This data is being gathered determine the health of the economy. The US government has been busy shoring up the country's financial system to prevent a total collapse. 2008 has been a disastrous year for the US banking system. The following bank failures were taken over and restructured and sold by the FDIC. The total cost to the FDIC has not been reported as of yet.
2009 Bank Failures
Ocala National Bank
Ocala, FL
1/30/2009
Deposits: $205.2 Million
Assets: $223.5 Million
FDIC Exposure: $99.6 million
Notes: The FDIC entered into a purchase and assumption agreement with CenterState Bank of Florida, Winter Haven, Florida, to assume all of the deposits of the Ocala National Bank for a premium of 1.7 percent. CenterState agreed to purchase approximately $23.5 million in assets.
Suburban Federal Savings Bank
Crofton, MD
1/30/2009
Deposits: $302 Million
Assets: $360.0 Million
FDIC Exposure: $126 million
Notes: The FDIC entered into a purchase and assumption agreement with Bank of Essex, Tappahannock, Virginia, to assume all of the deposits of Suburban Federal.
MagnetBank
Ocala, FL
1/30/2009
Deposits: $282.8 Million
Assets: $292.9 Million
FDIC Exposure: $119.4 million
Notes: The bank was closed today by the Utah Department of Financial Institutions and the FDIC was named receiver. After an extensive marketing process, the FDIC was unable to find another financial institution to take over the banking operations so the FDIC has sent checks to the retail depositors for their insured funds. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.
1st Centennial Bank
Redlands, CA
1/23/2009
Deposits: $676.9 Million
Assets: $803.3 Million
FDIC Exposure: $227 million
Notes: 1st Centennial Bank was closed today by the California Department of Financial Institutions. alt $12.8 million that exceeded the insurance limits. 1st Centennial also had approximately $362 million in brokered deposits that are not a part of the transaction. First California agreed to assume the insured deposits for a 5.29% premium. It will also purchase approximately $293 million of the failed bank's assets
Bank of Clark County
Vancouver, WA
1/16/2009
Deposits: $366.5 Million
Assets: $446.5 Million
FDIC Exposure: $120 -145 million
Notes: Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County. Umpqua will not assume the approximately $117.8 million in brokered deposits.
National Bank of Commerce
Berkeley, Ill
1/16/2009
Deposits: $402.1 Million
Assets: $430.9 Million
FDIC Exposure: $97.1 million
Notes: Republic Bank has agreed to buy roughly $366.6 million in National Commerce Bank's assets at a discount of $44.9 million.
2008 Bank Failures
23 Banks Failed in 2008
Haven Trust Bank
Duluth, GA
12/2008
Deposits: $515 Million
Assets: $572 Million
FDIC exposure $200 million
Notes: Branch Banking and Trust Company, Winston-Salem, NC acquires deposits.
First Georgia Community Bank
Jackson, GA
12/2008
Deposits: $197.4 Million
Assets: $237.5 Million
FDIC exposure $72.2 million
Notes: United Bank, Zebulon, GA has agreed to assume all deposits.
PFF Bank and Trust
Pomona, CA
11/2008
Deposits: $2.4 Billion
Assets: $3.7 Billion
FDIC exposure $700 Million
Notes: U.S. Bank, Minneapolis, MN acquires deposits.
Downey Savings and Loan Association
Newport Beach, CA
11/2008
Deposits: $9.7 Billion
Assets: $12.8 Billion
FDIC exposure $1.4 Billion
Notes: U.S. Bank, Minneapolis, MN acquires deposits.
The Community Bank
Loganville, GA
11/2008
Deposits: $611.4 Million
Assets:$681 Million
FDIC exposure $200 to 240 Million
Notes: Bank of Essex , Tappahannock, VA acquires deposits.
Security Pacific Bank
Los Angeles, CA
11/2008
Deposits: $450.1 Million
Assets: $561.1Million
FDIC exposure $210 Million
Notes: Pacific Western Bank, Los Angeles, CA acquires deposits.
Franklin Bank, SSB
Houston,TX
11/2008
Deposits: $3.7 Billion
Assets: $5.1 Billion
FDIC exposure $1.4 to 1.6 Billon
Notes: Prosperity Bank, El Campo, Texas acquires deposits.
Freedom Bank
Bradenton, FL
10/2008
Deposits: $254 Million
Assets: $287 Million
FDIC exposure $36 Million
Notes: Fifth Third Bank, Grand Rapids, Michigan acquires deposits.
