[eXpat]

Waiting...

[eXpat]

Well, we start the year with two
-First Commercial Bank of Florida
-Legacy Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Legacy Bank, Scottsdale, AZ with approximately $150.6 million in total assets and $125.9 million in total deposits was closed. Enterprise Bank & Trust, St. Louis, MO, has agreed to assume all deposits.
(PR-003-2010)

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-002-2010)

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

[eXpat]

Just one today
-Oglethorpe Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

Oglethorpe Bank, based in Brunswick, Ga., was closed by the state's department of banking and finance Friday, which put it in receivership of the Federal Deposit Insurance Corp.

Bank of the Ozarks Inc. agreed to take over the failed bank in a deal with U.S. regulators, the second such transaction in a month, as smaller institutions struggle in the weak economy.

The failure is the third of 2011. The number of banks that failed last year—157—was the highest since the savings-and-loan crisis ended in 1992, although the total assets at those fallen banks was much smaller than the total the year before. That's because the trend has shifted to smaller banks that serve struggling local economies from larger banks that took on too much housing risk.

Oglethorpe Bank had about $230.6 million in total assets and $212.7 million in total deposits with two branches as of Sept. 30.

In addition to assuming all of the deposits of the failed bank without paying a premium, Bank of the Ozarks entered a loss-share deal on $173.9 million of the assets with the FDIC.

http://online.wsj.com/article/SB10001424052748703959104576082550373595050.html?mod=googlenews_wsj

[jdmartin]

Thanks for keeping track here expat, I have to admit that in some sick way this is my favorite thread of the Economics Section

[eXpat]

Thanks for keeping track here expat, I have to admit that in some sick way this is my favorite thread of the Economics Section

Well you are welcome!

[jdmartin]

4 more today, boys and girls:

Bank of Asheville (NC)
United Western Bank (biggie)
Community South Bank (SC)
Enterprise Banking Company(GA)

http://www.fdic.gov/

[eXpat]

And another 4
-First Community Bank
-FirsTier Bank Louisville
-Evergreen State Bank
-The First State Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

[eXpat]

Total score for Jan: 11 Banks failed

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)

http://www.aipnews.com/talk/forums/thread-view.asp?tid=18829&posts=5

[eXpat]

We started Feb with 3 banks down:
-Community First Bank Chicago
-North Georgia Bank
-American Trust Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

[Daniel_Plainview]

American Trust Bank

"American Trust" Bank? That's an oxymoron.

[eXpat]

Thanks for keeping track here expat, I have to admit that in some sick way this is my favorite thread of the Economics Section

Can I join? This looks like fun

Everybody is welcome!

[jdmartin]

Come one, come all - here's tonight's list:

Badger State Bank, Wisconsin
People's State Bank, Michigan
Sunshine State Bank, Florida

Not huge ones, but another $130 million cost to the FDIC program. Interesting that we're seeing some banks outside of the "normal" areas like Nevada, Arizona, Georgia. Be hard to believe the ones in Michigan and Wisconsin were purely the result of subprime... more likely, from massive job losses finally coming home to roost...

http://www.fdic.gov/

[bratticus]

People's State Bank, Michigan

Actually there's no apostrophe in the name.

[bratticus]

Peoples State Bank falls closer to the edge of FDIC shutdown
By Tom Henderson / Crain's Detroit Business / Feb 6, 2011

Peoples State Bank, beset by loan charge-offs and ongoing large losses, may be nearing the end of its 102-year history.

... Peoples Bank said in the call report, which banks are required to file at the end of January for the quarter ended Dec. 31, that its equity capital dropped from $17.4 million at the end of 2009 to minus $1.2 million at the end of 2010.

Peoples' negative equity gave it a tier-one capital ratio, a key metric eyed by state and federal regulators that compares equity capital to assets, of minus 0.25 percent. It stood at 3.63 percent at the end of 2009 and at 1.78 percent at the end of the third quarter.

Anything below 2 percent is considered critically undercapitalized by the FDIC and places an institution in danger of being placed in receivership or being shut down if it can't raise capital or shrink its asset base to get above the 2 percent threshold within 90 days. ...

Great Florida Bank misses capital deadline, loses $16M
South Florida Business Journal - by Brian Bandell / Jan 31, 2011

... Regulators consider a bank with capital ratios below 4 percent and 8 percent, respectively, to be “undercapitalized” – a status that often leads to banks getting shut down by regulators unless they can raise capital. ...

[bratticus]

Capital Woes Linger At Dearborn's Bank
American Banker / Tuesday, February 8, 2011

Though credit costs are subsiding at Dearborn Bancorp Inc. in Michigan, its bank has been undercapitalized for six straight quarters. ...

Mount Clemens [Michigan] bank under pressure to raise capital
Daily Tribune / Feb 4, 2011

Community Central Bank lost $26.3 million for 2010 which means the Mount Clemens [Michigan]-based bank is undercapitalized and it could be taken over by a receiver if it doesn’t raise capital in the next 90 days.

Auditors: Integra's future is in doubt
By Susan Orr / Courier Press / Jan 31, 2011

Evansville [Indiana]-based Integra expects to post its 11th straight quarterly loss, the company said Monday afternoon, and unless it can find a “substantial capital infusion” soon the company’s future is in doubt.

http://www.thestreet.com/stock-market-n ... 0-mil.html

[bratticus]

DFI closes Oakland Municipal Credit Union due to inadequate capital
BBR / Feb 7, 2011

The California Department of Financial Institutions (DFI) has ordered the closure and liquidation of Oakland Municipal Credit Union, a federally insured, state-chartered credit union, citing inadequate capital.

First liquidated credit union of 2011.

[eXpat]

4 last week and 3 today:
-Charter Oak Bank
-Citizens Bank of Effingham
-Habersham Bank
http://www.fdic.gov/bank/individual/failed/banklist.html

[jdmartin]

Forgot San Luis Trust...three not-too-small banks and one smaller one.

[Lumpy]

A few days ago I started a thread in called "Stock Up on "Stuff" or Save $$ - Use Bank or Not?"

It's about some friends of mine who are not particularly into the "why's" of things, but definitely into situating themselves as well as possible. (Hop over there & take a look for full details.)

One aspect of their situation is that they (Marie and Harry) have about 40K in the bank (aside from some precious metals they keep in a safe at home. They are in their early 60's, and and trying to make wise decisions.

Marie's position = "Take all money out of banks. Use credit card for all purchases (online & at stores), have all utilities auto-billed to it, etc. Buy one Money Order a month to pay off that credit card and one to pay the mortgage payment. (They are nearly done with that.)

Harry's position = "I'm not sure." (Thus his call to me for advice; thus my starting that thread for input.)

Marie has several concerns regarding banks, one being that Iran or someone will nuke NYC, and they won't be able to get at their money. Another is this whole issue of bank failures. They presently are with one of the bigger players -- although not as big as Chase.

One response on the thread suggested taking the money out of their one bank, and spreading it around among small locally-owned banks (rather than taking the $$ at home and keeping them in a well-protected safe -- or burying the $$ around their rural property, as Marie is leaning toward doing.)

Well, this is the bank failure thread ... so what do you people here think?

Thanks
Lumpy