Northern Star Goes Nova

Northern Star Bank of Mankato, Minnesota is no longer shining as it was closed today by the Minnesota Department of Commerce today. The 74th-ranked bank on the list had only $18.8 million in total assets and $18.2 million in total deposits at the time it failed.  BankVista (1498th) of Sartell, Minnesota has agreed to assume all of the deposits and purchase all of the assets of the former Northern Star Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a relatively steeo $5.9 million.

El Paseo Bank Passes On To The AfterLife

Twenty-fourthed ranked Frontier Bank, FSB or Palm Desert, California was closed today by the state regulators. Doing business as El Paseo Bank the approximately $86.4 million in total assets and $82.1 million in total deposits found itself acquired by Bank of Southern California, N.A. (4413th) based in San Diego, California. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.7 million.

Top Bank Fails

The number one bank on the most recent list, National Republic Bank of Chicago of Chicago, Illinois, was closed today by state regulators. Much larger than other recent bank failures, the National Republic Bank of Chicago had approximately $954.4 million in total assets and $915.3 million in total deposits. State Bank of Texas (6488th) based in Dallas, has agreed to assume all of deposits as well as having agreed to purchase approximately $626.1 million of the failed bank's assets. The FDIC will retain the remaining assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $111.6 million.

The Sun Sets on Rising Sun, Maryland Bank

The rate of bank failure is down significantly in 2014. This does not mean all banks are safe however, as evidenced by eighteenth-ranked NBRS Financial of Rising Sun, Maryland being closed by state regulators. NBRS Financial had approximately $188.2 million in total assets and $183.1 million in total deposits as of its most recent regulatory filing. Howard Bank, 1840th on our list, of Ellicott City, Maryland, has agreed to purchase essentially all of the assets and to assume all of the deposits of NBRS Financial. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.3 million.

The Summer/Fall Top 50

The Bank Blog is making some changes to our rankings. We will now be posting a new Top 50 (yes, 10 more firms than before) semi-annually. The Summer/Fall list will be based on data provided by banks for the first half of the year while the Winter/Spring ranking will include the most recent year's worth of data.

As before the firms on this list represent the most distressed of the regulated, deposit taking banks in the United States. We would also like to caution our readers not to infer that currently listed banks or those leaving the list are now safe. While the overall likelihood of failure has fallen, distressed banks may not prove to be the best banking partners.

Only returning banks from the prior list are listed in bold and newly failed banks are listed in italics. 



1. THE NATIONAL REPUBLIC BANK OF CHICAGO of CHICAGO, IL  
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD  
3. AMERICAN METRO BANK of CHICAGO, IL3.
4. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
5. THE PEOPLES BANK of COVINGTON, GA
6. CECIL BANK of ELKTON, MD 7. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
8. CITY NATIONAL BANK OF NEW JERSEY of NEWARK, NJ
9. FIRST SOUTHERN BANK of PATTERSON, GA
10. CORNERSTONEBANK of ATLANTA, GA 
11. SOUTH CAROLINA COMMUNITY BANK of COLUMBIA, SC
12. ENTERPRISE BANK OF SOUTH CAROLINA of EHRHARDT, SC
13. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
14. ADVANTAGE BANK of LOVELAND, CO 

15. EDGEBROOK BANK of CHICAGO, IL
16. EASTSIDE COMMERCIAL BANK, NA
17. STATE BANK OF HERSCHER of HERSCHER, IL  
18. NBRS FINANCIAL BANK of RISING SUN, MD
19. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
20. CAPITOL CITY BANK & TRUST COMPANY of ATLANTA, GA 
21. GUARANTY BANK of BROWN DEER, WI
22. GWINNETT COMMUNITY BANK of DULUTH, GA
23. DORAL BANK of SAN JUAN, PR
24. FRONTIER BANK, FSB doing business as EL PASEO BANK in PALM DESERT, CA
25. THE BANK OF PERRY, of PERRY, GA
26. GEORGIA PRIMARY BANK of ATLANTA, GA
27. NORTH MILWAUKEE STATE BANK of MILWAUKEE, WI
28. PAN AMERICAN BANK LOS ANGELES, CA
29. PREMIER BANK of DENVER, CO
30. THE FIRST STATE BANK of BARBOURSVILLE, WV
31. THE HERITAGE BANK of HINESVILLE, GA
32. CITIZENS STATE BANK KINGSLAND, GA
33. HIGHLAND COMMUNITY BANK of CHICAGO, IL
34. AMERICAN BANK OF BAXTER SPRINGS in BAXTER SPRINGS, KS
35. PINNACLE BANK of ORANGE CITY, FL
36. COMMERCE BANK OF ARIZONA, INC. of TUCSON, AZ
37. IDAHO BANKING COMPANY of BOISE, ID
38. SUNSOUTH BANK of DOTHAN, AL
39. AMERICAN PATRIOT BANK of GREENEVILLE, TN
40. FIRST SOUTH BANK of SPARTANBURG, SC
41. STATE CENTRAL BANK of BONAPARTE, IA
42. FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA
43. PNA BANK of CHICAGO, IL
44. NORTHWEST GEORGIA BANK of RINGGOLD, GA
45. F & M BANK AND TRUST COMPANY of MANCHESTER, GA
46. FARMERS & MERCHANTS BANK of LAKELAND, GA
47. SECURANT BANK & TRUST of MILWAUKEE, WI
48. LIBERTY FEDERAL SAVINGS BANK of ENID, OK
49. HORRY COUNTY STATE BANK of LORIS, SC
50. THE LEADERS BANK, of OAK BROOK, IL



