No New Failures

As of 6:05 pm EST there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

No New Failures

As of 5:25 pm EST there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Sixth-Ranked is the First to Fail

Sixth-ranked, Community Bank of the Ozarks of Sunrise Beach, Missouri is the first bank of our newest listing to be seized by regulators. The Bank of Sullivan (2416th) in the town of Sullivan, Missouri, has agreed to assume all of the $41.9 million in total deposits of Community Bank of the Ozarks. In addition, Community Bank of the Ozarks had approximately and  deposits. In addition, the FDIC and Bank of Sullivan entered into a loss-share transaction on $37.3 million of the $42.8 million in total assets purchased from the former Community Bank of the Ozarks. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.4 million.

No New Failures

As of 6:00 pm EST there have been no failures. However, please take a look at our brand new rankings below that were also posted today. The Bank Blog will be updated throughout the evening as new information arrives.

No New Failures

As of 5:20 pm EST there have been no failures. However, please take a look at our brand new rankings below that were also posted today. The Bank Blog will be updated throughout the evening as new information arrives.

The Fall Top 40 Rankings

The Bank Blog has ranks the Top 40 most likely to fail, regulated, deposit taking banks in the United States.  As all regulated banks are now filing under the same reporting format the 2012 ranking have all included savings banks.

The Bank Blog continues to demonstrate well its ability to predict bank distress.  Overall, there were less failure in the last quarter. But of the 40 banks listed, six did fail. Several problem banks all have the same parent, Capital Bancorp Limited. The Bank Blog has decided to highlight those banks. We would also like to caution our readers not to infer that those banks leaving the list are now safe.  Of the eleven other banks leaving the list, seven of them are still among the top two percent in terms of risk. The Bank of Naples was acquired and First Carolina bank was restructured.

Returning banks from the prior list are listed in bold and newly failed banks are listed in italics. Capital Bancorp Limited banks are listed with an asterisk before their name.

1. * PISGAH COMMUNITY BANK of ASHEVILLE, NC
2.  EASTERN SAVINGS BANK of HUNT VALLEY, MD

3. * SUNRISE BANK of VALDOSTA, GA
4. WESTSIDE COMMUNITY BANK of UNIVERSITY PLACE, WA
5. U.S. CENTURY BANK of MIAMI FL
6. COMMUNITY BANK OF THE OZARKS of SUNRISE BEACH, MO
7. DUPAGE NATIONAL BANK of WEST CHICAGO, IL
8. TEXAS COMMUNITY BANK, N.A. of THE WOODLANDS, TX
9. DECATUR STATE BANK of DECATUR, AR  
10. THE PATTERSON BANK of PATTERSON, GA
11. FIRST FEDERAL BANK of LEXINGTON, KY
12. COMMUNITY SOUTH BANK of PARSONS, TN
13. COVENANT BANK of CHICAGO, IL

14. HERITAGE BANK OF FLORIDA of LUTZ, FL 
15. ANCHOR COMMERCIAL BANK of JUNO BEACH, FL
16. HERITAGE BANK OF NORTH FLORIDA, ORANGE PARK, FL
17. * MICHIGAN COMMERCE BANK of ANN ARBOR, MI
18. BANKS OF WISCONSIN of KENOSHA, WI
19. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
20. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
21. * BANK OF LAS VEGAS of LAS VEGAS, NV
22. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
23. FIRST NATIONAL BANK of EDINBURG TX
24. * CENTRAL ARIZONA BANK of SCOTTSDALE, AZ
25. TEXAS SAVINGS BANK, STATE SAVINGS BANK of SNYDER, TX
26. THE PEOPLES BANK of COVINGTON, GA
27. AZTECAMERICA BANK of BERWYN, IL
28. MILE HIGH BANKS of LONGMONT, CO
29. GUARANTY BANK of BROWN DEER, WI 
30. 1ST REGENTS BANK of ANDOVER, MN
31. GEORGIA PRIMARY BANK of ATLANTA, GA
32. FIRST SOUTH BANK of SPARTANBURG, SC
33. STATE BANK OF HERSCHER of HERSCHER, IL
34. AMERICAN METRO BANK of CHICAGO, IL
35. THE COLUMBIA SAVINGS BANK of CINCINNATI, OH
36. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
37. * SUNRISE BANK OF ALBUQUERQUE of ALBUQUERQUE, NM
38. VILLAGE BANK of SAINT FRANCIS, MN
39. HOME FEDERAL BANK OF HOLLYWOOD of HALLANDALE, FL
40. GOLDEN STATE BANK of UPLAND, CA

Disclaimer:

The content of this web site is for general information purposes only and does not constitute advice. The author tries to provide content that is true and accurate as of the date of writing; however, we give no assurance or warranty regarding the accuracy, timeliness, or applicability of any of the contents. Visitors should not act upon content or information without first seeking appropriate professional advice.

The author accepts no responsibility for and excludes all liability in connection with browsing this Web site, use of information or downloading any materials from it, including but not limited to any liability for errors, inaccuracies, omissions, or misleading or defamatory statements. The information at this Web site might include opinions or views which, unless expressly stated otherwise, are not necessarily those of the author.

All content and information might be changed or updated without notice.

Failure Takes a Holiday

It is not uncommon for regulators to pause from shutting down banks during holiday weekends. While this is not always the case, The Bank Blog does not expect any failures to be announced today. If news comes in, we will be certain to report it however.

