LOMTO Federal Credit Union in Woodside, New York Fails

Credit Union Failures 2017 continue with the National Credit Union Association seizing LOMTO Federal Credit Union in Woodside, New York on Monday, June 26, 2017. This is the eighth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York 2, and North Dakota.

The NCUA stated, "NCUA placed LOMTO Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness while maintaining normal member services."

#8 LOMTO Federal Credit Union in Woodside, New York
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $236.5 million in total assets and 2,958 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 6 credit unions in conservatorship in 2017:

Placed In Conservatorship
6 LOMTO Federal Credit Union, Woodside, New York, 6-26-17
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Citizens Community Credit Union, Devils Lake, North Dakota, Fails

Credit Union Failures 2017 continue with the National Credit Union Association seizing Citzens Community Credit Union, Devils Lake, North Dakota, on Friday, June 23, 2017. This is the seventh credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York, and North Dakota.

The NCUA stated, "NCUA placed Citizens Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations."

#7 Citizens Community Credit Union, Devils Lake, North Dakota
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $201.3 million in total assets and 11,399 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 5 credit unions in conservatorship in 2017:

Placed In Conservatorship
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Riverdale Credit Union, Selma, Alabama Fails

Credit Union Failures 2017 continue with the National Credit Union Association and Alabama Credit Union Association seizing Riverdale Credit Union, Selma, Alabama, on Thursday, June 22, 2017. This is the sixth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, and New York.

The NCUA stated, "The Alabama Credit Union Administration and NCUA placed Riverdale into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the agencies will work to resolve issues affecting the credit union’s safety and soundness."

#6 Riverdale Credit Union, Selma, Alabama
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Riverdale Credit Union had approximately $76.2 million in total assets and 12,433 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 4 credit unions in conservatorship in 2017:

Placed In Conservatorship
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Credit Unions Earn $9.4 Billion in First Quarter 2017

Selected Performance Indicators

• Total assets in federally insured credit unions rose by $97 billion, or 7.8 percent, over the year to $1.34 trillion in the first quarter of 2017.
• Total loans outstanding increased $85 billion, or 10.6 percent, over the year to $884.6 billion.
• The average outstanding loan balance in the first quarter of 2017 was $14,497, up $674, or 4.9 percent, from one year earlier.
• The delinquency rate at federally insured credit unions was 69 basis points in the first quarter of 2017, little changed from 71 basis points one year earlier.
• The net charge-off ratio was 58 basis points, up from 52 basis points in the first quarter of 2016.
• Insured shares and deposits rose $78 billion, or 7.8 percent, over the four quarters ending in the first quarter of 2017 to $1.1 trillion.
• The loans-to-shares ratio stood at 77.7 percent in the first quarter of 2017, up from 76.1 percent in the first quarter of 2016.
• The credit union system’s net worth ratio was 10.70 percent in the first quarter of 2017, compared with 10.78 percent one year earlier.
• Net income totaled $9.4 billion at an annual rate in the first quarter of 2017, up $0.2 billion, or 2.6 percent, from the same period a year ago.
• The net interest margin for federally insured credit unions was $38.0 billion in the first quarter of 2017, or 2.9 percent of average assets.
• The return on average assets for federally insured credit unions was 71 basis points for the first quarter of 2017, little changed from 75 basis points in the first quarter of 2016. The median return on average assets across all federally insured credit unions was 33 basis points, unchanged from the first quarter of 2016.
• The number of federally insured credit unions declined to 5,737 in the first quarter of 2017 from 5,954 in the first quarter of 2016. In the first quarter of 2017, there were 3,584 federal credit unions and 2,153 federally insured, state chartered credit unions. The year-over-year decline is consistent with long-running industry trends.
• The number of credit unions with a low-income designation rose to 2,518 in the first quarter of 2017 from 2,348 one year earlier.
• Federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 108.0 million in the first quarter of 2017.


About the NCUA

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.


NCUA Releases Q1 2017 Credit Union System Performance Data

17 Credit Unions Closed During 2012

Failed Credit Unions

The NCUA liquidated and sold Chetco Federal Credit Union of Harbor, OR on December 28, 2012. The NCUA liquidated and closed Olean Tile Employees Federal Credit Union of Olean, NY on December 17, 2012. Credit union closings for 2012 were 17.

