Bank failure Friday

November 6, 2009

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

  • Failed bank: Prosperan bank, Oakdale MN
  • Acquiring bank: Alerus Financial NA, Grand Forks ND
  • Vitals: as of 8/30/09, assets of $199.5m, deposits of $175.6m
  • DIF damage: $60.1 million

#119

  • Failed bank: Gateway Bank of St. Louis, St. Louis MO
  • Acquiring bank: Central Bank of Kansas City, KC MO
  • Vitals: as of 9/25/09, assets of $27.7m, deposits of $27.9m
  • DIF damage: $9.2 million

#120

  • Failed bank: United Commercial Bank, SF CA
  • Acquiring bank: East West Bank, Pasadena CA
  • Vitals: as of 10/23/09, assets of $11.2 billion, deposits of $7.5 billion
  • DIF damage: $1.4 billion

The LA Times notes that United Commercial got $299 million of TARP money, which is now gone.

One comment

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Well, at least not too much DIF damage.

Putting the largest 19 financial institutions in America on the ‘do not touch list’ makes a big difference but there are a number of smaller, yet big enough to hurt the DIF institutions our there who are being left alone despite having received ‘fix it’ letters from the FDIC.

WHY?

Posted by sangellone | Report as abusive