Bank Failure Friday: No FDIC Closures!
The 2010 USA bank failures remain at 149 with no FDIC closings on Friday, December 3 or for the previous week, Friday, November 26, 2010. That's 2 weeks in a row without a bank failure! The 149 closings in 2010 exceed the 2009 total of 140.
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 289 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 November 26, 2010, is:
Year, Total Bank Failures
12/3/10 YTD: 149
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
Last Bank Closings (Friday, November 19, 2010)
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, December 10.
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