Friday, February 13, 2015

A Note So Capital Idea

The 20th riskiest bank on our most recent list, Capitol City Bank & Trust Company of Atlanta, Georgia, was closed today by state regulators. As of December 31, 2014, the bank had approximately $272.3 million in total assets and $262.7 million in total deposits. Essentially all of both the assets and deposits were acquired by First-Citizens Bank & Trust Company (650th) of  Raleigh, North Carolina. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $88.9 million.

Friday, January 30, 2015

Second Failure of the Year

At thirty-third on the list, Highland Community Bank of Chicago, Illinois, was closed last week the State of Illinois' Department of Financial & Professional Regulation—Division of Banking. United Fidelity Bank, fsb, (5216th on the list) of Evansville, Indiana has agreed to assume all the of the $53.5 million in total deposits and $54.7 million in total assets of the former Highland Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.


Friday, January 16, 2015

First Failure of the New Year

It took two full weeks before the first bank foreclosure of the new year. 59th-ranked First National Bank of Crestview based in Crestview, Florida, was closed by the OCC today.   First NBC Bank (1226th), of New Orleans, Louisiana, has agreed to assume all of the approximately $78.6 million in total deposits of First National Bank of Crestview. However, it will only acquire approximately approximately $62.0 million of the failed bank's $79.7 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.4 million.

Friday, December 19, 2014

Northern Star Goes Nova

Northern Star Bank of Mankato, Minnesota is no longer shining as it was closed today by the Minnesota Department of Commerce today. The 74th-ranked bank on the list had only $18.8 million in total assets and $18.2 million in total deposits at the time it failed.  BankVista (1498th) of Sartell, Minnesota has agreed to assume all of the deposits and purchase all of the assets of the former Northern Star Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a relatively steeo $5.9 million.


Friday, November 7, 2014

El Paseo Bank Passes On To The AfterLife

Twenty-fourthed ranked Frontier Bank, FSB or Palm Desert, California was closed today by the state regulators. Doing business as El Paseo Bank the approximately $86.4 million in total assets and $82.1 million in total deposits found itself acquired by Bank of Southern California, N.A. (4413th) based in San Diego, California. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.7 million.





Friday, October 24, 2014

Top Bank Fails

The number one bank on the most recent list, National Republic Bank of Chicago of Chicago, Illinois, was closed today by state regulators. Much larger than other recent bank failures, the National Republic Bank of Chicago had approximately $954.4 million in total assets and $915.3 million in total deposits. State Bank of Texas (6488th) based in Dallas, has agreed to assume all of deposits as well as having agreed to purchase approximately $626.1 million of the failed bank's assets. The FDIC will retain the remaining assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $111.6 million.

Saturday, October 18, 2014

The Sun Sets on Rising Sun, Maryland Bank

The rate of bank failure is down significantly in 2014. This does not mean all banks are safe however, as evidenced by eighteenth-ranked NBRS Financial of Rising Sun, Maryland being closed by state regulators. NBRS Financial had approximately $188.2 million in total assets and $183.1 million in total deposits as of its most recent regulatory filing. Howard Bank, 1840th on our list, of Ellicott City, Maryland, has agreed to purchase essentially all of the assets and to assume all of the deposits of NBRS Financial. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.3 million.