98 Failed Banks This Year

October 16, 2009
Matt Isleib

 

The last time I talked on this topic was the first week of August and up until then and including July of this year we had 69 banks that had been seized. That total now stands at 98. Nearly 30 banks in two months have been shuttered.

The talk now is the need to address raising capital for the FDIC. Earlier this month the FDIC had approved to turn to the banks themselves to pre-pay their dues into the fund to raise capital. The next elephant about to enter the room is the commercial mortgage market. That will weigh heavily on the regional banks and could further stress an already stressed out FDIC insurance fund.

Below is the list of recent failures since my last article:

70) First State Bank, Sarasota, FL Cost to the FDIC $116 million

71) Community National Bank of Sarasota County, Venice, FL Cost to the FDIC $24 million

72) Community First Bank, Prineville, OR Cost to the FDIC $45 million

73) Dwelling House Savings and Loan Association, Pittsburgh, PA Cost to the FDIC $6.8 million

74) Colonial Bank, Montgomery AL Cost to the FDIC $2.8 billion

75) Union Bank, National Association, Gilbert, AZ Cost to the FDIC $61 million

76) Community Bank of Arizona, Phoenix, AZ Cost to the FDIC $23.5 million

77) Community Bank of Nevada, Las Vegas, NV Cost to the FDIC $781.5 million

78) ebank, Atlanta, GA Cost to the FDIC $63 million

79) First Coweta Bank, Newnan, GA Cost to the FDIC $48 million

80) CapitalSouth Bank, Birmingham, AL Cost to the FDIC $151 million

81) Guaranty Bank, Austin, TX Cost to the FDIC $3 billion

82) Bradford Bank, Baltimore, MD Cost to the FDIC $97 million

83) Mainstreet Bank, Forest Lake, MN Cost to the FDIC $95 million

84) Affinity Bank, Ventura, CA Cost to the FDIC $254 million

85) First Bank of Kansas City, Kansas City, MO Cost to the FDIC $6 million

86) InBank, Oak Forest, IL Cost to the FDIC $66 million

87) Vantus Bank, Sioux City, IA Cost to the FDIC $168 million

88) Platinum Community Bank, Rolling Meadows, IL Cost to the FDIC $114.3 million

89) First State Bank, Flagstaff, AZ Cost to the FDIC $47 million

90) Corus Bank, N.A., Chicago IL Cost to the FDIC $1.7 billion

91) Brickwell Community Bank, Woodbury, MN Cost to the FDIC $22 million

92) Venture Bank, Lacey, WA  Cost to the FDIC $298 million

93) Irwin Union Bank, F.S.B., Louisville, KY

94) Irwin Union Bank and Trust Company, Columbus, IN Cost to the FDIC $850 million between both institutions

95) Georgian Bank, Atlanta, GA Cost to the FDIC $892 million

96) Warren Bank, Warren, MI Cost to the FDIC $275 million

97) Jennings State Bank, Spring Grove, MN Cost to the FDIC $11.7 million

98) Southern Colorado National Bank, Pueblo, CO Cost to the FDIC $6.6 million