74.9 million; Mainstreet Savings Bank, $11.4 million; Metro Bank of Dade County, $67.6 million; Turnberry Bank, $34.4 million; and Olde Cypress Community Bank, $31.5 million.

With 96 closures nationwide so far this year, the pace of bank failures far outstrips that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 57 banks. The pace has accelerated as banks' losses mount on loans made for commercial property and development.

http://www.google.com/hostednews/ap/article/ALeqM5gg9RS-ZvzlfzrcnujKaEDMXrYyYgD9H0ER6G0

[the48thronin]

SouthwestUSA Bank Las Vegas NV 35434 July 23, 2010 July 23, 2010
Community Security Bank New Prague MN 34486 July 23, 2010 July 23, 2010
Thunder Bank Sylvan Grove KS 10506 July 23, 2010 July 23, 2010
Williamsburg First National Bank Kingstree SC 17837 July 23, 2010 July 23, 2010
Crescent Bank and Trust Company Jasper GA 27559 July 23, 2010 July 23, 2010
Sterling Bank Lantana FL 32536 July 23, 2010 July 23, 2010
6 so far this week

[2cher]

103 banks this year have failed
last year 140 banks failed.

We are on page for 190+ banks to fail and potentially as high as 200.

If that doesn't give you a cause to pause and think, nothing will.

But also you must consider the other side of the coin. There are over 9000 banks in the US with assets over 100 million dollars.

[eXpat]

5 today
-LibertyBank
-The Cowlitz Bank
-Coastal Community Bank
-Bayside Savings Bank
-Northwest Bank & Trust
http://www.fdic.gov/bank/individual/failed/banklist.html

WASHINGTON (AP) - Regulators have shut banks in Florida, Georgia and Washington, lifting to 107 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.

The Federal Deposit Insurance Corp. took over the banks: Bayside Savings Bank in Port Saint Joe, Fla., with $66.1 million in assets; Coastal Community Bank, based in Panama City, Fla., with $372.9 million in assets; NorthWest Bank and Trust, based in Acworth, Ga., with assets of $167.7 million; and Cowlitz Bank, based in Longview, Wash., with assets of $529.3 million.

http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9H9N9LO0

[jdmartin]

Interesting how the failed banks are moving away from Nevada, Arizona etc and into places that were somewhat "immune" before...

[eXpat]

-Ravenswood Bank of Chicago

Regulators Shut Ravenswood Bank of Chicago

WASHINGTON (Reuters) - U.S. regulators seized Ravenswood Bank of Chicago on Friday, bringing the number of closures this year to 109 as the community bank sector continues to suffer under the weight of bad loans.

Wintrust Financial Corp's Northbrook Bank and Trust Company of Northbrook, Illinois, will assume all of the deposits of the two branches of Ravenswood Bank, the Federal Deposit Insurance Corp said.

Ravenswood Bank had about $264.6 million in assets and $269.5 million in deposits as of June 30, the FDIC said.

In a statement, FDIC said Northbrook Bank will pay the FDIC a premium of 0.90 percent on the non-brokered deposits of Ravenswood Bank. In addition to assuming the non-brokered deposits of the failed bank, Northbrook Bank agreed to purchase essentially all of the assets.

http://abcnews.go.com/Business/wireStory?id=11346706

[eXpat]

U.S. FDIC says Palos Bank and Trust Co. closed.

Aug 13 (Reuters) - U.S. regulators on Friday closed Palos Bank and Trust Company in Illinois, the Federal Deposit Insurance Corp said, marking the 110th U.S. bank failure so far this year and the 14th in Illinois.

The FDIC said Palos Bank and Trust Company had $493.4 million in assets. First Midwest Bank of Itasca, Illinois, will assume the deposits of the failed institution.

The bank failure is expected to cost the FDIC's insurance fund $72 million

http://www.reuters.com/article/idUSWNA787920100814

[Altius]

hi, you can find all US bank locations, addresses, telephone numbers and more details here. Check out the below link

US Bank Locations

[jaredsbanz]

Yes, with some many banks still failing, banks like CenterState have opportunities to really expand and add a lot more future businesss. Check out their news releases here: http://www.centerstatebank.com/node/41

[eXpat]

Four today:
-ShoreBank
-Imperial Savings and Loan Association
-Independent National Bank
-Community National Bank at Bartow
http://www.fdic.gov/bank/individual/failed/banklist.html
FDIC says regulators close four banks

(Reuters) - The Federal Deposit Insurance Corp said on Friday these banks were seized by their regulators:

* In the largest failure in months, Chicago's ShoreBank was acquired by Urban Partnership Bank in Chicago. ShoreBank, a notable community development bank, had $2.16 billion in assets and $1.54 billion in deposits. The FDIC and Urban Partnership Bank entered into a loss-share transaction on $1.41 billion of ShoreBank's assets. The closing will cost the insurance fund $367.7 million.