Another Top 40 Failure

Nineteenth-ranked Hometown Community Bank of Braselton, Georgia, was closed today by the state regulators. CertusBank, N.A. of Easley, South Carolina agreed to purchase essentially all of the $124.6 million in total assets as well as assuming approximately $108.9 million in total deposits.This is the fourth failed bank acquisition for CertusBank 92234th). The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $36.7 million.

No New Failures

As of 6:20 pm EST there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

No Rest For Regulators

Even as Hurricane Sandy brought down our ability to report at the Bank Blog until Saturday, nothing kept the authorities from halting their pursuit of failing banks yesterday. Neither of this week's two failures made our Top 40 prediction but both had troubling financials nonetheless.


At 86th on our list (placing in the second-worst percentile) Citizens First National Bank of Princeton, Illinois, was closed yesterday. Heartland Bank and Trust Company (4124th) of Bloomington, Illinois, agree to acquire the approximately $924.0 million in total assets and $869.4 million in total deposits of the former bank. This is the fourth failed acquisition for Heartland. As one of the larger failures in recent history, this one was not unusually costly. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.2 million, less than 5% of the total assets of the former bank. 



At 144th, Heritage Bank of Florida, Lutz, Florida, was also closed yesterday by regulators. Centennial Bank (3663rd) of Conway, Arkansas, acquired to purchase approximately $193.7 million of the failed bank's $225.5 million in total assets. They also assumed about $223.3 million in total deposits. Centennial Bank agreed to p. This is Centennial Bank's seventh acquisition of a failed bank since the beginning of the crisis.The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the DIF will be $65.5 million.

Nova Bank Is No Longer

118th-ranked NOVA Bank of Berwyn, Pennsylvania was closed today by the FDIC. Unlike most closings, no acquirer could be found to acquire the approximately $483.0 million in total assets and $432.2 million in total deposits of the former bank. As a result, The FDIC will act as receiver and will retain all the assets from NOVA Bank for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91.2 million.

Two Failures in the Top Ten

After another few weeks of stability in commercial banking, three former institutions showed that weakness still exists in some areas of the country. 
 
In a move that was probably inevitable, third-ranked GulfSouth Private Bank of Destin, Florida, was closed today by state regulators. SmartBank (4626th) of Pigeon Forge, Tennessee has agreed to acquire the approximately $159.1 million in total assets and $151.1 million in total deposits of the former bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $36.1 million. 


Eighth-ranked Excel Bank of Sedalia, Missouri also closed this week. Simmons First National Bank (1783rd) of Pine Bluff, Arkansas stepped in to acquire the approximately $200.6 million in total assets and $187.4 million in total deposits of the former bank.This was Simmons fourth failed bank acquisition. The FDIC estimates that the cost to the DIF will be $40.9 million.


In addition to assuming all of the deposits of the failed bank, Stearns Bank agreed to purchase essentially all of the assets.Florida regulators also shut down 82nd ranked First East Side Savings Bank based in Tamarac. Frequent acquirer of failed banks Stearns Bank National Association (6643rd) of St. Cloud, Minnesota, has agreed to acquire the approximately $67.2 million in total assets and $65.9 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $9.1 million. 

No New Failures

As of 6:05 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

No New Failures

As of 5:50 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Eighteen Fails

Eighteenth-ranked First United Bank of Crete, Illinois, was closed today by state regulators. The former bank was acquired by Old Plank Trail Community Bank, National Association of New Lenox, Illinois (518th). Old Plank Trail Community Bank, N.A. agreed to purchase essentially all of the failed bank's assets $328.4 million in total assets. In addition, it will pay a premium of 0.60 for the. The FDIC and Old Plank Trail Community Bank, N.A. also entered into a loss-share transaction on $172.7 million of First United Bank's assets. $316.9 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48.6 million.

No New Failures

As of 7:45 pm there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Number Four Bank Fails

Fourth-ranked Truman Bank of Saint Louis, Missouri, was closed today by state regulators. The approximately $282.3 million in total assets and $245.7 million in total deposits of the former bank were acquired by the Simmons First National Bank (1783rd) of Pine Bluff, Arkansas, to assume all of the deposits of Truman Bank.This was Simmons third acquisition of a failed bank since the start of the crisis. As part of the deal, the FDIC and Simmons First National Bank entered into a loss-share transaction on $117.8 million of Truman Bank's assets. Overall, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.0 million.

Eleventh Ranked Bank Fails

After a months-long holiday from bank closings regulators shut down First Commercial Bank of Bloomington, Minnesota today. The eleventh worst bank on the newest Bank Blog list, the $215.9 million bank by assets and $206.8 million in total deposits was taken over by Republic Bank & Trust Company of Louisville, Kentucky (6941st). This is the second acquisition for Republic after obtaining the operations of Tennessee Commerce Bank earlier this year.The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for this failure will be $63.9 million.

No New Failures

For a surprising fourth week in a row that have been no reported bank failures.  This is subject to change however as the day progresses. The Bank Blog will be updated as new information comes in.

No New Failures

As of 7:45 pm EST there have been no bank failures this week. The Bank Blog will be updated throughout the evening as new information comes in.

August 2012 Top 40

With this new Top 40 list, the Bank Blog has expanded its ranking to all regulated, deposit taking banks in the United States.  As all regulated banks are now filing under the same reporting format, it is now possible to compare across these savings banks as well. That should introduce a few never before seen banks to our list.

