U.S. bank failures in 2009
As the U.S. government prepares to reveal the results of stress tests to asses the ability of the nation’s largest 19 banks to cope with worse-than-expected financial conditions, worries continue about the sustainability of recent better-than-expected results from banks.
Regulators closed banks on Friday in Missouri and Nevada, bringing the total of U.S. bank failures this year to 25 and matching the number that failed throughout all of 2008, as the struggling economy and falling home prices take their toll on financial institutions.
The following is a list of U.S. bank failures so far this year, according to the Federal Deposit Insurance Corp.
Details about each bank closure are posted at the FDIC website.
U.S. BANK FAILURES IN 2009*
(assets, deposits in millions of dollars)
|Bank||State||Assets||Deposits||FDIC Cost||Closing Date|
|Nat’l Bank of Comm.||Ill.||430.9||402.1||97.1||1/16/2009|
|Bank of Clark County||Wash.||446.5||366.5||145 **||1/16/2009|
|1st Centennial Bank||Calif.||803.3||676.9||227||1/23/2009|
|Ocala Nat’l Bank||Fla||223.5||205.2||99.6||1/30/2009|
|Sherman County Bank||Neb.||129.8||85.1||28||2/13/2009|
|Corn Belt Bank||Ill.||271.8||234.4||100||2/13/2009|
|Silver Falls Bank||Oregon||131.4||116.3||50||2/20/2009|
|Security Savings Bank||Nevada||238.3||175.2||59.1||2/27/2009|
|Heritage Community Bank||Ill.||232.9||218.6||41.6||2/27/2009|
|Colorado Natl Bank||Colo.||123.5||82.7||9||3/20/2009|
|Omni National Bank||Georgia||956||796.8||290||3/27/2009|
|Cape Fear Bank||N.C.||492||403||131||4/10/2009|
|New Frontier Bank||Colo.||2000||1500||670||4/10/2009|
|Great Basin Bank||Nevada||270.9||221.4||42||4/17/2009|
* Table does not include two corporate credit unions that were placed into conservatorship on March 20. The U.S. Central Federal Credit Union in Kansas and the Western Corporate Federal Credit Union in California, which provide products to the overall credit union system, are insured by the National Credit Union Administration.
** FDIC estimated the cost to its insurance fund at between $120 million and $145 million