* Community National Bank At Bartow in Bartow, Florida, with about $67.9 million in total assets. CenterState Bank of Florida, National Association, Winter Haven, Florida, will assume Community National Bank At Bartows' $63.7 million in deposits, as well as about $51.9 million of its assets. The failure will cost the insurance fund about $10.3 million.

* Independent National Bank in Ocala, Florida, with about $156.2 million in assets, was also acquired by CenterState Bank of Florida, N.A., which will assume the deposits and buy the assets. The FDIC said it entered into a loss-share agreement with CenterState Bank of Florida, N.A. on $119.7 million of the assets. The failure will cost the insurance fund $23.2 million.

* Imperial Savings and Loan Association in Martinsville, Virginia, with about $9.4 million in total assets. River Community Bank, National Association of Martinsville, Virginia, will assume the bank's deposits and its assets. The failure will cost the insurance fund $3.5 million.

http://www.reuters.com/article/idUSTRE67J5CL20100820

[IslandCrow]

I know a lot of banks are failing, but they are being sold on to other banks, and it seems that the individual branches are reopening. Are there any good figures for how the total branch network is doing (ie how many high street locations are actually closing after the failure of the parent bank)?

Some years ago when Finland went thorough a bank crisis and banks were merged, that lead to a large wave of closures of the high street branches, as there was too much capacity.

[the48thronin]

wasn't some political notable on the board at shore bank?

[jdmartin]

There actually ended up being 8 banks on the 20th. None on the 27th and none yesterday. Don't remember the last time 2 weeks straight went by without a closing...wonder if that's good or bad...

[FloridaGirl]

I think they just bunched them up to give the FDIC employees the Labor Day holiday off.

[Keith_McClary]

Soldiers Turn Back Surge of Government Workers at Embattled BankSeptember 8, 2010

... The panic over the bank began last week, after Afghanistan’s Central Bank ousted Kabul Bank’s chairman and the chief executive officer on revelations that the bank had lent hundreds of millions of dollars to allies of President Hamid Karzai and poured money into risky real estate investments in Dubai. Investment losses paired with a possible run on the bank could bring down the bank, which is a major player in the nascent, American-fostered financial system and which administers payments to government workers and some security forces.

[eXpat]

Horizon Bank becomes year's 119th bank failure

SAN FRANCISCO (MarketWatch) -- Horizon Bank of Bradenton, Fla., became the 119th U.S. bank failure of 2010, according to the Federal Deposit Insurance Corp. on Friday. Bank of the Ozarks will assume Horizon's $164.6 million in deposits and purchase its $187.8 million in assets. The bank failure marks the 23rd in Florida this year. The cost to the Deposit Insurance Fund is $58.9 million, FDIC said

http://www.marketwatch.com/story/horizon-bank-becomes-years-119th-bank-failure-2010-09-10

[Keith_McClary]

Central bank takes control of scandal-hit Kabul Bank

Afghanistan’s central bank yesterday seized control of the troubled Kabul Bank over concerns about possible financial irregularities, including the purchase of more than US$150 million (Dh550.9m) of Dubai property.

The central bank governor also announced that Kabul Bank’s top two directors and shareholders were under investigation.

Q+A: What went wrong at Kabulbank?

The crisis has flagged concerns about the handling of funds from Western donor countries, channeled through a nascent commercial banking sector that the United States has encouraged Afghanistan to build and which is tied closely to Karzai's family and members of his inner circle.

A widespread perception among Afghans that Karzai's government is corrupt will be a major issue at Saturday's parliamentary election, which the Taliban has vowed to disrupt.

[eXpat]

6 today
-Maritime Savings Bank
-Bramble Savings Bank
-The Peoples Bank
-First Commerce Community Bank
-Bank of Ellijay
-ISN Bank
http://www.fdic.gov/bank/individual/failed/banklist.html
Six U.S. Banks Fail as Georgia Lender Community & Southern Acquires Three

Georgia’s Community & Southern Bank picked up $800 million in deposits as it acquired three of the six U.S. banks that collapsed this week, bringing the failure count this year to 125.

Banks in Georgia, New Jersey, Ohio and Wisconsin were closed by regulators, according to statements on the website of the Federal Deposit Insurance Corp., which was named receiver. This week’s failures cost the agency’s deposit-insurance fund $347.6 million.

“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,” the FDIC said in each of the statements.

Banks are failing at a faster pace than last year, which saw the most failures since 1992, as real estate values remain depressed and economic recovery stays sluggish. Regulators closed 140 banks last year. The FDIC’s list of “problem” banks climbed to 829 lenders with $403 billion in assets at the end of the second quarter, a 7 percent increase from the 775 on the list in the first quarter, the FDIC said last month.

http://www.bloomberg.com/news/2010-09-18/six-u-s-banks-fail-as-georgia-lender-community-southern-acquires-three.html