Tuesday, April 30, 2013
Bank Failures 2013 - FDIC Closes 5 Banks in 2 Weeks!
Bank Failures 2013 continue with the FDIC closing 2 banks on Friday, April 26, 2013, after closing 3 last week. There now have been 10 bank failures this year. Banks have been closed in Arizona, Florida 2, Georgia 2, Illinois, Kentucky, Minnesota, North Carolina, and Washington in 2013.
#10 Douglas County Bank; Douglasville, GA
* Hamilton State Bank, Hoschton, GA assumed all of the deposits and purchased most of the assets
* As of December 31, 2012, the bank had approximately $316.5 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $86.4 million
* The last bank closed in the state had been Frontier Bank, LaGrange, on March 8, 2013
#9 Parkway Bank; Lenoir, NC
* CertusBank, NA, Easley, SC assumed all of the deposits and purchased most of the assets
* As of December 31, 2012, the bank had approximately $108.6 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $18.1 million
* The last bank closed in the state had been Waccamaw Bank, Whiteville, on June 8, 2012
The FDIC closed 51 banks in 2012 in the following states: Alabama 1, California 1, Florida 8, Georgia 10, Illinois 8, Indiana 1, Kansas 1, Maryland 2, Michigan 1, Minnesota 4, Missouri 4, New Jersey 1, North Carolina 1, Oklahoma 1, Pennsylvania 2, South Carolina 2, Tennessee 3.
Florida, Georgia, and Illinois have accounted for 50% of 2013 bank failures (5 of 10) and accounted for 26 total or 51% of all bank failures in 2012. Florida, Georgia, and Illinois accounted for 45 total or 49% of all bank failures in 2011.
USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. The total 2013 closings are currently estimated at 31. The 2013 annual bank failures are extrapolated from the weeks reported and failures year-to-date.
Cost of Failed Banks 2013 The total estimated losses to the FDIC Deposit Insurance Fund for 2013 bank closures year-to-date are $270.1 million. The total estimated losses in 2012 were $2.47 billion.
Losses to the Deposit Insurance Fund (DIF) in 2013 to-date:
1 Douglas County Bank; Douglasville, GA $86.4M
2 Frontier Bank, LaGrange, GA $51.6M
3 Heritage Bank of North Florida, Orange Park, FL $30.2M
4 Covenant Bank, Chicago, IL $21.8M
5 Westside Community Bank, University Place, WA $20.3M
6 Parkway Bank; Lenoir, NC $18.1M
7 Gold Canyon Bank, Gold Canyon, AZ $11.2M
8 1st Regents Bank, Andover, MN $10.5M
9 Chipola Community Bank, Marianna, FL $10.3M
0 First Federal Bank, Lexington, KY $9.7M
Failed Credit Unions The NCUA has seized 6 failed credit unions in 2013:
Closed and Liquidated
* Shiloh of Alexandria Federal Credit Union of Alexandria, VA (April 12)
* Pepsi Cola Federal Credit Union of Buena Park, CA (March 18)
* Amez United Credit Union of Detroit, MI (February 19)
* New Covenant Missionary Baptist Church Credit Union of Milwaukee, WI (January 7)
Closed and Merged
* I.C.E. Federal Credit Union of Inglewood, CA (March 20)
Placed into Conservatorship
* NCP Community Development Federal Credit Union of Norfolk, VA (February 8)
The NCUA has reported satisfactory progress of 4 credit unions previously placed in conservatorship:
* Arrowhead Central Credit Union of San Bernardino, CA
* Texans Credit Union of Richardson, TX
* Keys Federal Credit Union of Key West, FL
* AEA Federal Credit Union of Yuma, AZ
The NCUA closed 17 credit unions in 2012 in the following states: California 2, Colorado 2, Kansas 1, Michigan 1, New York 2, North Carolina 1, Ohio 1, Oregon 1, Pennsylvania 1, Texas 2, Vermont 1, Wisconsin 2.
$XLF $SPY $DIA $QQQ $IWM $MACRO $FED