Alpha Bank & Trust
Alpharetta, GA
10/2008
Deposits: $346.2 Million
Assets: $354.1 Million
FDIC exposure $158.1 Million
Notes: Stearns Bank, N.A., St. Cloud, Minnesota acquires deposits.
Meridian Bank
Eldred, IL
10/2008
Deposits: $36.88 Million
Assets: $39.18 Million
($158.1 Million) combined with FDIC exposure Alpha bank
Notes: Stearns Bank, N.A., St. Cloud, Minnesota acquires deposits.
Main Street Bank
Northville, MI
10/2008
Deposits: $86 Million
Assets: $98 Million
FDIC exposure $33 to 39 Million
Notes: Monroe Bank & Trust of Monroe, Michigan acquires deposits.
Washington Mutual Bank
Seattle, WA
9/2008
Deposits: $188 Billion
Assets: $307 Billion
FDIC exposure $0
Notes: JP Morgan Chase, Ny, NY acquires deposits.
Ameribank, Inc.
Northfork, WV
9/2008
Deposits: $102 Million
Assets: $115 Million
FDIC exposure $42 Million
Notes: Pioneer Community Bank, Inc., Laeger, WV acquires deposits.
Silver State Bank
Henderson, NE
9/2008
Deposits: $1.7 Billion
Assets: $2 Billion
FDIC exposure $450 to 550 million
Notes: Nevada State Bank, Las Vegas, NE acquires deposits.
Integrity Bank, Alpharetta
Alpharetta, GA
8/2008
Deposits: $1.1 Billion
Assets: $2 Billion
FDIC exposure $250 to 350 million
Notes: Regions Bank, Birmingham, AL acquires deposits.
The Columbian Bank and Trust
Topeka, KA
8/2008
Deposits: $622 Million
Assets: $752 Million
FDIC exposure $60 million
Notes: Regions Bank, Birmingham, AL acquires deposits.
First Priority Bank
Bradenton, FL
8/2008
Deposits: $227 Million
Assets: $259 Million
FDIC exposure $60 million
Notes: SunTrust Bank, Atlanta, GA acquires deposits.
First National Bank of Nevada
Reno, NE
7/2008
Deposits: $3 Billion
Assets: $3.4 Billion
FDIC exposure $862 million
Notes: Mutual of Omaha Bank, Omaha, NB acquires deposits.
First Heritage Bank N.A.
Bradenton, FL
7/2008
Deposits: $227 Million
Assets: $259 Million
FDIC exposure combined with FNBN
Notes: Mutual of Omaha Bank, Omaha, NB acquires deposits.
IndyMac Bank, F.S.B.
Pasadena, CA
5/2008
Deposits: $19.06 Billion
Assets: $32.01 Billion
FDIC exposure $4 to 8 Billion
Notes: FDIC will operate IndyMac Federal Bank & acquires deposits.
ANB Financial, National Association
Bentonville, AK
5/2008
Deposits: $1.8 Billion
Assets: $2.1 Billion
FDIC exposure $214 Million
Notes: Pulaski Bank and Trust Company, Little Rock, AK acquires deposits.
Hume Bank
Hume, MO
3/2008
Deposits: $12.5 Million
Assets: $18.7 Million
FDIC exposure not published
Notes: Pulaski Bank and Trust Company, Little Rock, AK acquires deposits.
Douglass National Bank
Kansas City, MO
1/2008
Deposits: $53.8 Million
Assets: $58.5 Million
FDIC exposure $5.6 Million
Notes: Liberty Bank and Trust Company, New Orleans, LA acquires deposits.
2007 Bank Failures
Miami Valley Bank
Lakeview, OH
10/2007
Deposits: $76 Million
Assets: $86.7 Million
FDIC exposure $3 Million
Notes: The Citizens Bank Company, Sandusky, OH acquires deposits.
NET Bank
Alpharetta, GA
9/2007
Deposits: $2.3 Billion
Assets: $2.5 Billion
FDIC exposure $110 Million
Notes: ING Bank, fsb, Wilmington, DE acquires deposits.
Metropolitan Savings
Pittsburgh, PA
2/2007
Deposits: $12 Million
Assets: $15.8 Million
FDIC exposure $NA
Notes: Allegheny Valley Bank of Pittsburgh acquires deposits.
"Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,384 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars –insured financial institutions fund its operations." FDIC
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Mary says: | 2009-02-05 08:15:14 |
| This list is a complete list of banks that failed and taken over by the fdic in 2008 & 2009 | ||
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