In the last quarter The Bank Blog continued to demonstrate well the least stable U.S. banks well. Of the 40 banks listed, 9 failed. Several problem banks all have the same parent, Capital Bancorp Limited. The Bank Blog has decided to highlight those banks. We would also like to caution our readers not to infer that those banks leaving the list are now safe.  Most of the banks are still ranked among the 65 worst, except for one now ranked 164th (ISB Community Bank).

Returning banks are listed in bold and newly failed banks are listed in italics. Capital Bancorp Limited banks are listed with an asterisk before their name.


1. * PISGAH COMMUNITY BANK of ASHEVILLE, NC
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD
3. GULFSOUTH PRIVATE BANK of DESTIN, FL
4. TRUMAN BANK of SAINT LOUIS MO
5. * SUNRISE BANK of VALDOSTA, GA
6. U.S. CENTURY BANK of MIAMI FL
7. DECATUR STATE BANK of DECATUR, AR  
8. EXCEL BANK of SEDALIA MO
9. DUPAGE NATIONAL BANK of WEST CHICAGO, IL
10. TEXAS COMMUNITY BANK, N.A. of THE WOODLANDS, TX
11. FIRST COMMERCIAL BANK of BLOOMINGTON, MN
12. * BANK OF LAS VEGAS of LAS VEGAS, NV
13. COMMUNITY BANK OF THE OZARKS of SUNRISE BEACH, MO
14. WESTSIDE COMMUNITY BANK of UNIVERSITY PLACE, WA
15. ANCHOR COMMERCIAL BANK of JUNO BEACH, FL
16. THE PATTERSON BANK of PATTERSON, GA 
17. AMERICAN METRO BANK of CHICAGO, IL
18. FIRST UNITED BANK of CRETE, IL
19. HOMETOWN COMMUNITY BANK of BRASELTON, GA
20. * MICHIGAN COMMERCE BANK of ANN ARBOR, MI
21. FIRST SECURITY BANK OF MALTA of MALTA, MT
22. FIRST CAROLINA STATE BANK of ROCKY MOUNT, NC
23. DOUGLAS COUNTY BANK of DOUGLASVILLE, GA
24. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
25. FARMERS EXCHANGE BANK of LOUISVILLE, AL
26. BANK OF NAPLES of NAPLES, FL
27. COVENANT BANK of CHICAGO, IL
28. MILE HIGH BANKS of LONGMONT, CO
29. * 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
30. FIRST SOUTH BANK of SPARTANBURG, SC
31. FIDELITY BANK of FLORIDA, N.A. of MERRITT ISLAND, FL
32. STATE CENTRAL BANK of KEOKUK, IA
33. COMMUNITY SOUTH BANK of PARSONS, TN
34. FIRST FEDERAL BANK of LEXINGTON, KY
35. * CENTRAL ARIZONA BANK of SCOTTSDALE, AZ
36. IDAHO BANKING COMPANY of BOISE, ID
37. GUARANTY BANK of BROWN DEER, WI
38. METROBANK of CHICAGO, IL
39. HOMETOWN NATIONAL BANK of LONGVIEW, WA
40. THE PEOPLES BANK of COVINGTON, GA

Disclaimer:

The content of this web site is for general information purposes only and does not constitute advice. The author tries to provide content that is true and accurate as of the date of writing; however, we give no assurance or warranty regarding the accuracy, timeliness, or applicability of any of the contents. Visitors should not act upon content or information without first seeking appropriate professional advice.

The author accepts no responsibility for and excludes all liability in connection with browsing this Web site, use of information or downloading any materials from it, including but not limited to any liability for errors, inaccuracies, omissions, or misleading or defamatory statements. The information at this Web site might include opinions or views which, unless expressly stated otherwise, are not necessarily those of the author.

All content and information might be changed or updated without notice.

No New Failures (again)

For the second consecutive week there have been no bank failures to report.

No New Failures

This week there were no bank closings.

One Failure This Week

The 235th riskiest bank on our list, Waukegan Savings Bank of Waukegan, Illinois, was closed today by state regulators. The approximately $88.9 million in total assets and $77.5 million in total deposits of the former bank were acquired by First Midwest Bank (2616th) of Itasca, Illinois. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $19.8 million. While not as risky as the typical failure on our list, it should be noted that banks at this level still have an expected failure rate between 10 and 15% within the next year.

Unlucky Thirteen Fails

This week, thirteenth-ranked Jasper Banking Company of Jasper, Georgia was closed by the Georgia Department of Banking and Finance. Stearns Bank National Association (6848th) of St. Cloud, Minnesota has agreed to assume the $213.1 million deposits and purchase essentially all of the $216.7 million in assets of the failed bank. The FDIC and Stearns Bank N.A. entered into a loss-share transaction on $106.0 million of Jasper Banking Company's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million. This will add considerably to the $1.3 billion in assets already controlled by Stearns Bank N.A. It has been a significant participant in failed bank acquisitions in the past. This is the eighth such banking operation acquired by Stearns via closure.

Two More Top 40 Failures

Five banks have failed in one of the busiest weeks for regulators in months. Two of these are in our Top 40 (another falling just short) and all rank within the weakest 100 banks.

