Friday, November 7, 2014
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
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 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.
Tuesday, September 2, 2014
The Bank Blog is making some changes to our rankings. We will now be posting a new Top 50 (yes, 10 more firms than before) semi-annually. The Summer/Fall list will be based on data provided by banks for the first half of the year while the Winter/Spring ranking will include the most recent year's worth of data.
As before the firms on this list represent the most distressed of the regulated, deposit taking banks in the United States. We would also like to caution our readers not to infer that currently listed banks or those leaving the list are now safe. While the overall likelihood of failure has fallen, distressed banks may not prove to be the best banking partners.
Only returning banks from the prior list are listed in bold and newly failed banks are listed in italics.
1. THE NATIONAL REPUBLIC BANK OF CHICAGO of CHICAGO, IL
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD
3. AMERICAN METRO BANK of CHICAGO, IL3.
4. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
5. THE PEOPLES BANK of COVINGTON, GA
6. CECIL BANK of ELKTON, MD 7. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
8. CITY NATIONAL BANK OF NEW JERSEY of NEWARK, NJ
9. FIRST SOUTHERN BANK of PATTERSON, GA
10. CORNERSTONEBANK of ATLANTA, GA
11. SOUTH CAROLINA COMMUNITY BANK of COLUMBIA, SC
12. ENTERPRISE BANK OF SOUTH CAROLINA of EHRHARDT, SC
13. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
14. ADVANTAGE BANK of LOVELAND, CO
15. EDGEBROOK BANK of CHICAGO, IL
16. EASTSIDE COMMERCIAL BANK, NA
17. STATE BANK OF HERSCHER of HERSCHER, IL
18. NBRS FINANCIAL BANK of RISING SUN, MD
19. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
20. CAPITOL CITY BANK & TRUST COMPANY of ATLANTA, GA21. GUARANTY BANK of BROWN DEER, WI
22. GWINNETT COMMUNITY BANK of DULUTH, GA
23. DORAL BANK of SAN JUAN, PR
24. FRONTIER BANK, FSB doing business as EL PASEO BANK in PALM DESERT, CA
25. THE BANK OF PERRY, of PERRY, GA
26. GEORGIA PRIMARY BANK of ATLANTA, GA
27. NORTH MILWAUKEE STATE BANK of MILWAUKEE, WI
28. PAN AMERICAN BANK LOS ANGELES, CA
29. PREMIER BANK of DENVER, CO
30. THE FIRST STATE BANK of BARBOURSVILLE, WV
31. THE HERITAGE BANK of HINESVILLE, GA
32. CITIZENS STATE BANK KINGSLAND, GA
33. HIGHLAND COMMUNITY BANK of CHICAGO, IL
34. AMERICAN BANK OF BAXTER SPRINGS in BAXTER SPRINGS, KS
35. PINNACLE BANK of ORANGE CITY, FL
36. COMMERCE BANK OF ARIZONA, INC. of TUCSON, AZ
37. IDAHO BANKING COMPANY of BOISE, ID
38. SUNSOUTH BANK of DOTHAN, AL
39. AMERICAN PATRIOT BANK of GREENEVILLE, TN
40. FIRST SOUTH BANK of SPARTANBURG, SC
41. STATE CENTRAL BANK of BONAPARTE, IA
42. FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA
43. PNA BANK of CHICAGO, IL
44. NORTHWEST GEORGIA BANK of RINGGOLD, GA
45. F & M BANK AND TRUST COMPANY of MANCHESTER, GA
46. FARMERS & MERCHANTS BANK of LAKELAND, GA
47. SECURANT BANK & TRUST of MILWAUKEE, WI
48. LIBERTY FEDERAL SAVINGS BANK of ENID, OK
49. HORRY COUNTY STATE BANK of LORIS, SC
50. THE LEADERS BANK, of OAK BROOK, IL
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Friday, July 25, 2014
Today, thirty-third ranked GreenChoice Bank, fsb of Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency. The three-branch bank had approximately $72.9 million in total assets and $71.0 million in total deposits. Providence Bank, LLC of South Holland, Illinois has agreed to assume all of the deposits of the failed bank and has agreed to purchase approximately $67.7 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million.
Friday, July 18, 2014
At 19th, Eastside Commercial Bank of Conyers, Georgia was a frequent member of the list and was finally closed today by the Georgia Department of Banking & Finance. Eastside Commercial Bank had two branches and approximately $169.0 million in total assets and $161.6 million in total deposits. Community & Southern Bank of Atlanta, Georgia has agreed to purchase approximately $104.7 million of the failed bank's assets and will assume all deposits. The FDIC also will separately enter into an agreement with State Bank and Trust Company of Macon, Georgia, to purchase $42.6 million of Eastside Commercial Bank's loans while retaining the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million.
Friday, June 27, 2014
The Freedom State Bank of Freedom, Oklahoma, was closed today by state regulators. The approximately $22.8 million in total assets and $20.9 million in total deposits of the former bank were acquired by Alva State Bank & Trust Company of Alva, Oklahoma. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.