9 have been liquidated and closed
* Olean Tile Employees Federal Credit Union of Olean, NY
* G.I.C. Federal Credit Union of Euclid, OH
* Border Lodge Credit Union of Derby Line, VT
* Women’s Southwest Federal Credit Union of Dallas, TX
* U.S. Central Bridge Corporate FCU of Lenexa, KS
* El Paso’s Federal Credit Union of El Paso, TX
* United Catholic Credit Union of Temperance, MI
* Western Bridge Corporate FCU of San Dimas, CA
* Shepherd’s Federal Credit Union of Charlotte, NC

6 have been liquidated and sold
* Chetco Federal Credit Union of Harbor, OR
* 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
* A M Community Credit Union of Kenosha, WI

2 have been liquidated and merged
* Trinity Credit Union, Trinidad, CO
* Eastern New York Federal Credit Union of Napanoch, NY

States where credit unions were closed by the NCUA in 2012 (in alphabetical order): 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.

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FDIC Seizes 1 Bank, NCUA Closes Western Bridge Corporate

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

FDIC Seizes Georgia Bank: Director and $17 Million Missing

The FDIC closed 1 bank on Friday, July 6, 2012. Total bank failures for 2012 increased to 32. Total credit union failures for 2012 remain at 7.

#32 Montgomery Bank & Trust, Ailey, GA
* Ameris Bank, Moultrie, GA assumed all of the deposits and purchased $12.4 million of the assets
* As of March 31, 2012, the bank had approximately $173.6 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $75.2 million
* The last bank closed in the state had been Security Exchange Bank, Marietta, on June 15, 2012
* Bank With Missing Director Is Shut Down, Sold

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, 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 62.





Failed Credit Unions

The National Credit Union Administration (NCUA) has seized 7 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
1 has been liquidated and closed
* 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 1, 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 $75.2
9 Central Bank of Georgia, Ellaville, GA $67.5M
0 Premier Bank, Wilmette, IL $64.1M

Bank Failure Friday: FDIC Seizes 3 Banks!

The FDIC closed 3 banks on Friday, June 15, 2012. Total bank failures for 2012 increased to 31. Total credit union failures for 2012 remain at 7.

#29 Putnam State Bank, Palatka, FL
* Harbor Community Bank, Indiantown, FL assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $169.5 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $37.4 million
* The last bank closed in the state had been Security Bank, NA, North Lauderdale, on May 4, 2012

#30 Security Exchange Bank, Marietta, GA
* Fidelity Bank, Atlanta, GA assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $151.0 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $34.3 million
* The last bank closed in the state had been Covenant Bank & Trust, Rock Spring, on March 23, 2012

#31 The Farmers Bank of Lynchburg, Lynchburg, TN
* Clayton Bank and Trust, Knoxville, TN assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $163.9 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $28.3 million
* The last bank closed in the state had been Tennessee Commerce Bank, Franklin, on January 27, 2012

States where banks have been seized by the FDIC in 2012 (in alphabetical order): Alabama 1, California 1, Florida 4, Georgia 5, Illinois 4, Indiana 1, Maryland 2, Michigan 1, Minnesota 3, 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 67.





Failed Credit Unions The National Credit Union Administration (NCUA) has seized 7 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
1 has been liquidated and closed
* 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 1, Colorado 1, New York 1, North Carolina 1, Pennsylvania 1, Wisconsin 2.



FDIC Deposit Insurance Fund: Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.72 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 Central Bank of Georgia, Ellaville, GA $67.5M
9 Premier Bank, Wilmette, IL $64.1M
0 Waccamaw Bank, Whiteville, NC $51.1M

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Bank Failure Friday: FDIC Seizes 4 Banks!

The FDIC closed 4 banks on Friday, June 8, 2012. Total bank failures for 2012 increased to 28.  Total credit union failures for 2012 remain at 7.

#25 First Capital Bank, Kingfisher, OK
* F & M Bank, Edmond, OK assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $46.1 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $5.6 million
* The last bank closed in the state had been First National Bank of Davis, Davis, OK on March 11, 2011

#26 Carolina Federal Savings Bank, Charleston, SC
* Bank of North Carolina, Thomasville, NC assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $54.4 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $15.2 million
* The last bank closed in the state had been Plantation Federal Bank, Pawleys Island, SC on April 27, 2012

#27 Farmers’ and Traders’ State Bank, Shabbona, IL
* First State Bank, Mendota, IL assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $43.1 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $8.9 million
* The last bank closed in the state had been Premier Bank, Wilmette, IL on March 23, 2012

