The FDIC closed 1 bank on Friday, July 13, 2012. Total bank failures for 2012 increased to 33. The NCUA completed the transition and closure of Western Bridge Corporate FCU. Credit union failures for 2012 increased to 8.
#33 Glasgow Savings Bank, Glasgow, MO
* Regional Missouri Bank, Marceline, MO assumed all of the deposits and purchased the assets
* As of March 31, 2012, the bank had approximately $24.8 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $0.1 million
* The last bank closed in the state had been Sun Security Bank, Ellington, on October 7, 2011
States where banks have been seized by the FDIC in 2012 (in alphabetical order): Alabama 1, California 1, Florida 4, Georgia 6, Illinois 4, Indiana 1, Maryland 2, Michigan 1, Minnesota 3, Missouri 1, New Jersey 1, North Carolina 1, Oklahoma 1, Pennsylvania 1, South Carolina 2, Tennessee 3. Georgia and Florida accounted for 36 total or 39% 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 annual bank failures are extrapolated from the weeks reported and failures year-to-date. The total 2012 closings are currently estimated at 61.
Failed Credit Unions The National Credit Union Administration (NCUA) has seized 8 credit unions in 2012:
1 is in conservatorship and managed by the NCUA
* A M Community Credit Union of Kenosha, WI
4 have been liquidated and sold
* Telesis Community Credit Union of Chatsworth, CA
* Wausau Postal Employees Credit Union of Wausau, WI
* Saguache County Credit Union of Moffat, CO
* People Community Development Credit Union of Philadelphia, PA
1 has been liquidated and merged
* Eastern New York Federal Credit Union of Napanoch, NY
2 have been liquidated and closed
* Western Bridge Corporate FCU of San Dimas, CA
* Shepherd’s Federal Credit Union of Charlotte, N.C.
States where credit unions have been seized by the NCUA in 2012 (in alphabetical order): California 2, Colorado 1, New York 1, North Carolina 1, Pennsylvania 1, Wisconsin 2.
Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.79 billion.
The most costly banks to the Deposit Insurance Fund (DIF) in 2012 year-to-date:
1 Tennessee Commerce Bank, Franklin, TN $416.8M
2 The First State Bank, Stockbridge, GA $216.2M
3 Inter Savings Bank FSB, Maple Grove, MN $117.5M
4 Fidelity Bank, Dearborn, MI $92.8M
5 First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, FL $82.0M
6 Plantation Federal Bank, Pawleys Island, SC $76.0M
7 BankEast, Knoxville, TN $75.6M
8 Montgomery Bank & Trust, Ailey, GA $75.2M
9 Central Bank of Georgia, Ellaville, GA $67.5M
0 Premier Bank, Wilmette, IL $64.1M
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