Bank Failures Rise to 92 for 2011

[Letsbereal]

Georgia bank is third U.S. failure of 2011
14 January 2011, By John Letzing (Market Watch)
http://www.marketwatch.com/story/georgia-bank-is-third-us-failure-of-2011-2011-01-14

Excerpt:

Brunswick, Ga.-based Oglethorpe Bank was closed by regulators Friday, marking the third U.S. bank failure of the year so far.

The bank's failure will cost the federal deposit-insurance fund $80.4 million, the FDIC said.


In 2010, there were 157 bank failures

In 2009, there were 140 bank failures

In 2008, there were 25 bank failures

Since the start of the financial crisis in 2007, there have been 328 bank failures with assets totaling a staggering $644.6 billion http://www.calculatorplus.com/savings/advice_failed_banks.html

Also see: FDIC Failed Bank List: http://www.fdic.gov/bank/individual/failed/banklist.html

[Letsbereal]

Bank Failure #7 for 2011: United Western Bank, Denver, Colorado
21 January 2011, (Calculated Risk)
http://www.calculatedriskblog.com/2011/01/bank-failure-7-for-2011-united-western.html

From the FDIC: First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of United Western Bank, Denver, Colorado

As of September 30, 2010, United Western Bank had approximately $2.05 billion in total assets and $1.65 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $312.8 million. .... United Western Bank is the seventh FDIC-insured institution to fail in the nation this year, and the first in Colorado.

That makes four today - and this one with two billion in assets.

[Letsbereal]

Bank Failures Rise To 11 On The Year
31 January 2011, (Mortgage Orb)
http://www.mortgageorb.com/e107_plugins/content/content.php?content.7683

Four banks were closed Friday, bringing the total number of Federal Deposit Insurance Corp. (FDIC)-insured institution failures this year to 11.

First Community Bank, in Taos, N.M., was closed by the New Mexico Financial Institutions Division. The FDIC entered into a purchase-and-assumption agreement with Minneapolis-based U.S. Bank to assume all of the deposits and essentially all of the deposits of First Community Bank.

Stoughton, Wis.-based Evergreen State Bank was closed by the Wisconsin Department of Financial Institutions, and its assets were assumed by McFarland, Wis.-based McFarland State Bank.

The Oklahoma State Banking Department shut down Camargo, Okla.-based First State Bank. The FDIC, in turn, entered into a purchase-and-assumption agreement with Oklahoma City-based Bank 7.

FirsTier Bank, in Louisville, Colo., was closed by the Colorado Division of Banking. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Louisville to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

The estimated cost of the four bank failures to the FDIC's Deposit Insurance Fund will be $545.5 million, the FDIC says.

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

[Letsbereal]

Four U.S. banks fail, punching hole in fund
12 February 2011, by John Letzing (MarketWatch)
http://www.marketwatch.com/story/four-banks-fail-costing-fund-145-million-2011-02-12

Excerpt:

Four U.S. banks were closed by regulators on Friday in Florida, Michigan, Wisconsin and California, cutting a new, $145 million hole in the Federal Deposit Insurance Corp. fund as the credit crunch continues to claim victims.

1 Port Orange, Fla.-based Sunshine State Community Bank,

2 Troy, Mich.-based Peoples State Bank,

3 Cassville, Wis.-based Badger State Bank,

4 In addition, Palm Springs, Calif.-based Canyon National Bank.

See Also FDIC Bank Failure List: http://www.fdic.gov/bank/individual/failed/banklist.html

[Letsbereal]

FDIC: 'systemic' non-banks are in four categories
17 February 2011, by Ronald D. Orol (MarketWatch)
http://www.marketwatch.com/story/fdic-systemic-non-banks-are-in-four-categories-2011-02-17

Excerpt:

Bank regulators are segmenting non-bank institutions that could be considered "systemically important" to the financial system into four categories, according to a top bank regulator on Thursday.

These institutions - yet to be named - would have to comply with tighter oversight, heightened capital and liquidity levels. Federal Deposit Insurance Corp. Chairman Sheila Bair said in testimony prepared for a Capitol Hill hearing that a staff committee set up four categories: hedge funds and private equity firms, insurance companies, specialty lenders and broker-dealers.

[Letsbereal]

4 Banks Fail - 28 Bank Failures for 2011
18 February 2011, (FDIC: Failed Bank List)
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank - City - State:

1) San Luis Trust Bank, FSB - San Luis Obispo - GA

2) Charter Oak Bank - Napa - CA

3) Citizens Bank of Effingham - Springfield - GA

4) Habersham Bank - Clarkesville - GA

[Letsbereal]

March 11, 2011 – Regulators Closed Two Small Banks as 2011 Bank Failures Rise to 25
http://www.calculatorplus.com/savings/advice_failed_banks.html

11 March 2011, Legacy Bank, Milwaukee, WI

11 March 2011, First National Bank of Davis, Davis, OK


25 February 2011, Valley Community Bank, St. Charles, IL

[Letsbereal]

Bank Failures Rise to 26 for 2011 - 3th This Month
http://www.calculatorplus.com/savings/advice_failed_banks.html

– March 25, 2011 – Regulators Closed Illinois Bank as 2011 Bank Failures Rise to 26.