Eleventh-ranked, Georgia Trust Bank of Buford, Georgia, was closed today by the Georgia Department of Banking and Finance. Community & Southern Bank (5121st)  of Atlanta, Georgia, to assume all of the approximately $117.4 million in total deposits as well as $111.5 million of the former bank's $119.8 million in total assets. With over $2 billion dollars in assets, Community & Southern Bank is a frequent acquirer of failed banks.  It has previously taken over 5 other banks, including 3 in one day on Sept. 17th, 2010. Community & Southern Bank also entered into a loss-share transaction with the FDIC on $65.9 million of Georgia Trust Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.9 million. 

Twelfth-ranked, Royal Palm Bank of Florida located in Naples, Florida, was closed today by the Florida Office of Financial Regulation,  First National Bank of the Gulf Coast (5636th) also of Naples, Florida, to assume all of the approximately $87.0 million in total assets and $85.1 million in total deposits. The estimated cost to the DIF will be $13.5 million.

Falling just short of the list, 52nd-ranked, First Cherokee State Bank of Woodstock, Georgia, was also closed today by the Georgia's regulators. Community & Southern Bank also acquired the approximately $222.7 million in total assets and $193.3 million in total deposits. Similar to the other deal, The FDIC and Community & Southern Bank entered into a loss-share transaction on $141.8 million of First Cherokee State Bank's assets. The estimated cost to the DIF will be $36.9 million.

Later in the evening, 90th-ranked, Heartland Bank of Leawood, Kansas was closed by The Kansas Office of the State Bank Commissioner. Metcalf Bank (6542nd) of Lees Summit, Missouri has agreed to acquire all of the approximately $102.6 million in total deposits. In addition they agreed to purchase essentially all of the approximatel $110 million in assets pursuant to a loss-share transaction on $54.3 million of the former Heartland Bank's assets. The estimated cost to the DIF will be $3.1 million.

98th-ranked, Second Federal Savings and Loan Association of Chicago, was closed today by the Office of the Comptroller of the Currency (OCC). Hinsdale Bank & Trust Company (3508th) of Hinsdale, Illinois has agreed assume the roughly $175.9 million in total deposits of Second Federal Savings. However, Hinsdale Bank & Trust Company has only agreed to purchase approximately $14.2 million in largely cash assets. The remainder or the nearly $200 million assets will be retained by the FDIC.  As a result, the FDIC estimated the cost to the DIF will be $76.9 million.

Number Three Bank Fails

The third-ranked bank on our list, Glasgow Savings Bank of Glasgow, Missouri was shut down today by regulators. Glasgow Savings Bank had approximately $24.8 million in total assets and $24.2 million in total deposits which were assumed by Regional Missouri Bank (4362nd) of Marceline, Missouri. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $0.1 million.

Another Top 40 Failure

Regulators did not take the week off in deciding that 14th-ranked Montgomery Bank & Trust of Ailey, Georgia needed to be closed today.  Ameris Bank of Moultrie, Georgia agreed to assume all of $164.4 million in deposits of Montgomery Bank & Trust. Ameris Bank, a frequent acquirer of seized  banks over the last few years agreed only to purchase approximately $12.4 million in largely cash assets, however. As a result, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a significant $75.2 million in terms of the percentage of assets of the failed bank. Ameris Bank is itself a relatively weak bank with a ranking of 435th out the 7300 currently in our ratings. This may explain their inability to assume the assets of another failed bank.

Second Straight Week of No Failures

There have been no bank failures to report this week. As new information comes in The Bank Blog will be updated.

No New Failures

For the week ending Friday, June 22nd there have been no report bank failures.

Number Five Bank Fails

The fifth riskiest bank on our list failed this week along with two others. Putnam State Bank of Palatka, Florida joins its brethren in one of the states hardest hit by the financial crisis. Harbor Community Bank (7189th) of Indiantown, Florida, has agreed to assume all of the approximately $160.0 million in total deposits of Putnam State Bank. In addition, the FDIC and Harbor Community Bank have entered into a loss-share transaction on $112.3 million out of of approximately $169.5 million of Putnam State Bank's assets. This transaction will increase the asset base of Harbor Community Bank by 50-60% based on the most recent figures and ultimate resolution of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.4 million.

In a sign that just because a firm does not make the Top 40 list does not mean that it is without risk, 70th-ranked Security Exchange Bank of Marietta, Georgia was closed today by the Georgia Department of Banking and Finance. Fidelity Bank (1563rd) of Atlanta, Georgia, has agreed to assume the approximately $147.9 million in total deposits. Similar to Harbor Community Bank, Fidelity Bank has entered into a loss-share transaction on $102.8 million of the former bank's $151.0 million in total assets. The FDIC estimates that the cost to the DIF will be $34.3 million.

The Farmers Bank of Lynchburg of Lynchburg, Tennessee, was also closed today. Essentially all of the approximately $163.9 million in total assets and $156.4 million in total deposits were taken over by Clayton Bank and Trust (5071st) of Knoxville, Tennessee.The estimated cost to the DIF will be $28.3 million.

Number Four and Two Other Top Forties Fail

Our highest ranked failure of the week belongs to number four Farmers and Traders State Bank, of Shabbona, Illinois. It was closed today by the Illinois Department of Financial and Professional Regulation. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First State Bank (3448th) of Mendota, Illinois, to assume the $42.3 million in total deposits of the former bank. In addition to assuming all of the deposits, First State Bank agreed to purchase essentially all of the failed bank's $43.1 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. 

