Ideal Federal Is Less Than Ideal

Ideal Federal Savings Bank of Baltimore, MD failed this week. It had approximately $6.3 million in total assets and $5.8 million in total deposits. Unfortunately, Ideal could not be ranked as it is an OTS regulated thrift and their database was not available for study.

Bay National Bank also of Baltimore, MD was closed as well. Bay ranked as the 37th most likely bank to fail, making it's probability of doing so quite high. Interestingly, with 36th ranked Nevada Security already failed along with 10 others above it, Bay National Bank would have been the 26th on the recently updated list.

Bay had approximately $282.2 million in total assets and $276.1 million in total deposits. Similarly named, Bay Bank, FSB of Lutherville, MD assumed all of the deposits of Bay National Bank. The similar name appears to be no coincidence, however. The OTS only just approved the new Bay Bank today. The new holding institution is called Jefferson Bancorp in Washington. As such there is no rating available for depositors of this "new" bank.

Added:

Two additional banks were closed later in the evening.

USA Bank of Port Chester, NY (15th on updated list, 24th overall) was closed. USA had approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank) of Phoenixville, PA, to assume all of the deposits of USA Bank. New Century Bank is a stable 2356th on the list.

Home National Bank of Blackwell, OK (130th overall) was also closed. Scoring in the top 2% of banks in terms of instability this closure does not come as a surprise. But it does edge out Granite Community Bank of Granite Bay, Ca. (128th) as the least likely in our model at 24.8%. Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank (4614th) of Claremore, OK has agreed to assume all deposits.