On Friday, Federal and State Regulators closed The Bank of Commerce of Wood Dale, IL with assets totaling $163.1 million.

This bank failure is estimated to cost the FDIC $41.9 million. To protect insured depositors, FDIC arranged for all of the deposits of this bank failure to be assumed by Advantage National Bank Group,

Elk Grove Village, Illinois. This bank failure brings the total for the month to three.

In February, there were twelve bank failures with assets totaling $2.4 billion and at a cost to the FDIC of $551.0 million.

Georgia had 4 bank failures, California had 3, Illinois had 2, and one each in Wisconsin, Michigan and Florida.

[Rebelitarian]

The fractional reserve system is one huge failure.

[TahoeBlue]

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

Bank Name City State CERT # Acquiring Institution Closing Date Updated Date

The Bank of Commerce Wood Dale IL 34292 Advantage National Bank Group March 25, 2011 March 25, 2011
Legacy Bank Milwaukee WI 34818 Seaway Bank and Trust Company March 11, 2011 March 15, 2011
First National Bank of Davis Davis OK 4077 The Pauls Valley National Bank March 11, 2011 March 15, 2011
Valley Community Bank St. Charles IL 34187 First State Bank February 25, 2011 March 02, 2011
San Luis Trust Bank, FSB  San Luis Obispo CA 34783 First California Bank February 18, 2011 March 4, 2011
Charter Oak Bank Napa CA 57855 Bank of Marin February 18, 2011 March 4, 2011
Citizens Bank of Effingham Springfield GA 34601 Heritage Bank of the South February 18, 2011 February 23, 2011
Habersham Bank Clarkesville GA 151 SCBT National Association February 18, 2011 February 23, 2011
Canyon National Bank Palm Springs CA 34692 Pacific Premier Bank February 11, 2011 March 4, 2011
Badger State Bank Cassville WI 13272 Royal Bank  February 11, 2011 February 18, 2011
Peoples State Bank Hamtramck MI 14939 First Michigan Bank February 11, 2011 February 18, 2011
Sunshine State Community Bank Port Orange FL 35478 Premier American Bank, N.A. February 11, 2011 March 3, 2011
Community First Bank Chicago Chicago IL 57948 Northbrook Bank & Trust February 4, 2011 February 10, 2011
North Georgia Bank Watkinsville GA 35242 BankSouth February 4, 2011 February 11, 2011
American Trust Bank Roswell GA 57432 Renasant Bank February 4, 2011 February 11, 2011
First Community Bank Taos NM 12261 U.S. Bank, National Association January 28, 2011 February 10, 2011
FirsTier Bank Louisville CO 57646 No Acquirer January 28, 2011 February 2, 2011
Evergreen State Bank Stoughton WI 5328 McFarland State Bank January 28, 2011 February 10, 2011
The First State Bank Camargo OK 2303 Bank 7 January 28, 2011 February 10, 2011
United Western Bank Denver CO 31293 First-Citizens Bank & Trust Co. January 21, 2011 February 10, 2011
The Bank of Asheville Asheville NC 34516 First Bank January 21, 2011 February 10, 2011
CommunitySouth Bank & Trust Easley SC 57868 CertusBank, National Association January 21, 2011 February 10, 2011
Enterprise Banking Company McDonough GA 19758 No Acquirer January 21, 2011 January 27, 2011
Oglethorpe Bank Brunswick GA 57440 Bank of the Ozarks  January 14, 2011 January 20, 2011
Legacy Bank Scottsdale AZ 57820 Enterprise Bank & Trust  January 7, 2011 February 11, 2011
First Commercial Bank of Florida Orlando FL 34965 First Southern Bank January 7, 2011 January 11, 2011

[Letsbereal]

Bank Failures http://www.calculatorplus.com/savings/advice_failed_banks.html

– April 8, 2011 – Regulators Closed Illinois and Nevada Banks as 2011 Bank Failures Rise to 28.

On Friday, Federal and State Regulators closed another Illinois Bank, Western Springs National Bank and Trust of Western Springs, with assets totaling $186.8 million.

This bank failure is estimated to cost the FDIC $31.0 million. Regulators also shut Nevada Commerce Bank of Las Vegas, Nevada with assets totaling $144.9 million.

This Nevada bank failure is estimated to cost the FDIC $31.9 million.

To protect insured depositors, FDIC arranged for all of the deposits of these bank failures to be assumed by other financial institutions.

[Letsbereal]

FDIC: Bank failures will cost $21 billion - FDIC projects that its deposit fund will recover and be back in black in 2011
12 April 2011, by Ronald D. Orol - Washington (MarketWatch)
http://www.marketwatch.com/story/fdic-bank-failures-will-cost-21-billion-2011-04-12

The Federal Deposit Insurance Corp. on Tuesday projected that bank failures will cost the agency $21 billion between 2011 and 2015, significantly less than the $24 billion in losses it estimates for banks that failed in 2010 alone.

In addition, the FDIC’s staff projects that the Deposit Insurance Fund the agency operates will turn to a positive balance this year, after several negative quarters driven by a wave of bank failures in the wake of the financial crisis that shook the economy to the brink in 2008.