Ranked 22nd on our newest list, First Capital Bank of Kingfisher, Oklahoma, was closed today by the Oklahoma State Banking Department. The very small bank had approximately $46.1 million in total assets as of the most recent filings with the FDIC. Of these assets, $40.7 million were acquired by F & M Bank (3300th) of Edmond, Oklahoma. In addition, F & M assumed $44.8 million in total deposits of the former bank for which they paid the FDIC a premium of 7.65 percent. As a result, this is one of the least expensive bank closures on record as the FDIC estimates that the cost to the DIF at only $5.6 million.

30th ranked, Carolina Federal Savings Bank of Charleston, South Carolina, was also closed this week by regulators. The Bank of North Carolina of Thomasville, North Carolina has acquired approximately $41 million of the $54.4 million in total assets of the former bank along with the $53.1 million in total deposits. The Bank of North Carolina may not be without its own difficulties however, as the bank ranks a relatively weak 520th on our list. This places it firmly in the weakest 10% of all banks in the U.S.  Overall, the FDIC estimates that the cost to the DIF to be $15.2 million.

Just off the list in 45th, Waccamaw Bank of Whiteville, North Carolina, was also closed today by its state regulators. The FDIC entered into a purchase and assumption agreement with First Community Bank (4272nd) of Bluefield, Virginia, to acquire the failing bank. As of March 31, 2012, Waccamaw Bank was our largest failure of the week with approximately $533.1 million in total assets and $472.7 million in total deposits. First Community Bank agreed to purchase nearly all of these assets, $515.3 million. The FDIC estimates that the cost to the DIF will be $51.1 million.

No New Failures

As of 8:15 pm EDT there have been no bank failures to report. The Bank Blog will be updated throughout the evening as more information comes in.

No New Failures

As of 8:10 pm EDT, there have been no bank closures. The Bank Blog will be updated as new information comes in.

May 2012 Top 40

With this new Top 40 list, the Bank Blog has expanded its ranking to all regulated, deposit taking banks in the United States.  As all regulated banks are now filing under the same reporting format, it is now possible to compare across these savings banks as well. That should introduce a few never before seen banks to our list.

In the last quarter The Bank Blog continued to demonstrate well the least stable U.S. banks well. Of the 40 banks listed, 6 failed. Three others: Pisgah Community Bank, 1st Commerce Bank and Sunrise Bank have all received prompt corrective action orders from the FDIC along. These banks all have the same parent, Capital Bancorp Limited, which is also the parent of several other troubled banks. The Bank Blog has decided to highlight those banks with an asterisk on the newest list. We would also like to caution our readers not to infer that those banks leaving the list are now safe.  Only Eurobank, which was acquired by Banco do Brasil has become appreciably safer.

Returning banks are listed in bold and newly failed banks are listed in italics. Capital Bancorp Limited banks are listed with an asterisk before their name.


1. * PISGAH COMMUNITY BANK of ASHEVILLE, NC
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD
3. GLASGOW SAVINGS BANK of GLASGOW, MO 
4. FARMERS & TRADERS STATE BANK of SHABBONA, IL
5. PUTNAM STATE BANK of PALATKA, FL
6. * BANK OF LAS VEGAS of LAS VEGAS, NV
7. U.S. CENTURY BANK of MIAMI FL
8. COMMUNITY BANK OF THE OZARKS of SUNRISE BEACH, MO
9. * SUNRISE BANK of VALDOSTA, GA
10. TRUMAN BANK of SAINT LOUIS MO
11. GEORGIA TRUST BANK of BUFORD, GA
12. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
13. JASPER BANKING COMPANY of JASPER, GA
14. MONTGOMERY BANK & TRUST of AILEY, GA
15. THE PATTERSON BANK of PATTERSON, GA 
16. FIDELITY BANK of FLORIDA, N.A. of MERRITT ISLAND, FL
17. TEXAS COMMUNITY BANK, N.A. of THE WOODLANDS, TX
18. * 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
19. DECATUR STATE BANK of DECATUR, AR
20. * MICHIGAN COMMERCE BANK of ANN ARBOR, MI
21. EXCEL BANK of SEDALIA MO
22. FIRST CAPITAL BANK of KINGFISHER, OK 
23. WESTSIDE COMMUNITY BANK of UNIVERSITY PLACE, WA
24. DOUGLAS COUNTY BANK of  DOUGLASVILLE, GA
25. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
26. GULFSOUTH PRIVATE BANK of DESTIN, FL
27. FIRST COMMERCIAL BANK of BLOOMINGTON, MN
28. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
29. THE BRAND BANKING COMPANY of LAWRENCEVILLE, GA
30. CAROLINA FEDERAL SAVINGS BANK of CHARLESTON, SC
31. ISB COMMUNITY BANK of IXONIA, WI
32. MILE HIGH BANKS of LONGMONT, CO
33. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
34. GWINNETT COMMUNITY BANK of DULUTH, GA
35. OPTIMUMBANK of PLANTATION, FL
36. METROBANK of CHICAGO, IL
37. BANK OF EASTMAN of EASTMAN, GA
38. * CENTRAL ARIZONA BANK of SCOTTSDALE, AZ
39. COMMUNITY SOUTH BANK of PARSONS, TN
40. TRANSCAPITAL BANK of SUNRISE, FL


Disclaimer:

The content of this web site is for general information purposes only and does not constitute advice. The author tries to provide content that is true and accurate as of the date of writing; however, we give no assurance or warranty regarding the accuracy, timeliness, or applicability of any of the contents. Visitors should not act upon content or information without first seeking appropriate professional advice.

