Monday, June 22, 2009

40 Banks Closed in 2009

Four banks have closed in the first three weeks of June, bringing the total for the year now to 40.

June 5th, Bank of Lincolnwood in Illinois was closed by the state regulators. Republic Bank took over operation of the two branches. Deposits were approximately $202 million, of which Republic Bank purchased $162 million. The FDIC will dispose of the remaining deposits at an estimated cost to the insurance fund of $83 million or 41 cents on the dollar.

Things were quiet the next week, but then last Friday, three more banks shut down. The first, Southern Community Bank of Fayetteville, GA was number 17 on my list. Southern Community had deposits of $307 million at 5 branches which have been taken over by United Community Bank of Blairsville, GA. The cost to the FDIC insurance fund is estimated at $114 million or 37 cents on the dollar.

The second bank was Cooperative Bank in Wilmington, NC. Deposits were approximately $774 million including $57 million in brokered accounts. Local accounts were transferred to First Bank of Troy, NC and the cost to the FDIC insurance fund will be approximately $217 million or 28 cents on the dollar. Cooperative Bank had 24 banking offices.

The third bank closed last week was First National Bank of Anthony in Kansas. The bank had six offices including two in Johnson County operating under the name First National Bank of Johnson County. Together they had deposits of approximately $142.5 million. The Bank of Kansas has taken over operation of the six branches and their accounts. The estimated cost to the deposit insurance fund is $32.2 million or 23 cents on the dollar.

As I strike Southern Community Bank from my list, I am adding one more. The one I'm adding to the list is Republic Federal Bank of Miami, FL. The bank is now undercapitalized with 15.5% of its loans not current.

Here's my current list of the 50 65 Banks Most Likely to Close in 2009.

1 Magnet Bank, Salt Lake City, UT
2 Citizens Community Bank, Ridgewood, NJ
3 FirstBank Financial Services, McDonough, GA
4 Westsound Bank, Bremerton, WA
5 Suburban Federal Savings Bank, Crofton, MD
6 America West Bank, Layton, UT
7 Silver Falls Bank, Silverton, OR
8 Ocala National Bank, Ocala, FL
9 Sun Security Bank, Ellington, MO
10 Eastern Savings Bank, FSB, Hunt Valley, MD
11 Alliance Bank, Culver City, CA
12 FirstCity Bank, Stockbridge, GA
13 Chestatee State Bank, Dawsonville, GA
14 First Security National Bank, Norcross, GA
15 Ocean Bank, Miami, FL
16 Family Bank and Trust Co., Palos Hills, IL
17 Southern Community Bank, Fayetteville, GA
18 BankCherokee, Saint Paul, MN
19 First Tuskegee Bank, Tuskegee, AL
20 Federal Trust Bank, Sanford, FL
21 Pinnacle Bank, Beaverton, OR
22 Lake Country Community Bank, Morristown, MN
23 Mesa Bank, Mesa, AZ
24 Bank of Wyoming, Thermopolis, WY
25 1st American State Bank of Minnesota, Hancock, MN
26 First State Bank of Altus, Altus, OK
27 EvaBank, Eva, AL
28 Strategic Capital Bank, Champaign, IL
29 Ebank, Atlanta, GA
30 Polk County Bank, Johnston, IA
31 Parkway Bank, Rogers, AR
32 Security Bank of Gwinnett County, Suwanee, GA
33 State Bank of Park Rapids, Park Rapids, MN
34 Herrin Security Bank, Herrin, IL
35 Omni National Bank, Atlanta, GA
36 Northpointe Bank, Grand Rapids, MI
37 Towne Bank of Arizona, Mesa, AZ
38 Timberland Bank, El Dorado, AR
39 Blue Ridge Savings Bank, Inc., Asheville, NC
40 First Piedmont Bank, Winder, GA
41 Select Bank, Grand Rapids, MI
42 Oxford Bank, Oxford, MI
43 Security Bank of North Metro, Woodstock, GA
44 MetroPacific Bank, Irvine, CA
45 Earthstar Bank, Southampton, PA
46 Neighborhood Community Bank, Newnan, GA
47 The Home Savings and Loan Company, Youngstown, OH
48 Heritage Community Bank, Glenwood, IL
49 Vineyard Bank, NA, Rancho Cucamonga, CA
50 Community Bank of Lemont, Lemont, IL
51 Mainstreet Bank, Forest Lake, MN
52 Mutual Bank, Harvey, IL
53 Freedom Bank of Georgia, Commerce, GA
54 Newton County Loan & Savings FSB, Goodland, IN
55 Riverside Bank, Cape Coral, FL
56 BankUnited, Coral Gables, FL
57 American Sterling Bank, Sugar Creek, MO
58 The Park Avenue Bank, New York, NY
59 First Commerce Community Bank, Douglasville, GA
60 Centennial Bank, Ogden, UT
61 Warren Bank, Warren, MI
62 Peoples First Community Bank, Panama City, FL
63 Corus Bank, Chicago, IL
64 Butler Bank, Lowell, MA
65 Republic Federal Bank, Miami, FL

No comments: