Friday, November 19, 2010

Bank Failure Friday: FDIC Closes 3 Banks *2010 total now 149*

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2009 Bank Failures were 140


Bank Failure Friday: FDIC Closes 3 Banks

The 2010 USA bank failures increased to 149 with the closure of the 3 banks listed below. The 146 closings in 2010 exceed the 2009 total of 140. Total assets of the closed banks were $969,400,000 ($969.4 million), based on the September 30, 2010 call reports (regulatory financial statements). All 3 banks were merged via purchase and assumption agreements into other banks.

Overall, two were small community banks, of just over $100 million in total assets, that were closed by the FDIC. First Banking Center was larger with $750.7 million in total assets and a moderate size community bank.

#147 Gulf State Community Bank, Carrabelle, FL
As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets
Centennial Bank, Conway, Arkansas, to assume all of the deposits
Centennial Bank agreed to purchase essentially all of the assets

#148 Allegiance Bank of North America, Bala Cynwyd, PA
As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets
VIST Bank, Wyomissing, Pennsylvania, to assume all of the deposits
VIST Bank agreed to purchase essentially all of the assets

#149 First Banking Center, Burlington, WI
As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets
First Michigan Bank, Troy, Michigan, to assume all of the deposits
First Michigan Bank agreed to purchase essentially all of the failed bank's assets

The next FDIC bank closings, if any, will most likely be announced on Friday, November 26.


Links
FDIC (FDIC.gov), including Failed Bank Information


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