Banks currently pay fees to the agency for the insurance fund, which is used to make payments to depositors of failed banks, during good times as well as bad.

It has a negative balance of $7.4 billion at the end of 2010, up from negative $8.0 billion in the prior quarter and negative $20.9 billion at the end of 2009.

The agency projects that the fund will reach 1.15% of estimated insured deposits in 2018.

The FDIC said that its forecasts of bank failures is based on assumptions the agency said about future changes in the risk profiles of banks and other estimates.

The agency also projects that the fund cash balance will be “suffcient to meet obligations arising over the next five years from past and future institution failures.”

[Letsbereal]

2011 Bank Failures Rise to 34 as Regulators Shut Six More Banks
15 April 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Federal and State Regulators closed two banks each in Georgia and Alabama and one each in Minnesota and Mississippi.

Assets of these six bank failures total $4.5 billion and are estimated to cost the FDIC $588.1 million.

The largest of these six bank failures is Superior Bank of Birmingham, Alabama with assets totaling $3.0 billion.

Despite receiving $69 million in taxpayer money in December 2008 under the financial bailout program, Superior Bank failed in a little over two years.

To protect Superior Bank depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank.

For this bank failure, the FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets.

The FDIC also arranged for all the deposits of the other bank failures to be assumed by other financial institutions.

[WakeUpAmerica]

I wrote a bit about it too: http://endthelie.com/2011/04/15/feds-continue-to-shut-down-small-banks-further-consolidating-power-and-wealth/

[Letsbereal]

2011 Bank Failures Rise to 39 as Regulators Seized Five More Banks
29 April 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Federal and State Regulators closed two banks each in Florida and Georgia and one in Michigan.

Assets of these five bank failures total $2.2 billion and are estimated to cost the FDIC $643.2 million.

The largest of these five bank failures is The Park Avenue Bank, Valdosta, Georgia with assets totaling $953.3 million at December 31, 2010.

In April, Regulators seized 13 banks with assets totaling $7.0 billion, the largest was Superior Bank of Birmingham, Alabama with assets totaling $3.0 billion.

Despite receiving $69 million in taxpayer money in December 2008 under the financial bailout program, Superior Bank failed in a little over two years.

To protect Superior Bank depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank.

For this bank failure, the FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets.

The FDIC also arranged for all the deposits of the other bank failures to be assumed by other financial institutions.

[TahoeBlue]

In 2010, there were 157 bank failures

fyi: Last years thread: Total 157 US bank failures for 2010

This article shows 181 fails for 2010 !!!

http://www.bankinfosecurity.com/articles.php?art_id=3269

2011 can expect to see more bank failures, but the totals will likely come in much lower than the 181 banking institution closures the industry saw in 2010.

Christie Sciacca, a director with global economic advisory firm LECG, and who spent 13 years at the Federal Deposit Insurance Corp. overseeing bank rescue projects, estimates between 125 and 150 additional banks, thrifts and credit unions will go down before the New Year comes to a close. "I am hoping for some turn around," he says, "but overhang in troubled real estate, unemployment and debt levels are negatives."


I think the count for 2011 is 40 now:

http://www.fdic.gov/bank/historical/bank/
2011
The list of Bank Failures in Brief is updated through May 6, 2011. Please address questions on this subject to the Customer Service Hotline (Telephone: 1-888-206-4662).

May

Coastal Bank, Cocoa Beach, FL with approximately $129.4 million in total assets and $123.9 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits.
(PR-084-2011)


April

Community Central Bank, Mount Clemens, MI with approximately $476.3 million in total assets and $385.4 million in total deposits was closed. Talmer Bank & Trust, Troy, MI has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-080-2011)

The Park Avenue Bank, Valdosta, GA with approximately $953.3 million in total assets and $827.7 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-079-2011)

First Choice Community Bank, Dallas, GA with approximately $308.5 million in total assets and $310.0 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-079-2011)

Cortez Community Bank, Brooksville, FL with approximately $70.9 million in total assets and $61.4 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-078-2011)

First National Bank of Central Florida, Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-078-2011)

Heritage Banking Group, Carthage, MS with approximately $224.0 million in total assets and $196.2 million in total deposits was closed. Trustmark National Bank, Jackson, MS has agreed to assume all deposits.
(PR-075-2011)

Rosemount National Bank, Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits.
(PR-074-2011)

Superior Bank, Birmingham, AL with approximately $3.0 billion in total assets and $2.7 billion in total deposits was closed. Superior Bank, N.A., Birmingham, AL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-073-2011)

Nexity Bank, Birmingham, AL with approximately $793.7 million in total assets and $637.8 million in total deposits was closed. AloStar Bank of Commerce, Birmingham, AL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-072-2011)

New Horizons Bank, East Ellijay, GA with approximately $110.7 million in total assets and $106.1 million in total deposits was closed. Citizens South Bank, Gastonia, NC has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-071-2011)

Bartow County Bank, Cartersville, GA with approximately $330.2 million in total assets and $304.1 million in total deposits was closed. Hamilton State Bank, Hoschton, GA has agreed to assume all deposits.
(PR-070-2011)

Nevada Commerce Bank, Las Vegas, NV with approximately $144.9 million in total assets and $136.4 million in total deposits was closed. City National Bank, Los Angeles, CA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-065-2011)