The author accepts no responsibility for and excludes all liability in connection with browsing this Web site, use of information or downloading any materials from it, including but not limited to any liability for errors, inaccuracies, omissions, or misleading or defamatory statements. The information at this Web site might include opinions or views which, unless expressly stated otherwise, are not necessarily those of the author.

All content and information might be changed or updated without notice.

Alabama Trust Bank Closes Shop

122nd ranked Alabama Trust Bank, National Association of Sylacauga, Alabama was closed today by regulators. The former bank lost $486,000 in the most recent quarter and has total assets of approximately $51.6 million. The assets of the former bank was acquired by Southern States Bank of Anniston, Alabama (6220th).   This was the first acquisition of its kind for Southern States Bank. The acquisition added about $45.1 million in total deposits to their balance sheet. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million.

No New Failures

As of 9:15 pm EDT, there have been no bank closures. The Bank blog will be updated as new information comes in.

Number Three Fails

The third ranked bank on the list, Security Bank, NA of North Lauderdale, Florida, was closed today by the Office of the Comptroller of the Currency.  Banesco USA (3317th) of Coral Gables, Florida, has entered into a purchase and assumption agreement with the FDIC to assume all of the approximately $99.1 million in total deposits Security Bank. In addition, they will purchase nearly all of the $101.0 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million.

Two Top 40 Banks and Three Others Failed This Week

Maryland based and/or formerly OTS regulated banks faced an active week of shutdowns by regulators.   

Fourteenth ranked, Palm Desert National Bank of Palm Desert, California, was closed today by the OCC. Pacific Premier Bank (2219th) of Costa Mesa has agreed to acquired all of the approximately $125.8 million in total assets and $122.8 million in total deposits. This is the second failed bank acquisition by Pacific Premier Bank. They previously acquired Canyon National Bank of Pal Springs, California in February 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. 

26th ranked, HarVest Bank of Maryland from Gaithersburg, Maryland, was closed today by state regulators. The approximately $164.3 million in total assets and $145.5 million in total deposits were acquired by Sonabank (5842nd) of McLean, Virginia. This is the second failed bank acquisition for Sonabank. It previously acquired Great Atlantic Savings Bank of Reston, Va. in December of 2009.  The FDIC estimates that the cost to the DIF will be $17.2 million. 

63rd ranked, Bank of the Eastern Shore of Cambridge, Maryland was also closed today. The FDIC was unable to find an acquirer for the approximately $166.7 million in total assets and $154.5 million in total deposits of this former bank. As a result, it set up the Deposit Insurance National Bank of Eastern Shore (DINB), which will remain open until May 25, 2012 to allow depositors access to their insured deposits and time to open accounts at other insured institutions. The cost to the DIF is estimated to be $41.8 million.  

Un-ranked, formerly OTS, regulated Plantation Federal Bank of Pawleys Island of South Carolina, closed as well. First Federal Bank (un-ranked), of Charleston, South Carolina agreed to assume the approximately $440.5 million in total deposits. First Federal also acquired nearly all of the $486.4 million former Plantation Federal Bank's total assets, entering into a loss-share transaction on $221.7 million. The FDIC estimates that the cost to DIF will be $76.0 million. 

Finally, un-ranked Inter Savings Bank, fsb D/B/A InterBank, fsb, Maple Grove, Minnesota, was closed today. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank (975th) of Reeds Spring, Missouri, to assume all of the $473.0 million in total deposits. The FDIC and Great Southern Bank also entered into a loss-share transaction on $413.0 million of the approximately $481.6 million in acquired assets of the former InterBank. This is the fourth failed bank acquisition for Great Southern. The FDIC estimates that the cost to the DIF will be $117.5 million.

Fort Lee Federal the First to Fail in Three Weeks

Formerly OTS regulated, and un-ranked, Fort Lee Federal Savings Bank, FSB of Fort Lee, New Jersey, was closed by regulators today. Alma Bank (5164th) of Astoria, New York has agreed to assume all of the approximately $50.7 million in total deposits. As of December 31, 2011, Fort Lee Federal had approximately $51.9 million in total assets of which Alma Bank agreed to purchase only $15.7 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.0 million.

No New Failures

For the second consecutive week there have been no bank failures. The Bank Blog will be updated if any new information arrives.

No New Failures

As of 11:45 pm EST there have been no bank failures.  The Bank Blog will be updated throughout the evening as new information arrives.

95th ranked Fidelity Bank of Dearborn, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation. The Huntington National Bank of Columbus, Ohio, agreed to assume the approximately $818.2 million in total assets and $747.6 million in total deposits. Huntington is a relatively weak bank itself.  It ranks 468th worst on the current list. This is the second failed bank purchase for the bank having previously acquired Warren Bank of Warren, Michigan in October, 2009. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $92.8 million.

Another Top 10 Riskiest Bank Fails

Seventh-ranked Premier Bank of Wilmette, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking. International Bank of Chicago (5528th) of Chicago, Illinois, agreed to assume the approximately $199.0 million in total deposits. In addition, International Bank of Chicago agreed to purchase essentially all of the $268.7 million in total assets of the former bank. This was the second distressed bank acquisition by International Bank of Chicago.  The other was All American Bank of Des Plaines, Illinois in October of last year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.1 million.

