ISN Bank and Several Others ISNo More

This week's first failed bank is ISN Bank of Cherry Hill, NJ. You might remember ISN as the number 2 bank on the very first list that was posted here. After some model refinements, the bank managed to fall out of the then 25, now 40 listed firms. These listed banks are only the riskiest though and there are quite a few others that the models suggest are ripe for failure. ISN was such a bank as it still scored a dangerous 69th in the second quarter rankings. It had approximately $81.6 million in total assets and $79.7 million in total deposits when it failed. 1011th ranked New Century Bank of Phoenixville, PA has agreed to assume nearly all deposits of shuttered ISN Bank.

Georgia based banks, which last week topped the list in terms of most at risk, were particularly hard hit this week with 3 closures. All 3 banks were in the Top 40 and their branches were all acquired by a very sound Community & Southern Bank (5280th) of Carrollton, GA. Ohio based Bramble Bank and Wisconsin's Maritime Savings Bank also failed this week. In rank order:

1. Number 4, Bank of Ellijay of Ellijay, GA with approximately $168.8 million total assets and $160.7 million in total deposits closed.

2. Number 16, First Commerce Community Bank of Douglasville, GA with approximately $248.2 million total assets and $242.8 million in total deposits.

3. Number 27, The Peoples Bank of Winder, GA with approximately $447.2 million total assets and $398.2 million in total deposits.

4. Number 30, Bramble Savings Bank, Milford, OH with approximately $47.5 million total assets and $41.6 million in total deposits was closed. Foundation Bank of Cincinnati, OH (OTS regulated) has agreed to assume nearly all deposits.

5. Un-ranked (OTS) Maritime Savings Bank of West Allis, WI with approximately $350.5 million total assets and $248.1 million in total deposits. North Shore Bank, FSB (also OTS) of Brookfield, WI has agreed to assume nearly all deposits.