Western Springs National Bank and Trust, Western Springs, IL with approximately $186.8 million in total assets and $181.9 million in total deposits was closed. Heartland Bank and Trust Company, Bloomington, IL has agreed to assume all deposits.
(PR-064-2011)

March

The Bank of Commerce, Wood Dale, IL with approximately $163.1 million in total assets and $161.4 million in total deposits was closed. Advantage National Bank Group, Elk Grove Village, IL has agreed to assume all deposits.
(PR-058-2011)

Legacy Bank, Milwaukee, WI with approximately $190.4 million in total assets and $183.3 million in total deposits was closed. Seaway Bank and Trust Company, Chicago, IL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-055-2011)

The First National Bank of Davis, Davis, OK with approximately $90.2 million in total assets and $68.3 million in total deposits was closed. The Pauls Valley National Bank, Pauls Valley, OK has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-054-2011)

February

Valley Community Bank, St. Charles, IL with approximately $123.8 million in total assets and $124.2 million in total deposits was closed. First State Bank, Mendota, IL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-048-2011)

San Luis Trust Bank, FSB, San Luis Obispo, CA with approximately $332.6 million in total assets and $272.2 million in total deposits was closed. First California Bank, Westlake Village, CA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-041-2011)

Charter Oak Bank, Napa, CA with approximately $120.8 million in total assets and $105.3 million in total deposits was closed. Bank of Marin, Novato, CA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-040-2011)

Citizens Bank of Effingham, Springfield, GA with approximately $214.3 million in total assets and $206.5 million in total deposits was closed. Heritage Bank of the South, Albany, GA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-039-2011)

Habersham Bank, Clarkesville, GA with approximately $387.6 million in total assets and $339.9 million in total deposits was closed. SCBT National Association, Orangeburg, SC has agreed to assume all deposits.
(PR-038-2011)

Canyon National Bank, Palm Springs, CA with approximately $210.9 million in total assets and $205.3 million in total deposits was closed. Pacific Premier Bank, Costa Mesa, CA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-035-2011)

Badger State Bank, Cassville, WI with approximately $83.8 million in total assets and $78.5 million in total deposits was closed. Royal Bank, Elroy, WI has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-034-2011)

Peoples State Bank, Hamtramck, MI with approximately $390.5 million in total assets and $389.9 million in total deposits was closed. First Michigan Bank, Troy, MI has agreed to assume all deposits.
(PR-033-2011)

Sunshine State Community Bank, Port Orange, FL with approximately $125.5 million in total assets and $116.7 million in total deposits was closed. Premier American Bank, National Association, Miami, FL has agreed to assume all deposits.
(PR-032-2011)

Community First Bank Chicago, Chicago, IL with approximately $51.1 million in total assets and $49.5 million in total deposits was closed. Northbrook Bank & Trust Company, Northbrook, IL has agreed to assume all deposits.
(PR-025-2011)

North Georgia Bank, Watkinsville, GA with approximately $153.2 million in total assets and $139.7 million in total deposits was closed. BankSouth, Greensboro, GA has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-024-2011)

American Trust Bank, Roswell, GA with approximately $238.2 million in total assets and $222.2 million in total deposits was closed. Renasant Bank, Tupelo, MS has agreed to assume all deposits.
(PR-023-2011)

January

First Community Bank, Taos, NM with approximately $2.31 billion in total assets and $1.94 billion in total deposits was closed. U.S. Bank, N.A, Minneapolis, MN has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-018-2011)

FirsTier Bank, Louisville, CO with approximately $781.5 million in total assets and $722.8 million in total deposits was closed. To protect the insured depositors, the FDIC created Deposit Insurance National Bank of Louisville - a new depository institution chartered by the Office of Thrift Supervision (OTS), which will remain open until February 28, 2011.
(PR-017-2011)

Evergreen State Bank, Stoughton, WI with approximately $246.5 million in total assets and $195.2 million in total deposits was closed. McFarland State Bank, McFarland, WI has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-016-2011)

The First State Bank, Camargo, OK with approximately $43.5 million in total assets and $40.3 million in total deposits was closed. Bank 7, Oklahoma City, OK has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-015-2011)

United Western Bank, Denver, CO with approximately $2.05 billion in total assets and $1.65 billion in total deposits was closed. First-Citizens Bank & Trust Co., Raleigh, NC has agreed to assume all deposits.
(PR-013-2011)

The Bank of Asheville, Asheville, NC with approximately $195.1 million in total assets and $188.3 million in total deposits was closed. First Bank, Troy, NC has agreed to assume all deposits.
(PR-012-2011)

CommunitySouth Bank & Trust, Easley, SC with approximately $440.6 million in total assets and $402.4 million in total deposits was closed. CertusBank, N.A., Charlotte, NC has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-011-2011)

Enterprise Banking Company, McDonough, GA with approximately $100.9 million in total assets and $95.5 million in total deposits was closed. To protect the insured depositors, the FDIC created Deposit Insurance National Bank of McDonough - a new depository institution chartered by the Office of Thrift Supervision (OTS), which will remain open until January 28, 2011.
(PR-010-2011)

