Financial Controls: Bank Failure Friday: No FDIC Closures! *2010 total stays at 139*

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Bank Failure Friday: No FDIC Closures!

The 2010 USA bank failures remain at 139 with no weekly closings as of Friday, October 29. The latest 7 bank closings were on Friday, October 22. Overall, 5 were small community banks with less than $150 million in total assets. First Arizona Savings, a F.S.B, was larger with $272.2 million in total assets. Hillcrest Bank in Overland Park, KS was the largest with $1.65 billion in total assets. 6 of the 7 banks were merged via purchase and assumption agreements into other banks while the 7th, First Arzona Savings, a F.S.B., was taken over by the FDIC as receiver.

Prior Week Bank Failures

#133

First Bank of Jacksonville, Jacksonville, FL

Total assets $81 million at June 30, 2010, merged into Ameris Bank, Moultrie, Georgia

#134

Progress Bank of Florida, Tampa, FL

Total assets $110.7 million at June 30, 2010, merged into Bay Cities Bank, Tampa, Florida

#135

The Gordon Bank, Gordon, GA

Total assets $29.4 million at June 30, 2010, merged into Morris Bank, Dublin, Georgia

#136

The First National Bank of Barnesville, Barnesville, GA

Total assets $131.4 million at June 30, 2010, merged into United Bank, Zebulon, Georgia

#137

First Suburban National Bank, Maywood, IL

Total assets $148.7 million at June 30, 2010, merged into Seaway Bank and Trust Company, Chicago, Illinois

#138

Hillcrest Bank, Overland Park, KS

Total assets $1.65 billion at June 30, 2010, merged into Hillcrest Bank, National Association, Overland Park, Kansas, a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts.

#139

First Arizona Savings, a F.S.B., Scottsdale, AZ

Total assets $272.2 million at June 30, 2010, Federal Deposit Insurance Corporation (FDIC) was named Receiver. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona. The last institution closed in the state was Towne Bank of Arizona, Mesa, on May 7, 2010.

The next FDIC bank closings, if any, will most likely be announced on Friday, November 5.

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