52nd ranked (34th on our November listing last year), Covenant Bank & Trust, Rock Spring, Georgia, was closed today by the Georgia Department of Banking and Finance. The roughly $95.7 million bank in total assets and $90.6 million in total deposits was acquired by Stearns Bank, National Association (6316th) of St. Cloud, Minnesota. Stearns Bank has been a frequent acquirer of distressed banks.  This is the seventh such purchase of a bank and the third in Georgia. As part of the deal, the FDIC and Stearns Bank entered into a loss-share transaction on $71.6 million of Covenant Bank & Trust's assets. The FDIC estimates that the cost to the DIF will be $31.5 million.

No New Failures

As of 8:25 EST there have been no new failures.  The Bank Blog will update as needed if new information arrives.

Number One Fails

New City Bank, the riskiest commercial bank on our current Top 40 list, has failed.  There was no acquirer for the bank. As of December 31, 2011, New City Bank had $71.2 million in total assets and $72.4 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million. New City Bank recently made headlines for a federal indictment against one of its investors and Vice-Chairman, William Beavers, for failing to report and pay income taxes.

First Failure of March

Falling just short of our list, 53rd ranked Global Commerce Bank of Doraville, Georgia, was closed today by state regulators. Metro City Bank (4865th) also based in Doraville, Georgia, has agreed to assume all of the approximately $116.8 million in deposits of the former Global Commerce Bank in addition to $79 million in assets. $116.8 million in total deposits. The FDIC will retain the remaining assets, with a book value of approximately $64.7 million according to Global's most recent filing, for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.9 million.

New Top 40 Bank Fails

New to the rankings at number 18, Central Bank of Georgia of Ellaville, Georgia is our first top 40 bank failure of the new quarter. Similar to most recent failures, Central Bank was a smaller bank with approximately $278.9 million in total assets and $266.6 million in total deposits. Frequent purchaser of failed banks in the area, Ameris Bank (703rd ranked) of Moultrie, Georgia agreed to acquire the assets and deposits of the former Central Bank. The deal with the FDIC included a loss-share transaction on $192.8 million of Central Bank of Georgia's assets. The FDIC estimates that the resulting cost to the Deposit Insurance Fund (DIF) will be $67.5 million.


Home Savings of America of Little Falls, Minnesota also closed today. The formerly OTS regulated bank was not ranked due to differences in the required reporting. "The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America." As a result the approximately $434.1 million in total assets of the bank will be liquidated by the FDIC and the insured deposits will be returned to customers. The FDIC estimates that the cost to the DIF will be $38.8 million.

Feb. 2012 Top 40

Each quarter The Bank Blog releases a new Top 40 ranking based on the most recent data available from various sources. The current version of the list should be viewed as preliminary, however, as technical changes to the data and other refinements often require minor updates.

In a shortened quarter The Bank Blog's continue to highlight the least stable U.S. Banks was well demonstrated. Of the 40 banks listed, 7 failed. Number 1 ranked Greystone Bank also surrendered their license. Of the surviving 32 banks, 27 remain on the updated list. The Bank Blog would like to caution our readers not to infer that those banks leaving the list are now safe. All five of those banks continue to rank among the weakest 2% of banks. 

Returning banks are listed in bold and newly failed banks are listed in italics.

1. NEW CITY BANK of CHICAGO IL
2. PISGAH COMMUNITY BANK of ASHEVILLE, NC
3. SECURITY BANK, N.A. of NORTH LAUDERDALE, FL
4. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
5. PREMIER BANK of WILMETTE IL
6. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
7. BANK OF LAS VEGAS of LAS VEGAS, NV
8. U.S. CENTURY BANK of MIAMI FL
9. TRUMAN BANK of SAINT LOUIS MO
10. SUNRISE BANK of VALDOSTA, GA
11. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
12. MONTGOMERY BANK & TRUST of AILEY, GA
13. THE PATTERSON BANK of PATTERSON, GA 
14. PALM DESERT NATIONAL BANK of PALM DESERT, CA
15. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
16. DUPAGE NATIONAL BANK of WEST CHICAGO
17. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
18. CENTRAL BANK OF GEORGIA of ELLAVILLE, GA
19. EUROBANK of CORAL GABLES, FL
20. FARMERS & TRADERS STATE BANK of SHABBONA, IL
21. GEORGIA TRUST BANK of BUFORD, GA
22. OPTIMUMBANK of PLANTATION, FL
23. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
24. FIRST CAPITAL BANK of GUTHRIE, OK 
25. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
26. HARVEST BANK OF MARYLAND of ROCKVILLE, MD
27. ROCKY MOUNTAIN BANK of WILSON, WY
28. BANK OF NAPLES of NAPLES, FL
29. THE LEADERS BANK of OAK BROOK, IL
30. GULFSOUTH PRIVATE BANK of DESTIN, FL
31. FRONTIER BANK of LA GRANGE, GA
32. AMERICAN ENTERPRISE BANK of BUFFALO GROVE IL
33. COMMUNITY SOUTH BANK of PARSONS, TN
34. CENTRAL ARIZONA BANK of SCOTTSDALE, AZ
35. TRANSCAPITAL BANK of SUNRISE, FL
36. HOMETOWN NATIONAL BANK of LONGVIEW WA
37. PUTNAM STATE BANK of PALATKA, FL
38. FIDELITY BANK of FLORIDA, N.A. of MERRITT ISLAND, FL
39. IDAHO BANKING COMPANY of BOISE ID
40. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL

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Two Heartland Banks Fail (originally posted Feb. 10th)

108th-ranked Charter National Bank and Trust of Hoffman Estates, Illinois failed this week and was taken over by Barrington Bank & Trust Company, National Association (2073rd) of Barrington, Illinois. Barrington Bank assumed all of the approximately $89.5 million in total deposits and acquired $93.9 million in total assets and. They also entered into a loss-share transaction with the FDIC on $72.1 million of the former Charter National Bank and Trust's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million.

