Saturday, December 25, 2010

Bank Failure Friday: No FDIC Closings on Christmas Eve! (Charts) *2010 Total 157*


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2009 Bank Failures were 140, 2010 YTD is 157


Bank Failure Friday: No FDIC Closures on Christmas Eve!

As expected, the 2010 USA bank failures continue at 157 with no bank closures on Christmas Eve. The 157 closings in 2010 exceed the 2009 total of 140. Annual charts of USA bank closings and the FDIC problem bank list are below.

The FDIC bank closings for the previous week, Friday, December 17 were:

#152 The Bank of Miami, National Association, Coral Gables, FL
1st United Bank, Boca Raton, Florida, to assume all of the deposits of The Bank of Miami, N.A.
As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets
1st United Bank agreed to purchase approximately $442.3 million of the failed bank's assets
The FDIC will retain the remaining assets for later disposition.

#153 Chestatee State Bank, Dawsonville, GA
Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Chestatee State Bank.
As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets
Bank of the Ozarks agreed to purchase essentially all of the assets.

#154 Appalachian Community Bank, FSB, McCaysville, GA
Peoples Bank of East Tennessee, Madisonville, Tennessee, to assume all of the deposits of Appalachian Community Bank, F.S.B., except for brokered deposits and certain out-of-state certificates of deposit
As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets
Peoples Bank of East Tennessee agreed to purchase approximately $67.5 million of the failed bank's assets
The FDIC will retain the remaining assets for later disposition.

#155 United Americas Bank, N.A., Atlanta, GA
State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas Bank, N.A.
As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets
State Bank and Trust Company agreed to purchase essentially all of the assets.

#156 First Southern Bank, Batesville, AR
Southern Bank, Poplar Bluff, Missouri, to assume all of the deposits of First Southern Bank.
As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets
Southern Bank agreed to purchase approximately $152.8 million of the failed bank's assets.
The FDIC will retain the remaining assets for later disposition.

#157 Community National Bank, Lino Lakes, MN
Farmers & Merchants Savings Bank, Manchester, Iowa, to assume all of the deposits of Community National Bank.
As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets
Farmers & Merchants Savings Bank agreed to purchase essentially all of the assets.

The next FDIC bank closings, if any, will most likely be announced on Friday, December 31. However, being a holiday week and New Year's Eve, bank closings will probably be deferred until 2011. If so, 2010 bank closures are completed and the final total will be 157.


USA Failed Banks by Year

Bank failures and therefore FDIC seizure of banks, has dramatically increased in 2009 and 2010 - a 2-year total of 297 compared to 0 in both 2005 and 2006. As noted below regarding total problem banks, bank failures in 2011 should continue at a high rate. Chart data, from 2005 through December 17, 2010, is:
Year, Total Bank Failures
2005: 0
2006: 0
2007: 3
2008: 25
2009: 140
12/10/10 YTD: 157




USA Problem Banks by Year

The FDIC problem bank list continues to rise, actually skyrocket, although the total assets of these banks has leveled off. From the year-ends 2005 through 2009, the total problem banks were 52, 50, 76, 252, and 702, respectively. Now at 9/30/2010 the total is an astronomical 860. The total assets of the problem banks from the year-ends 2005 through 2009 were $7B, $8B, $22B, $159B, and $403B, respectively. The total assets of the current (9/30/2010) 860 problem banks is $379B, indicating most of these are small to medium community banks. Chart data, from YE 2005 through the QE September 30, 2010, is:
Date, Total Problem Banks
12/31/2005: 52
12/31/2006: 50
12/31/2007: 76
12/31/2008: 252
12/31/2009: 702
9/30/2010: 860




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USA failed and problem banks
Federal Reserve statistical releases
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