Another Bad Week for Small Banks

Just one week after 6 small banks were closed, another 7 were shut down by regulators. None of these banks were larger than $1 billion in total assets and show just how hard hit these community oriented banks have become as the economy continues to struggle. The outcomes for these banks was no surprise, however. 4 of the 7 banks were Top 25 on the updated list. In the last month, 6 of the newest Top 25 have failed. This week's closures include:

1. At 6th on the current list (12th overall), Crescent Bank and Trust Company of Jasper, GA with approximately $1.01 billion in total assets and $965.7 million in total deposits was closed. The Renasant Bank of Tupelo, MS (4871st) has agreed to assume nearly all deposits.

2. At 18th on the current list (28th overall), Community Security Bank of New Prague, MN closed this week. It had approximately $108.0 million in total assets and $99.7 million in total deposits. Roundbank of Waseca, MN (4221st) has agreed to assume all deposits.

3. At 20th on the current list (30th overall), Williamsburg First National Bank of Kingstree, SC also closed this week with approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company, Inc. of Columbia, SC (1053rd) has agreed to assume nearly all deposits.

4. At 22nd on the current list (32nd overall), Sterling Bank of Lantana, FL with approximately $407.9 million in total assets and $372.4 million in total deposits was closed. IBERIABANK of Lafayette, LA (764th) has agreed to assume nearly all deposits.

5. At 96th overall, Thunder Bank of Sylvan Grove, KS also closed this week. Thunder had approximately $32.6 million in total assets and $28.5 million in total deposits. The Bennington State Bank of Salina, KS (3889th) has agreed to assume nearly all deposits.

6. At 99th overall, SouthwestUSA Bank of Las Vegas, NV closed with approximately $214.0 million in total assets and $186.7 million in total deposits. Plaza Bank of Irvine, CA (4019th) has agreed to assume nearly all deposits.

7. At 262nd overall, Home Valley Bank of Cave Junction, OR with approximately $251.80 million in total assets and $229.6 million in total deposits was closed. South Valley Bank & Trust of Klamath Falls, OR (377th) has agreed to assume all deposits. Home Valley is the lowest (hence, least likely) bank on the list to fail to date. The probability for this bank was slightly under 10%.