The long weekend will give FDIC extra time to clean up this week’s failures.  So far they’ve announced two, three, six, seven.  Last Friday’s total of five bank failures had been the largest number so far this year.

Six of tonight’s failures are in Illinois.  The seventh announced failure is a big one, with nearly $1.0 billion of assets.  As the evening progresses, I expect there will be more failures in the Mountain and/or Pacific time zones. Looks like tonight’s total will stay at seven.  A record day so far this cycle!

Bank Failure #46 for 2009

• Bank:  John Warner Bank, Clinton, IL
• Buyer:  State Bank of Lincoln, Lincoln, IL
• Vitals:  At 4/30/09, assets of $70 million and deposits of $64 million
• DIF Damage:  $10 million

#47

• Bank:  First State Bank of Winchester, Winchester, IL
• Buyer:  First National Bank of Beardstown, Beardstown, IL
• Vitals:  At 4/30/09, assets of $36 million and deposits of $34 million
• DIF Damage:  $6 million

Insert funny Beardstown Ladies joke here.  Yes, they still have a website, though it doesn’t appear to have been updated in awhile.

#48

• Bank:  Rock River Bank, Oregon, IL
• Buyer:  Harvard State Bank, Harvard, IL
• Vitals:  At 4/30/09, assets of $77 million and deposits of $75.8 million
• DIF Damage:  $27.6 million

Since the beginning of 2008, ten banks have failed in Illinois.  Georgia still claims the top spot with 14.

6:20 update: Wow.  Three more bank failure notices just hit my inbox, bringing the total to six for the evening.  And five of them are in Illinois! I thought FDIC might take advantage of the long weekend, but jeez.  Doesn’t Sheila Bair plan on catching any fireworks?

#49

• Bank:  Elizabeth State Bank, Elizabeth, IL
• Buyer:  Galena State Bank and Trust, Galena, IL
• Vitals:  At 4/30/09, assets of $55.5 million and deposits of $50.4 million
• DIF Damage:  $11.2 million

#50

• Bank:  First National Bank of Danville, Danville, IL
• Buyer:  First Financial Bank, National Association, Terre Haute, IN
• Vitals:  At 4/30/09, assets of $166 million and deposits of $147 million
• DIF Damage:  $24 million

Illinois now up to 12!

#51

• Bank:  Millennium State Bank of Texas, Dallas, TX
• Buyer:  State Bank of Texas, Irving, TX
• Vitals:  At 6/30/09, assets of $118 million and deposits of $115 million
• DIF Damage:  $47 million

#52

• Bank:  Founders Bank, Worth, IL
• Buyer:  The Private Bank and Trust Co., Chicago, IL
• Vitals:  At 6/30/09, assets of $962.5 million and deposits of $848.9 million
• DIF Damage:  $188.5 million

A big one.  And another in Illinois.  One more to go to catch Georgia!