Rolfe Winkler

Bank failure Friday

February 5, 2010

Just one small bank this week it appears…

#16

    Failed bank: First American State Bank of Minnesota, Hancock MN Acquiring bank: Community Development Bank, Ogema MN Vitals: at 12/31/09, assets of $18.2 million, deposits of $16.3 million Estimated DIF damage: $3.1 million

Bank failure Friday

January 30, 2010

#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

Bank failure Friday

January 23, 2010

Two billion-plus failures tonight….

By the way….Adam from BearishNews reminds us that the FDIC opened a temporary midwest satellite office to help with asset sales and bank closings.

Bank failure Friday

January 16, 2010

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

Tonight’s bank failures: $14.5 billion combined assets

December 18, 2009

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…

Bank failure Friday

December 11, 2009

#131

    Failed bank: Republic Federal N.A., Miami FL Acquiring bank: 1st United Bank, Boca Raton FL Vitals: at 9/30, assets of $433m, deposits of $352.7m DIF damage: $122.6m

#132

Bank failure Friday

November 21, 2009

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.

Bank failure Friday

November 14, 2009

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.

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.

Bank failure Friday

October 31, 2009

FDIC closed 9 banks late last night, with a combined $19.4 billion of assets all of which were owned by one holding company and sold to US Bank in Minnesota. From Robin Sidel, WSJ:

#100….and counting (+ charts)

October 23, 2009

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

Bank failure Friday, Bair on TBTF at Buttonwood

October 17, 2009

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.

Bank Failures: counting ‘em up

October 3, 2009

Here’s how bank failures have stacked up since the beginning of this failure cycle in 2007. The estimated DIF damage figure is pulled from FDIC press releases. The ultimate cost of many of the older failures may have differed significantly from initial esimates.

Bank failure Friday

October 2, 2009

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:

Bank Failure Friday

September 25, 2009

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