In Memorial of...

With Memorial Day weekend beginning, let's spend a moment in thought of the 5 banks that have fallen to the FDIC this week.

Sunwest Bank of Las Vegas, Nv. At 9th on the list, it may only have been a matter of time for this bank that had already faced an enforcement action.

Granite Community Bank of Granite Bay, Ca. Ranked 128th of 7398 in the system still had a fairly high 27% chance according to the model.

Bank of Florida - Tampa of the obvious location.
Bank of Florida - Southeast of Naples, Fla.
Bank of Florida - Southwest of Fort Lauderdale, Fl.

The Bank of Florida, technically 3 separate banks, were all under threat of foreclosure. Southwest and Tampa were on the list at 5th and 20th on the list respectively. Southeast was just out of the top 25 at 27th on the list.

In two weeks 4 of the top 25 banks have been foreclosed upon and 4 of the 6 foreclosures have been in Florida. This got me wondering what states are most at risk? Using the Top 100 (not shown), there are 14 Florida-based banks. But the state leader appears to be Georgia with 15. Washington State follows with 9.

Added: Interestingly, the Wall Street Journal just wrote an article about contagion problems in Washington State.