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.

Another Top 40 Failure

Today, thirty-third ranked GreenChoice Bank, fsb of Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency. The three-branch bank had approximately $72.9 million in total assets and $71.0 million in total deposits. Providence Bank, LLC of South Holland, Illinois has agreed to assume all of the deposits of the failed bank and has agreed to purchase approximately $67.7 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million.

Another Top 40 Failure

At 19th, Eastside Commercial Bank of Conyers, Georgia was a frequent member of the list and was finally closed today by the Georgia Department of Banking & Finance. Eastside Commercial Bank had two branches and approximately $169.0 million in total assets and $161.6 million in total deposits. Community & Southern Bank of Atlanta, Georgia has agreed to purchase approximately $104.7 million of the failed bank's assets and will assume all deposits. The FDIC also will separately enter into an agreement with State Bank and Trust Company of Macon, Georgia, to purchase $42.6 million of Eastside Commercial Bank's loans while retaining the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million.

Another Bank Set Free

The Freedom State Bank of Freedom, Oklahoma, was closed today by state regulators. The approximately $22.8 million in total assets and $20.9 million in total deposits of the former bank were acquired by Alva State Bank & Trust Company of Alva, Oklahoma. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.

Hidden Valley Banks

Regulators shut down not one "Valley Bank" but two today.

The first, Valley Bank of Moline, Illinois, was closed today by state regulators. $375.4 million of the failed bank's approximately $456.4 million in total assets was purchased by Great Southern Bank of Reeds Spring, Missouri. In addition they assumed about $360.0 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.4 million. 

The other Valley Bank was based in Fort Lauderdale, Florida. It was closed today by state regulators. Landmark Bank, National Association, also from Fort Lauderdale, Florida has agreed to purchase the approximately $81.8 million in total assets and $66.5 million in total deposits of the former bank.
The FDIC estimates that the cost to the DIF at $7.7 million.

Number Eight Bank Fails

Slavie Federal Savings Bank of Bel Air, Maryland, was closed today by state regulators. To protect the depositors, the FDIC entered into a purchase and assumption agreement with, to assume all of the deposits of Slavie Federal Savings Bank. Bay Bank, FSB agreed to purchase approximately $129.9 million of the failed bank's assets. It also assumed $111.1 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.

Another Top 40 Failure

Fourteenth-ranked Columbia Savings Bank of Cincinnati, Ohio, was closed today by state regulators. The approximately $36.5 million in total assets and $29.5 million in total deposits of the former bank were assumed by United Fidelity Bank, fsb of Evansville, Indiana. United Fidelity Bank is ranked a very healthy 5216th on our list. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.3 million.

Last of the Aztecs

Third-ranked, AztecAmerica Bank of Berwyn, Illinois, was closed today by the Illinois state regulators. The former bank had approximately $66.3 million in total assets and $65.0 million in total deposits as of December 31, 2013. In addition to assuming all of the deposits of the failed bank, Republic Bank of Chicago (1642nd) based in Oak Brook, Illinois, has agreed to purchase approximately $58.3 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.0 million.

Surprise Failure

In a surprising turn of events, 644th-ranked Allendale County Bank of Fairfax, South Carolina, was closed on Friday by the South Carolina State Board of Financial Institutions. Allendale County Bank was not without its problems, having struggled to stay profitable for years. It was under a consent order with regulators in 2013 and the victim of of corporate theft by a bank teller in 2012. which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The approximately $54.5 million in total assets of the former bank were acquired by Palmetto State Bank (6197th) of Hampton, South Carolina, to assume all of the deposits of Allendale County Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million.

The Winter Top 40

The Bank Blog has ranks the Top 40 most likely to fail, regulated, deposit taking banks in the United States. We would also like to caution our readers not to infer that currently listed banks or those leaving the list are now safe. While the overall likelihood of failure has fallen, distressed banks may not prove to be the best banking partners.