#28 Waccamaw Bank, Whiteville, NC
* First Community Bank, Bluefield, VA assumed all of the deposits and purchased most of the assets
* As of March 31, 2012, the bank had approximately $533.1 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $51.1 million
* The last bank closed in the state had been Blue Ridge Savings Bank, Inc., Asheville, NC on October 14, 2011

States where banks have been seized by the FDIC in 2012 (in alphabetical order): Alabama 1, California 1, Florida 3, Georgia 4, Illinois 4, Indiana 1, Maryland 2, Michigan 1, Minnesota 3, New Jersey 1, North Carolina 1, Oklahoma 1, Pennsylvania 1, South Carolina 2, Tennessee 2. 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 63.





Failed Credit Unions The National Credit Union Administration (NCUA) has seized 7 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

1 has been liquidated and closed
* 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 1, Colorado 1, New York 1, North Carolina 1, Pennsylvania 1, Wisconsin 2.



FDIC Deposit Insurance Fund: Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.62 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 Central Bank of Georgia, Ellaville, GA $67.5M
9 Premier Bank, Wilmette, IL $64.1M
0 Waccamaw Bank, Whiteville, NC $51.1M

Bank Failure Friday: FDIC Seizes 1 Bank, NCUA Closes 1 Credit Union

The FDIC closed 1 bank (Alabama Trust Bank NA) on Friday, May 18, 2012. Total bank failures for 2012 increased to 24. The NCUA liquidated and sold 1 credit union (Wausau Postal Employees Credit Union). Total credit union failures for 2012 increased to 7.

#24 Alabama Trust Bank NA, Sylacauga, AL
* Southern States Bank, Anniston, AL assumes all of the deposits
* As of March 31, 2012, the bank had approximately $51.6 million in total assets
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $8.9 million
* The last bank closed in the state had been Superior Bank, Birmingham, AL on April 15, 2011

States where banks have been seized by the FDIC in 2012 (in alphabetical order): Alabama 1, California 1, Florida 3, Georgia 4, Illinois 3, Indiana 1, Maryland 2, Michigan 1, Minnesota 3, New Jersey 1, Pennsylvania 1, South Carolina 1, Tennessee 2. 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 62.






Failed Credit Unions


#7 Wausau Postal Employees Credit Union of Wausau, WI
* NCUA sold to CoVantage Credit Union of Antigo, WI on May 18, 2012

 The National Credit Union Association (NCUA) has seized 7 credit unions in 2012:
2 are in conservatorship and managed by the NCUA
* Telesis Community Credit Union of Chatsworth, CA
* A M Community Credit Union of Kenosha, WI

3 have been liquidated and sold
* 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

1 has been liquidated and closed
* 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 1, Colorado 1, New York 1, North Carolina 1, Pennsylvania 1, Wisconsin 2.




FDIC Deposit Insurance Fund: Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.54 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 Central Bank of Georgia, Ellaville, GA $67.5M
9 Premier Bank, Wilmette, IL $64.1M
0 Bank of the Eastern Shore, Cambridge, MD

Bank Failure Friday: FDIC Seizes 1 Bank, NCUA Seizes 1 Credit Union

The FDIC closed 1 bank on Friday, March 30, 2012. Total bank failures for 2012 increased to 16. The NCUA seized 1 credit unions this week. Total credit union failures for 2012 increased to 6.

States where banks have been seized by the FDIC in 2012 (in alphabetical order): Florida 2, Georgia 4, Illinois 3, Indiana 1, Michigan 1, Minnesota 2, Pennsylvania 1, Tennessee 2. Georgia and Florida accounted for 36 total or 39% of all bank failures in 2011.

States where credit unions have been seized by the NCUA in 2012 (in alphabetical order): California 1, Colorado 1, New York 1, North Carolina 1, Pennsylvania 1, Wisconsin 1.

Banks Closed This Week

#16 Fidelity Bank, Dearborn, MI
* The Huntington National Bank, Columbus, OH assumes all of the deposits
* As of December 31, 2011, Fidelity Bank & Trust had approximately $818.2 million in total assets
* FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $92.8 million

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 2012 closings are currently estimated at 64.




