A day for the best (of the worst)

Today, two more banks were shut down:

First National Bank of Rosedale, MS
Arcola Homestead Savings Bank of Arcola, IL

These were, no less than, the top 2 banks on the list. They had a near certain probability of failure (rounding error of 100%). Both were smaller banks with assets of $60.4 and $17.0 million respectively.

In 3 weeks, 4 of the top 5 banks have been shutdown. Only, Pisgah Community Bank of Asheville, NC remains with about $60 million in assets. In terms of the "Top 25" there are now 6 closures.

June 9th edit: There was a third bank added to the FDIC list after the time I wrote this entry. TierOne Bank of Lincoln, Nebraska was also closed. TierOne was the first Nebraska based bank to fail since Feb. 2009 and had considerable assets, over $3 billion. However, as an OTS regulated bank, they do not appear in the list. In the future, I hope to include these "savings banks" as well but the datasets used in this study do not include these banks.