Oglethorpe Bank, Brunswick, GA with approximately $230.6 million in total assets and $212.7 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-006-2011)

Legacy Bank, Scottsdale, AZ with approximately $150.6 million in total assets and $125.9 million in total deposits was closed. Enterprise Bank & Trust, Clayton, MO has agreed to assume all deposits.
(PR-003-2011)

First Commercial Bank of Florida, Orlando, FL with approximately $598.5 million in total assets and $529.6 million in total deposits was closed. First Southern Bank, Boca Raton, FL has agreed to assume all deposits excluding the Cede & Co. deposits.
(PR-002-2011)

[Letsbereal]

2011 Bank Failures Rise to 40 as Regulators Seize Florida Bank
6 May 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Federal and State Regulators closed Coastal Bank of Cocoa Beach, Florida, a small regional bank with $129.4 million in assets.

In April, there were 13 bank failures with assets totaling $7.0 billion, the largest was Superior Bank of Birmingham, Alabama with assets totaling $3.0 billion and an estimated loss to the FDIC of $259.6 billion.

For this bank failure, the FDIC and Superior Bank, N.A., a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, created to assume all of the deposits of Superior Bank, entered into a loss-share transaction on $1.84 billion of Superior Bank's assets.

Of the 13 bank failures in April, four were in Georgia, two each in Florida and Alabama, and one each in Michigan, Mississippi, Minnesota, Nevada and Illinois.

These 13 bank failures resulted in an estimated $1.3 billion in loss to the FDIC.

FDIC arranged for all the deposits of these bank failures to be assumed by other financial institutions.

[Letsbereal]

2011 Bank Failures Rise to 42 as Regulators Seize Two Georgia Banks
20 May 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Federal and State Regulators closed Atlantic Southern Bank of Macon, Georgia, and First Georgia Banking Company of Franklin, Georgia, with assets totaling $741.9 million and $731.0 million.

These bank failures are estimated to cost the FDIC $430.0 million.

The FDIC arranged for CertusBank, National Association of Easley, South Carolina to acquire the banking operations including all deposits of these failed banks.

In April, there were 13 bank failures with assets totaling $7.0 billion, the largest was Superior Bank of Birmingham, Alabama with assets totaling $3.0 billion and an estimated loss to the FDIC of $259.6 billion.

For this bank failure, the FDIC and Superior Bank, N.A., a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, created to assume all of the deposits of Superior Bank, entered into a loss-share transaction on $1.84 billion of Superior Bank's assets.

Of the 13 bank failures in April, four were in Georgia, two each in Florida and Alabama, and one each in Michigan, Mississippi, Minnesota, Nevada and Illinois.

These 13 bank failures resulted in an estimated $1.3 billion in loss to the FDIC. FDIC arranged for all the deposits of these bank failures to be assumed by other financial institutions.

[kurtaxis]

This is an interesting thread as another points to a marketwatch.com article entitled 'Existing home sales drop unexpectedly.' It is interesting that there can be contrasting indicators of the same economy.  If the types of banks that were more apt to loan money are failing, along with a downward qualitative change in the labor market, then it should be no surprise that home sales are dropping.

[Letsbereal]

More Failed Banks Are Being Closed In US http://www.youtube.com/watch?v=v8KUMmy_Fcs

May 22 2011 Press TV -- Across the nation consumers are finding it increasingly harder to get a loan from their local bank.

Consumers like Chris Baker. Part of the reason Baker feels like the little man is being left behind is because smaller banks that would typically lend money to them are slowly dwindling.

[kurtaxis]

More Failed Banks Are Being Closed In US http://www.youtube.com/watch?v=v8KUMmy_Fcs

May 22 2011 Press TV -- Across the nation consumers are finding it increasingly harder to get a loan from their local bank.

Consumers like Chris Baker. Part of the reason Baker feels like the little man is being left behind is because smaller banks that would typically lend money to them are slowly dwindling.

Exactly

[Letsbereal]

Correction Former Headline: 2011 Bank Failures Rise to 43 as Regulators Seize Two Georgia Banks


Atlantic Bank becomes 45th bank failure of year
3 June 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

2011 Bank Failures Rise to 45 as Regulators Seize South Carolina Bank. On Friday, Federal Regulators closed Atlantic Bank and Trust of Charleston, South Carolina, with assets totaling $208.2 million and at an estimated to cost the FDIC $36.4 million.

FDIC arranged with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of this bank failure.

The FDIC and First Citizens Bank and Trust Company, Inc. entered into a loss-share transaction on $141.8 million of Atlantic Bank and Trust's assets.

In May, there were five bank failures with assets totaling $1.9 billion and at an estimated cost to the FDIC of $494.0 million.

Georgia and Washington state each had two bank failures and Florida had one bank failure.

[Letsbereal]

2011 Bank Failures Rise to 47 as Regulators Seize Banks in Florida and Georgia
17 June 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Federal and State Regulators closed McIntosh State Bank of Jackson, Georgia with assets totaling $339.9 million, and First Commercial Bank of Tampa Bay, Tampa, Florida with assets totaling $98.6 million.

These bank failures are estimated to cost the FDIC $108.5 million. FDIC arranged with other financial institutions to assume all of the deposits of the two failed banks.