FDIC Deposit Insurance Fund Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.23 billion. The most costly banks to the Deposit Insurance Fund (DIF) in 2012 year-to-date:
1 Tennessee Commerce Bank, Franklin, TN $416.8 million
2 The First State Bank, Stockbridge, GA $216.2 million
3 Fidelity Bank, Dearborn, MI $92.8 million
4 First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, FL $82.0 million
5 BankEast, Knoxville, TN $75.6 million
6 Central Bank of Georgia, Ellaville, GA $67.5 million
7 Premier Bank, Wilmette, IL $64.1 million
8 Home Savings of America, Little Falls, MN $38.8 million
9 SCB Bank, Shelbyville, IN $33.9 million
0 Patriot Bank Minnesota, Forest Lake, MN $32.6 million



The next FDIC bank closings and NCUA credit union closings, if any, will most likely be announced on Friday, April 6, 2012. For a recap of 2011 bank failures, see Bank Failure Friday: 2011 Closings Final at 92 & Cost $7.18 Billion.




Failed Credit Unions The latest NCUA actions were:

#6 Shepherd’s Federal Credit Union of Charlotte, N.C.
* NCUA liquidated and closed on March 26, 2012

The National Credit Union Association (NCUA) has seized 6 credit unions in 2012:
2 are in conservatorship and managed by the NCUA
* Telesis Community Credit Union of Chatsworth, CA
* A M Community Credit Union of Kenosha, WI
2 have been liquidated and sold
* 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
1 has been liquidated and closed
* Shepherd’s Federal Credit Union of Charlotte, N.C.

Bank Failure Friday: FDIC Seizes 2 Banks, NCUA Seizes 2 Credit Unions

The FDIC closed 2 banks on Friday, March 23, 2012. Total bank failures for 2012 increased to 15. The NCUA seized 2 credit unions this week. Total credit union failures for 2012 increased to 5.

States where banks have been seized by the FDIC in 2012 (in alphabetical order): Florida 2, Georgia 4, Illinois 3, Indiana 1, Minnesota 2, Pennsylvania 1, Tennessee 2. Georgia and Florida accounted for 36 total or 39% of all bank failures in 2011.

States where credit unions have been seized by the NCUA in 2012 (in alphabetical order): California 1, Colorado 1, New York 1, Pennsylvania 1, Wisconsin 1.

Banks Closed This Week

#14 Covenant Bank & Trust, Rock Spring, GA
* Stearns Bank, NA, St. Cloud, MN assumes all of the deposits
* As of December 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets
* FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million

#15 Premier Bank, Wilmette, IL
* International Bank of Chicago, Chicago, IL assumes all of the deposits
* As of December 31, 2011, Premier Bank had approximately $268.7 million in total assets
* FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.1 million

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 2012 closings are currently estimated at 65.




FDIC Deposit Insurance Fund Cost of Failed Banks The total estimated cost to the FDIC Deposit Insurance Fund for the 2012 bank closures year-to-date is $1.14 billion. The most costly banks to the Deposit Insurance Fund (DIF) in 2012 year-to-date:
1 Tennessee Commerce Bank, Franklin, TN $416.8 million
2 The First State Bank, Stockbridge, GA $216.2 million
3 First Guaranty Bank & Trust Company of Jacksonville, Jacksonville, FL $82.0 million
4 BankEast, Knoxville, TN $75.6 million
5 Central Bank of Georgia, Ellaville, GA $67.5 million
6 Premier Bank, Wilmette, IL $64.1 million
7 Home Savings of America, Little Falls, MN $38.8 million
8 SCB Bank, Shelbyville, IN $33.9 million
9 Patriot Bank Minnesota, Forest Lake, MN $32.6 million
0 Covenant Bank & Trust, Rock Spring, GA $31.5 million



The next FDIC bank closings and NCUA credit union closings, if any, will most likely be announced on Friday, March 30, 2012. For a recap of 2011 bank failures, see Bank Failure Friday: 2011 Closings Final at 92 & Cost $7.18 Billion.




Failed Credit Unions

The latest NCUA actions were:

#4 Saguache County Credit Union of Moffat, CO
* NCUA liquidated and then sold on March 23, 2012 to Aventa Credit Union of Colorado Springs, CO

#5 Telesis Community Credit Union of Chatsworth, CA
* NCUA assumed control as conservator on March 23, 2012

The National Credit Union Association (NCUA) has seized 5 credit unions in 2012:
2 are in conservatorship and managed by the NCUA
* Telesis Community Credit Union of Chatsworth, CA
* A M Community Credit Union of Kenosha, WI
2 have been liquidated and sold
* 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