Commentaries

Now raising intellectual capital

from Rolfe Winkler:

Bank failure Friday

#10

    Failed bank: First National Bank of Georgia, Carrollton GA Acquiring bank: Community & Southern Bank, Carrollton GA Vitals: at 9/30/09, assets of $832.6m, deposits of $757.9m Estimated DIF damage: $260.4m

#11

    Failed bank: Florida Community Bank, Immokalee FL Acquiring bank: Premier American Bank NA, Miami FL Vitals: at 9/30/09, assets of $875.5m, depoists of $795.5m Estimated DIF damage: $352.6m

#12

    Failed bank: Marshall Bank NA, Hallock MN Acquiring bank: United Valley Bank, Cavalier ND Vitals: at 9/30/09, assets of $59.9m, deposits of $54.7m Estimated DIF damage: $4.1m

#13

    Failed bank: Community Bank & Trust, Cornelia GA Acquiring bank: SCBT Bank NA, Orangeburg SC Vitals: at 9/30/09, assets of $1.21 billion, deposits of $1.11 billion Estimated DIF damage: $354.5m

#14

from Rolfe Winkler:

Bank failure Friday

The year has started off slowly: Only 4 closings the first half of January. Expect FDIC to pick up the pace...

#2

    Failed bank: Town Community Bank & Trust, Antioch IL Acquiring bank: First American Bank, Elk Grove Village IL Vitals: as of 9/30, assets of $69.6m, deposits of $67.4m Estimated DIF damage: $17.8m

#3

from Rolfe Winkler:

Tonight’s bank failures: $14.5 billion combined assets

Wow....huge night....$14.5 billion in combined assets from tonight's failures. The biggest fish is First Fed, with $6.1 billion of assets. First Fed was the last of the big option ARM lenders. Seems like FDIC wants to get a lot off its plate before the holidays...

#134

    Failed bank: Rockbridge Commercial Bank, Atlanta GA Acquiring bank: None Vitals: at 9/30 assets of $294m, deposits of $291.7m DIF damage estimate: $124m

A rare payout transaction. Actually the sixth so far this year. I spoke to FDIC's Greg Hernandez who gave me some interesting particulars on this bank regarding why it couldn't find a buyer.

from Rolfe Winkler:

Bank failure Friday

It was a slow night. One small bank failed.

#124

    Failed bank: Commerce Bank of SW FL, Fort Myers FL Acquiring bank: Central Bank, Stillwater MN Vitals: at 8/28, assets of $79.7m, deposits of $76.7m DIF damage: $23.6m

Central has been busy. They also acquired the assets of Riverview Community Bank and Jennings State Bank in October, as well as Mainstreet Bank in August.

from Rolfe Winkler:

Bank failure Friday

IBERIABANK is busy tonight, acquiring $3.1 billion of failed bank assets. The bank also bought nearly $600m of assets from the estate of CapitalSouth Bank of Alabama back in August.

After these transactions, IBERIABANK will have increased its balance sheet nearly 67% since June.

from Rolfe Winkler:

Bank failure Friday

As per usual, we begin in Georgia. The last one of the night is a big one.

#116

    Failed bank: United Security Bank, Sparta GA Acquiring bank: Ameris Bank, Moultrie GA Vitals: as of 9/14/09, assets of $157m, deposits of $150m DIF damage: $58 million

Ameris Bank also bought American United two weeks ago.

#117

    Failed bank: Home Federal Savings Bank, Detroit MI Acquiring bank: Liberty Bank and Trust, New Orleans LA Vitals: as of 9/24/09, assets of $14.9m, deposits of $12.8m DIF damage: $5.4 million

#118

from Rolfe Winkler:

#100….and counting (+ charts)

Photo

Another failure in Georgia. And two in Naples.

#100

    Failed bank: Partners Bank, Naples FL Acquiring bank: Stonegate Bank, Ft. Lauderdale FL Vitals: as of 9/30, assets of $66 million, deposits of $65m DIF damage: $28.6m

#101

    Failed bank: American United Bank, Lawrenceville GA Acquiring bank: Ameris Bank, Moultrie GA Vitals: as of 8/11, assets of $111 million, deposits of $102m DIF damage: $44m

#102

from Rolfe Winkler:

Bank failure Friday, Bair on TBTF at Buttonwood

At Buttonwood, Sheila Bair noted that the DIF's balance, its net worth, is now negative. They have $20 billion+ of cash on hand, but much is accounted for by the fund's contingent loss reserve, which is to say the money is spoken for based on failures already in the pipeline.

The plan to accelerate assessments on banks is an accounting gimmick that protects their earnings and capital. That said, it's good news FDIC will be raising more cash, $45 billion is the estimate.

from Rolfe Winkler:

Bank failure Friday

Later this evening, I'll have a post on stats for all failed banks since the beginning of 2007. In the meantime, we have our first failure of Q4:

#96

    Failed bank: Warren Bank, Warren MI Acquiring bank: Huntington National, Columbus OH Vitals: as of July 31, assets of $538 million, deposits of $501 million DIF damage: $275 million

#97

from Rolfe Winkler:

Bank Failure Friday

Sheila got an early start this week, normally the first failures happen after 6PM EST.

#95

    Failed bank: Georgian Bank, Atlanta GA Acquiring bank: First Citizens Bank & Trust Vitals: as of July 24th, assets of $2 billion, deposits of ~$2 billion DIF Damage: $892 million

Yet another failure in Georgia!

  •