Fed Friday Claims Seven More Failed Banks

It was a big day for bad banks, with the most closings in two months. In all, 4 Top 40 banks failed. While much of U.S. was covered this week, the majority of the closings were in southeast. An area particularly hard hit during the current banking crisis, another 2 banks in Florida and 2 in Georgia were among the casualties. The list includes both small and somewhat larger banks as shown:

10th ranked, First Bank of Jacksonville, Jacksonville, FL with approximately $81.0 million in total assets and $77.3 million in total deposits was closed. Ameris Bank (3760th) of Moultrie, GA has agreed to assume all deposits.

11th ranked, Hillcrest Bank of Overland Park, KS. Hillcrest was the largets bank to close this week with approximately $1.65 billion in total assets and $1.54 billion in total deposits. A new bank of the same name, Hillcrest Bank, N.A., has been set up and has agreed to takeover the failed bank.

31st ranked, The Gordon Bank of Gordon, GA was the smallest bank to close this week. assets totaled less than $29.4 million with $26.7 million in total deposits. Morris Bank (906th) of Dublin, GA has agreed to assume all deposits.

33rd ranked, Progress Bank of Florida, Tampa, FL with approximately $110.7 million in total assets and $101.3 million in total deposits was closed. Bay Cities Bank (4185th) of Tampa, FL has agreed to assume nearly all deposits.

152nd ranked First Suburban National Bank of Maywood, IL closed with some $148.7 million in total assets and $140.0 million in total deposits was closed. Seaway Bank and Trust Company (2851st) of Chicago, IL has agreed to assume nearly all deposits.

The next bank on the list, 153rd ranked The First National Bank of Barnesville, GA also failed this week. It had approximately $131.4 million in total assets and $127.1 million in total deposits was closed. United Bank (2522nd) of Zebulon, GA has agreed to assume nearly all deposits.

Finally, First Arizona Savings, A FSB of Scottsdale, AZ closed as well. As an OTS bank it was un-ranked. First Arizona had $272.2 million in total assets and $198.8 million in total deposits. No acquirer could be found for the bank. As a result, the FDIC has approved the payout of the insured deposits of First Arizona Savings, A FSB.