In May, there were five bank failures with assets totaling $1.9 billion and at an estimated cost to the FDIC of $494.0 million. Georgia and Washington state each had two bank failures and Florida had one bank failure.

[Letsbereal]

2011 Bank Failures Rise to 48 as Regulators Seize Another Georgia Bank
1 July 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– June 24, 2011 – 2011 Bank Failures Rise to 48 as Regulators Seize Another Georgia Bank.

On Friday, Federal and State Regulators closed Mountain Heritage Bank of Clayton, Georgia with assets totaling $103.7 million and at an estimated cost to the FDIC of $41.1 million.

The FDIC entered into a purchase and assumption agreement with First American Bank and Trust Company of Athens, Georgia, to assume all of the deposits of Mountain Heritage Bank.

This brings the total number of bank failures in June to four with assets totaling $750.4 million and at an estimated cost to the FDIC of $186.0 million.

[Letsbereal]

2011 Bank Failures Rise to 55 as Regulators Seize Four Banks
15 July 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– July 15, 2011 – 2011 Bank Failures Rise to 55 as Regulators Seize Four Banks, Two in Georgia and One each in Florida and Arizona. On Friday, the Georgia Department of Banking and Finance and the FDIC closed High Trust Bank located in Stockbridge, Georgia, and One Georgia Bank in Atlanta, Georgia.

Separately, the Florida Office of Financial Regulation and the FDIC closed First Peoples Bank of Port Saint Lucie, Florida.

And, the Arizona Department of Financial Institutions and the FDIC closed Summit Bank of Prescott, Arizona.

These four failed banks had assets totaling $679.1 million and resulted in an estimated cost to the FDIC of $129.1 million.

The FDIC arranged with other financial institutions to assume the deposits of these four failed banks.

During the prior week, Regulators closed three banks, two in Colorado and one in Illinois, with assets totaling $1.7 billion and at an estimated cost to the FDIC of $590.4 million, bringing the total number of bank failures in July to seven.

[Letsbereal]

Three Bank Failures, Two in Florida and One in Colorado, as 2011 Bank Failures Rise to 58
24 July 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– July 22, 2011 – Three Bank Failures, Two in Florida and One in Colorado, as 2011 Bank Failures Rise to 58.

On Friday, Florida Office of Financial Regulation closed Southshore Community Bank in Apollo Beach, Florida, and LandMark Bank of Florida in Sarasota.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with American Momentum Bank to acquire the banking operations, including all the deposits, of these two bank failures.

Assets of these two bank failures total $321.3 million, and resulted in an estimated to cost the FDIC of $42.7 million.

Separately, Colorado Division of Banking closed Bank of Choice in Greeley, Colorado.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, N.A. in Kansas City, Missouri, to assume all of the deposits of Bank of Choice.

In addition to assuming all of the deposits, Bank Midwest agreed to purchase approximately $853.0 million of the failed bank's assets.

As of March 31, 2011, Bank of Choice had approximately $1.07 billion in assets, and the bank failure is estimated to cost the FDIC $213.6 million.

These additional bank failures bring the total number of bank failures in July to ten, four in Florida, three in Colorado, two in Georgia and one in Illinois.

Assets of these ten failed banks total $3.8 billion and resulted in an estimated cost to the FDIC of $975.8 million.

[TahoeBlue]

60 minutes story - FDIC takeovers :

http://www.cbsnews.com/stories/2009/03/06/60minutes/main4848047.shtml
May 31, 2009 8:34 PM Print Text
Your Bank Has Failed: What Happens Next?
By CBSNews

A lot of people are worried about their banks these days. Devastated giants like Citigroup get bailed out again and again and again. Recent stress tests show some banks need billions more, and many smaller banks are failing. The federal agency that takes over unsound banks is the Federal Deposit Insurance Corporation - the same people who guarantee depositors won't lose their money.

Most every Friday night now the FDIC is seizing several banks. You haven't seen these takeovers happening because they're done secretly at night to make sure there's no needless panic by depositors.

But earlier this year, when this story was first broadcast, 60 Minutes and correspondent Scott Pelley were given extraordinary access to one of these operations because the FDIC wants you to know what happens to your money when your bank has failed.
...
"The question becomes how many times can the FDIC do that at what point is the FDIC broke?" Pelley asked.

"The FDIC is backed by the full faith and credit of the United States, so if we need to - we try not to and don't want to - but if we need to, we can borrow from the Treasury to make up for any shortfalls," Bair explained. "We don't go broke. We're the government we are backed by the full faith and credit of the United States government."
...

There are three ways the FDIC takes over a bank: it can close it and pay off depositors, run the bank itself, or, most often it will try to find a buyer.

A few days before the takeover of Heritage Community Bank, 60 Minutes was at the FDIC office in Dallas where they were holding a secret online auction in hopes of finding a buyer for Heritage

The winner was MB Financial, a $9 billion Chicago bank. The night of the takeover, all of Heritage Community's branches became MB banks.

"It's almost as if nothing had happened," Pelley remarked to MB CEO Mitchell Feiger
...
This was the deal for Feiger: the FDIC paid MB Financial about $3.5 million dollars. MB got all the deposits, customers and loans.