Only returning banks from the prior list are listed in bold and newly failed banks are listed in italics. 



1. THE NATIONAL REPUBLIC BANK OF CHICAGO of CHICAGO, IL  
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD  
3. AZTECAMERICA BANK of BERWYN, IL 
4. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
5. ENTERPRISE BANK OF SOUTH CAROLINA of EHRHARDT, SC
6. CECIL BANK of ELKTON, MD
7. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
8. SLAVIE FEDERAL SAVINGS BANK of BEL AIR, MD
9. PARK CITIES BANK of DALLAS, TX
10. THE PEOPLES BANK of COVINGTON, GA
11. CITY NATIONAL BANK OF NEW JERSEY of NEWARK, NJ
12. AMERICAN METRO BANK of CHICAGO, IL 
13. THE BANK OF GEORGIA of PEACHTREE CITY, GA
14. THE COLUMBIA SAVINGS BANK of CINCINNATI, OH
15. FIRST SOUTHERN BANK of PATTERSON, GA
16. CAPITOL CITY BANK & TRUST COMPANY of ATLANTA, GA
17. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
18. CORNERSTONEBANK of ATLANTA, GA
19. EASTSIDE COMMERCIAL BANK of CONYERS, GA
20. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
21. SUNRISE BANK OF ALBUQUERQUE of ALBUQUERQUE, NM
22. ADVANTAGE BANK of LOVELAND, CO 

23. GUARANTY BANK of BROWN DEER, WI
24. FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA
25. SECURANT BANK & TRUST of MILWAUKEE, WI
26. STATE BANK OF HERSCHER of HERSCHER, IL  
27. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
28. LEGACY STATE BANK of LOGANVILLE, GA
29. BANK OF EASTMAN of EASTMAN, GA
30. BANK OF LAS VEGAS of LAS VEGAS, NV
31. OPTIMUMBANK of PLANTATION, FL 
32. THE HERITAGE BANK of HINESVILLE, GA 
33. GREENCHOICE BANK, FSB of CICERO, IL 
34. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
35. GWINNETT COMMUNITY BANK of DULUTH, GA
36. PBI BANK of LOUISVILLE, KY
37. FIRST COMMUNITY BANK OF CRAWFORD COUNTY   VAN BUREN, AR
38. HOMETOWN NATIONAL BANK of LONGVIEW, WA
39.  SUPERIOR BANK of HAZELWOOD, MO  
40.  ONE BANK & TRUST, NATIONAL ASSOCIATION of LITTLE ROCK, AR


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.

Time Ran Out for Millennium Bank

Just off the list at 49th, Millennium Bank, National Association of Sterling, Virginia, was closed today by the Office of the Comptroller of the Currency. The approximately $130.3 million in total asset bank was acquired by WashingtonFirst Bank (1018th) of Reston, Virginia. They also assumed $121.7 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be a scant $7.7 million.

Also this week, 146th ranked Vantage Point Bank of Horsham, Pennsylvania, was closed today by state regulators. First Choice Bank (2624th) of Mercerville has acquired the $63.5 million in total assets and $62.5 million in total deposits of the former bank. The FDIC estimates that the cost to the DIF will be $8.5 million.

A Late Failure

Late last Friday, 82nd-ranked Syringa Bank of Boise, Idaho was closed by state regulators. The approximately $153.4 million in total assets and $145.1 million in total deposits bank has been acquired by Sunwest Bank of Irvine, California. The Bank Blog has estimated Syringa Bank's odds of failure within the year at 17.8%. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million. 

Number One Fails

It comes as no surprise that The Bank of Union based in El Reno, Oklahoma was closed Friday by the Oklahoma State Banking Department. This relative newcomer to the Top 40 lists held the top ranking on our list of the nation's riskiest banks. The Bank of Union had approximately $331.4 million in total assets, of which BancFirst (943st) of Oklahoma City, Oklahoma has agreed to purchase approximately $225.5 million. In addition BancFirst will assume all of the approximately $328.8 million in total deposits of the failed bank. This is second bank closing of the year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $70.0 million.

Author's Note: Our apologies for the delay in posting. Weather conditions in the northeast and a new canine have things slowed down.

First Failure of the New Year

In what is expected to be a more stable year in banking going forward, there are nonetheless some that are too risky to continue operating. Today, the twenty-seventh ranked bank on the list, DuPage National Bank of West Chicago, Illinois, was closed by regulators. Republic Bank (1633rd) of Chicago based in Oak Brook, Illinois has acquired the approximately $61.7 million in total assets and $59.6 million in total deposits of the former DuPage National Bank. Costs of the failure were minimal as the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million.