Financial Controls: Bank Failure Friday: No FDIC Closures! (Failed & Problem Bank Charts) *2010 total stays at 149*

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2009 Bank Failures were 140, 2010 YTD is 149

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

2005: 0

2006: 0

2007: 3

2008: 25

2009: 140

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
12/31/2005: 52

12/31/2006: 50

12/31/2007: 76

12/31/2008: 252

12/31/2009: 702

9/30/2010: 860

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