 If some of those loans go bad, the FDIC will pick up at least 80 percent of the losses. Pelley wondered what Feiger thinks of the health of banking now.

"You have to believe that dozens and dozens and dozens of more banks have to fail. But it's okay," Feiger said. "Because I think the process is smooth. Depositors are fully protected by an industry funded FDIC insurance. And I think that taking out the weak players, and taking some capacity out of the industry is good. It's good for the industry. It's good for the survivors. It will produce, at the end, a much healthier banking system."

[Letsbereal]

Two banks closed; 2011 bank failures total 60
29 July 2011, by Sue Chang - San Francisco (MarketWatch)
http://www.marketwatch.com/story/two-banks-closed-2011-bank-failures-total-60-2011-07-29-1726290

Financial authorities closed BankMeridian of Columbia, S.C. and Virginia Business Bank of Richmond, Va. on Friday, bringing the total number of bank failures for 2011 to 60 so far. SCBT, National Association will assume all deposits of BankMeridian while Xenith Bank will assume deposits at Virginia Business Bank, the Federal Deposit Insurance Corp. said.

The failure of the two banks will cost the Deposit Insurance Fund about $83 million.

[Letsbereal]

U.S. regulators close 3 more banks; 2011 total 61
29 July 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– July 29, 2011 – Three Bank Failures, in Virginia, South Carolina and Indiana, as 2011 Bank Failures Rise to 61. On Friday, Regulators closed Virginia Business Bank in Richmond, Virginia, BankMeridian, N.A. in Columbia, South Carolina, and Integra Bank National Association in Evansville, Indiana, bringing the total number of bank failures in July to thirteen.

The largest of these three bank failures is Integra Bank National Association with assets totaling $2.2 billion and at an estimated cost to the FDIC of $170.7 million.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Old National Bank, Evansville, Indiana, to assume all of the deposits of Integra Bank.

The FDIC and Old National Bank entered into a loss-share transaction on $1.2 billion of Integra Bank's assets.

The other two bank failures had assets totaling $335.6 million, resulting in an estimated cost to the FDIC of $82.7 million.

July's bank failures had assets totaling $6.3 billion and resulted in a total estimated cost to the FDIC of $1.2 billion.

Four of these bank failures occured in Florida, three in Colorado, two in Georgia and one each in Illinois, Virginia, South Carolina and Indiana.

[Letsbereal]

Regulators Closed Two Banks, as 2011 Bank Failures Rise to 63
5 August 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– August 5, 2011 – Regulators Closed Two Banks, as 2011 Bank Failures Rise to 63.

On Friday, Regulators closed Bank of Shorewood in Shorewood, Illinois, and Bank of Whitman in Colfax, Washington State.

As of June 30, 2011, Bank of Shorewood had approximately $110.7 million in total assets and $104.0 million in total deposits.

The FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Bank of Shorewood.

The second bank failure, Bank of Whitman, had approximately $548.6 million in total assets and $515.7 million in total deposits.

Columbia State Bank, Tacoma, Washington, agreed to assume all of the deposits of Bank of Whitman as well as to purchase approximately $314.4 million of the failed bank's assets.

These two bank failures are estimated to cost the FDIC $160.4 million.

[Letsbereal]

Kansas bank marks 64th failure of year
12 August 2011, by Wallace Witkowski - San Francisco (MarketWatch)
http://www.marketwatch.com/story/kansas-bank-marks-64th-failure-of-year-2011-08-12

First National Bank of Olathe in Olathe, Kan., became the 64th bank failure of the year, the Federal Deposit Insurance Corp. said Friday.

Enterprise Bank & Trust of Clayton, Mo., agreed to buy the bank's $538.1 million in total assets and assume its $524.3 million in deposits.

The cost to the FDIC's deposit insurance fund is $116.6 million.

The bank failure also marks the first bank failure in Kansas this year.

[Letsbereal]

Public Savings Bank of Pa. fails, 65th for 2011
18 August 2011, by Sue Chang - San Francisco (MarketWatch)
http://www.marketwatch.com/story/public-savings-bank-of-pa-fails-65th-for-2011-2011-08-18-1732390

Financial regulators on Thursday closed Public Savings Bank of Huntingdon Valley, Pa., the Federal Deposit Insurance Corp. said. Capital Bank, National Association, in Rockville, Md., assumed all deposits and purchased all its assets.

The failed bank had about $46.8 million in assets and $45.8 million in deposits as of June 30.

The latest closure marks the 65th bank collapse of 2011.

[Letsbereal]

Regulators Closed 4 Banks, as 2011 Bank Failures Rise to 68
19 August 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– August 19, 2011 – Regulators Closed 4 Banks, as 2011 Bank Failures Rise to 68.

On Friday, Regulators closed three banks, in Florida, Georgia and Illinois. On Thursday, State Regulators closed a small Pennsylvania bank with assets totaling $46.8 million.

The largest of these bank failures was Lydian Private Bank, Palm Beach, Florida which, including its division Virtual Bank, had as of June 30, 2011 approximately $1.70 billion in total assets and $1.24 billion in total deposits.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sabadell United Bank, National Association, Miami, Florida, to assume all of the deposits of Lydian Private Bank.