Formerly OTS regulated and un-ranked SCB Bank of Shelbyville, Indiana also closed today. The approximately $182.6 million in total assets and $171.6 million in total deposits were assumed by First Merchants Bank National Association of Muncie, Indiana.  First Merchant's, a stable 3981st on our rankings, has not previously acquired any failed banks. The FDIC estimates that the cost to the DIF  will be $33.9 million.

No New Failures

As of 7:10 est, there have been no new bank failures.  The Bank Blog will be updated throughout the evening should new information come out.

Three More Top 40 Failures This Week

Third-ranked First Guaranty Bank and Trust Company of Jacksonville, Florida, was closed today by regulators and acquired by CenterState Bank of Florida, National Association of Winter Haven, Florida. As of the most recent listing, CenterState Bank ranked a moderate 1717th on the list of most problematic banks. CenterState Bank has acquired six failed institutions since 2009. With this acquisition, they have added approximately $377.9 million in total assets and $349.5 million in total deposits. CenterState Bank of Florida, National Association also  entered into a loss-share transaction on $292.9 million of First Guaranty Bank and Trust Company of Jacksonville's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $82.0 million.

Fourteenth-ranked Tennessee Commerce Bank of Franklin, Tennessee was also closed today.  This was the first of two failures of a Tennessee based bank today and also the first since 2002. Republic Bank & Trust Company of Louisville has agreed to assume the approximately $1.156 billion in deposits of the failed bank. In a first acquisition of its kind for Republic, they agreed to purchase only $203.9 million of the failed bank's approximately $1.185 billion in total assets. As a result, the FDIC estimates that the cost to the DIF to be a hefty $416.8 million. Republic Bank and Trust ranks among the most solid banks on our list at 6111th, in the top 10% in terms of their stable financials.

38th ranked Patriot Bank Minnesota of Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce. First Resource Bank (6707th) of Savage, Minnesota, has agreed to assume the approximately $111.3 million in total assets and $108.3 million in total deposits of Patriot Bank Minnesota. First Resource Bank and the FDIC entered into a loss-share transaction on $79.4 million of Patriot Bank Minnesota's assets. The FDIC estimates that the cost to the DIF will be $32.6 million


Just out of the Top 40, at 47th, BankEast of Knoxville, Tennessee, was closed today by the Tennessee Department of Financial Institutions. U.S. Bank National Association (836th) of Cincinnati, Ohio has agreed to acquire the approximately $272.6 million in total assets and $268.8 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $75.6 million.

A Return to Bank Failures

After an unexpectedly long pause in bank closings, this week bring with it the first three shutdowns of the new year.

Sixth ranked Central Florida State Bank of Belleview, Florida, was the first bank to close in 2012. The bank's assets and deposits were assumed by CenterState Bank of Florida, National Association, of Winter Haven, Florida. This is the fifth such acquisition for CenterState who are currently ranked as the 1717th most risky bank on our list. As of the most recently available accounting, Central Florida State Bank had approximately $79.1 million in total assets and $77.7 million in total deposits. Of these assets, the FDIC and CenterState Bank of Florida , National Association entered into a loss-share transaction on $53.6 million of Central Florida State Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.4 million.

13th ranked The First State Bank of Stockbridge, Georgia, also failed this week. The former bank's approximately $536.9 million in total assets and $527.5 million in total deposits were taken over Hamilton State Bank of Hoschton, Georgia. This is the third acquisition for CenterState who are currently ranked as the 2278th most risky bank on our list. The FDIC and Hamilton State Bank entered into a loss-share transaction on $419.5 million of The First State Bank's assets. The FDIC estimates that the cost to the DIF will be $216.2 million.

American Eagle Savings Bank of Boothwyn, Pennsylvania, was also closed today by the Office of the Comptroller of the Currency. The small savings bank, with approximately $19.6 million in total assets and $17.7 million in total deposits was taken over by Capital Bank, National Association of Rockville, Maryland. This is the second acquisition for Capital Bank who currently rank as the 2111th most risky bank on our list. The FDIC estimates that the costs to the DIF will be $3.2 million.

No New Failures

As of 6:25 pm est there have been no new failures.  The Bank Blog will be updated should new information come in.

A Stable Period for Banks?

Another week has passed with no failures. While much of this may be attributed to the holiday season, there have been only two regulatory shutdowns since Thanksgiving.  That compares to 10 and 17 during the comparable period in 2010 and 2009 respectively.  Whether this means an end to the high pace of shutdowns remains to be seen.  In the most recent Quarterly Banking Profile, 844 banks remained on the undisclosed list of "problem institutions." This is off only slightly from the 860 banks listed at the same time last year. Are the problems more minor? Are they getting more attention and repairs or are the regulators more willing to wait it out?  We will let our readers decide that for themselves.