Bank Failures in the U.S.

Two More Banks Fail; Bringing 2009 Total to 16

February 28, 2009

Baltimore Sun - Regulators closed Heritage Community Bank in Glenwood, Ill., and Security Savings Bank in Henderson, Nev., yesterday, marking 16 failures this year of federally insured institutions. The Federal Deposit Insurance Corp. was appointed the banks' receiver. MB Financial Bank of Chicago agreed to assume Heritage's deposits. Las Vegas-based Bank of Nevada agreed to assume all the deposits of Security Savings Bank and purchase $111.3 million in assets.

Bank Failure #14 in 2009: Silver Falls Bank, Silverton, Oregon

February 20, 2009

Reuters - U.S. bank regulators closed Silver Falls Bank on Friday, the 14th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions. The Federal Deposit Insurance Corp said Silver Falls Bank, of Silverton, Oregon, had $131.4 million in assets and $116.3 million in deposits, as of Feb. 9.

In addition to acquiring all of the failed bank's deposits, Citizens Bank of Corvallis, Oregon agreed to purchase about $13 million in assets comprised of cash, cash equivalents, securities, overdraft loans, and deposit secured loans, the FDIC said. The failure is expected to cost the FDIC deposit insurance fund an estimated $50 million, the FDIC said in a statement released late on Friday...

Large U.S. Banks on Edge of Insolvency, Experts Say

February 13, 2009

The International Herald Tribune - Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking...

Four More Banks Close, Bringing 2009 Total to 13

February 13, 2009

Pinnacle Bank of Oregon, Beaverton,
Corn Belt Bank and Trust Company, Pittsfield, IL
Riverside Bank of the Gulf Coast, Cape Coral, FL
Sherman County Bank, Loup City, NE

Three More Banks Fail (2-California, 1-Georgia), Bringing 2009 Total to Nine

February 6, 2009

CNN Money - State regulators shuttered three banks Friday evening, bringing the total number of bank failures this year to nine... Customers who banked with FirstBank, Alliance Bank or County Bank will automatically become customers of the new deposit holders, and will retain their account protection under the FDIC, which insures single accounts up to $250,000 and joint accounts up to $500,000, the government agency said...

Altogether, the three bank failures will cost the FDIC about $452 million.

The unfolding financial crisis continues to take a toll on banks. If banks continue to fail at a rate of at least one per week, on average, then 2009 could see twice as many failures as in 2008. Last year, 25 banks were closed nationwide (up from only three in 2007), which was the highest annual total since 1993, when 42 banks went under...

Obama Predicts More Bank Failures

February 2, 2009

BBC News - U.S. President Barack Obama has warned that more U.S. banks are likely to fail, as the full extent of their losses in the economic crisis becomes clear. Speaking to NBC News, Obama said "some banks won't make it" but stressed that people's deposits would be safe. He has asked Treasury Secretary Timothy Geithner to draw up guidelines for banks receiving taxpayers' money. Meanwhile, he warned of a "difficult next few days" as the Senate begins to debate his $800bn (£567bn) rescue plan...

FDIC Closes Three More Banks (Utah, Florida and Maryland), Bringing 2009 Total to Six

January 30, 2009

Rueters - Federal regulators have closed three banks — one each in Utah, Florida and Maryland — bringing to six the total number of failures this year.

The Federal Deposit Insurance Corp. was appointed receiver of the banks: MagnetBank of Salt Lake City, Ocala National Bank of Ocala, Florida, and Suburban Federal Savings Bank in Crofton, Maryland. The FDIC says it was unable to find another bank to take over MagnetBank's deposits and operations.

CenterState Bank of Florida is assuming the deposits of Ocala National Bank. Bank of Essex in Tappahannock, Virginia, is taking over the deposits of Suburban Federal.

Two U.S. Banks Fail (Illinois and Washington), First Casualties in 2009

January 16, 2009

Reuters - Bank regulators closed two small banks on Friday, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.The Federal Deposit Insurance Corp said National Bank of Commerce of Berkeley, Illinois and Bank of Clark County of Vancouver, Washington were closing with other banks taking over their insured deposits. In 2008, 25 banks were seized by officials, up from just 3 in 2007...