The FDIC and Sabadell United Bank entered into a loss-share transaction on $907.1 million of Lydian Private Bank's assets.

As a result of this bank failure, the cost to the FDIC is estimated to be $293.2 million.

The four bank failures including Lydian Private Bank are estimated to cost the FDIC a total of $374.8 million.

In August, there have been seven bank failures with assets totaling $3.2 billion and at an estimated cost to the FDIC of $651.8 million.

Two of these bank failures were in Illinois, and one each in Washington state, Kansas, Pennsylvania, Florida and Georgia.

[Letsbereal]

$1 Billion-Plus Demands in Bank Failure
25 August 2011, by Iulia Filip (CN)
http://www.courthousenews.com/2011/08/25/39265.htm

Bank Failure oversight http://www.fdic.gov/bank/historical/bank/index.html

[Letsbereal]

Regulators Closed Two Georgia Banks, as 2011 Bank Failures Rise to 70
2 September 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

– September 2, 2011 – Regulators Closed Two Georgia Banks, as 2011 Bank Failures Rise to 70.

On Friday, Regulators seized Patriot Bank of Georgia, located in Cumming, Georgia, and CreekSide Bank, of Woodstock, Georgia.

These two bank failures bring the total number of bank failures for the year to 70. As of June 30, 2011, Patriot Bank of Georgia had approximately $150.8 million in total assets; and CreekSide Bank had total assets of $102.3 million.

To protect the depositors, the FDIC arranged for Georgia Commerce Bank, Atlanta, Georgia, to acquire the banking operations of these two bank failures, including all the deposits, of Patriot Bank of Georgia, and CreekSide Bank.

These two bank failures are estimated to cost the FDIC $71.7 million.

[Letsbereal]

Regulators Closed Florida Bank, as 2011 Bank Failures Rise to 71
9 September 2011, (Calculator Plus)
http://www.calculatorplus.com/savings/advice_failed_banks.html

On Friday, Regulators seized The First National Bank of Florida headquarted in Milton, Florida, with assets totaling $296.8 million.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of the failed bank.

The FDIC and CharterBank entered into a loss-share transaction on $216.3 million of The First National Bank of Florida's assets.

This bank failure is estimated to cost the FDIC $46.9 million.

During the prior week, there were two bank failures - Patriot Bank and CreekSide Bank both in Georgia - with combined assets of $253.1 million.

These two bank failures were estimated to cost the FDIC $71.7 million.

[Letsbereal]

FDIC to close Illinois satellite office
14 September 2011, by Alan Zibel - Washington (MarketWatch)
http://www.marketwatch.com/story/fdic-to-close-illinois-satellite-office-2011-09-14

Excerpt:

The Federal Deposit Insurance Corp. said it will close a temporary office in Illinois ahead of schedule as the pace of U.S. bank failures slows.

The satellite office, which employs 287 workers, was set up in March 2010 to manage the failure of banks in the Midwest. It has handled 35 bank failures.

The agency said it will close the office in Schaumburg, Ill., on Sept. 28, 2012. The office had been expected to close in mid-2013, but the FDIC said it has determined that its workload can be handled by a permanent FDIC office in Dallas.

[Letsbereal]

Bank of the Commonwealth year's 72nd bank failure
23 September 2011, by Wallace Witkowski - San Francisco (MarketWatch)
http://www.marketwatch.com/story/bank-of-the-commonwealth-years-72nd-bank-failure-2011-09-23

Bank of the Commonwealth, of Norfolk, Va. became the 72nd bank failure of the year, the Federal Deposit Insurance Corp. said Friday.

Southern Bank and Trust Co. of Mount Olive, N.C., will buy $924.3 million of the bank's assets and assume $901.8 million in deposits.

The cost to the FDIC's deposit-insurance fund is $268.3 million.

The closure also marks the second failed bank in Virginia for the year.

[TahoeBlue]

...
Southern Bank and Trust Co. of Mount Olive, N.C., will buy $924.3 million of the bank's assets and assume $901.8 million in deposits.  The cost to the FDIC's deposit-insurance fund is $268.3 million.

...[/b][/u]. 

Notice how the assuming bank (Southern ) is taking / "getting" from the public FDIC 268 million....
They don't say how much Southern is paying out of pocket to anyone...

[Letsbereal]

California bank failure 73rd U.S. closure for 2011 - Fourth California bank to fail this year
24 September 2011, by Sue Chang - San Francisco (MarketWatch)
http://www.marketwatch.com/story/california-bank-failure-73rd-us-closure-for-2011-2011-09-24

Financial regulators late Friday closed Citizens Bank of Northern California in Nevada City, Calif., marking the 73rd U.S. bank failure of 2011.

Tri Counties Bank of Chico, Calif. will assume all of the deposits and assets of the failed bank.

Citizens Bank of Northern California had about $288.8 million in total assets and $253.1 million in total deposits as of June 30, the Federal Deposit Insurance Corporation said.

The FDIC estimated the cost of the closure to the Deposit Insurance Fund at $37.2 million.

Citizens Bank of Northern California is the fourth bank to fail in California this year.

The authorities closed Bank of the Commonwealth in Norfolk, Va. earlier Friday.