Bank Failure Friday

August 7, 2009

Looks like Corus will survive the night.  So far there have been three failures.

#70

  • Failed Bank:  First State Bank, Sarasota FL
  • Acquiring Bank:  Stearns Bank National Assoc., St. Could MN
  • Vitals: As of 5/31/09, assets of $463 million, deposits of $387 million
  • DIF Damage: $116 million

#71

  • Failed Bank:  Community National Bank of Sarasota County, Venice FL
  • Acquiring Bank:  Stearns Bank National Assoc., St. Could MN
  • Vitals: As of 6/30/09, assets of $97 million, deposits of $93 million
  • DIF Damage: $24 million

#72

  • Failed Bank:  Community First Bank, Prineville OR
  • Acquiring Bank:  Home Federal Bank, Nampa ID
  • Vitals: As of 7/5/09, assets of $209 million, deposits of $182 million
  • DIF Damage: $45 million

Also, in an 8-k filing with the SEC, Colonial released some details about FBI raids this week.  “Colonial is the target of a federal criminal investigation relating to the Company’s mortgage warehouse lending division and related alleged accounting irregularities.”  Also, the SEC subpoenaed documents related to loan loss reserve accounting.

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