Failure Comes to Fourteenth Ranked Bank

Premier Bank of Denver, Colorado, was closed on Friday by the Colorado Division of Banking, The two branch bank was acquired by United Fidelity Bank of Evansville, Indiana, to assume all of the deposits of Premier Bank. As of March 31, 2015, Premier Bank had approximately $31.7 million in total assets and $29.6 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.4 million.

Number Nineteen Fails

In only the fifth bank failure in as many months this year, Edgebrook Bank of Chicago, Illinois, was closed today by state regulators. The nineteenth-ranked bank was effectively acquired by Republic Bank of Chicago based in Oak Brook, Illinois. Edgebrook Bank had approximately $90.0 million in total deposits at the time of the failure. Republic Bank of Chicago agreed to purchase approximately $79.7 million of the failed bank's approximately $90.0 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.8 million.

The Winter/Spring Top 50

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. The Winter/Spring list is based on the annual data provided by banks to the FDIC.

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

1. SOUTH CAROLINA COMMUNITY BANK of COLUMBIA, SC
2. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
3. LAFAYETTE STATE BANK of  MAYO, FL
4. CITY NATIONAL BANK OF NEW JERSEY of NEWARK, NJ
5 HOMETOWN NATIONAL BANK of LONGVIEW, WA
6. CECIL BANK of ELKTON, MD 
7. EASTERN SAVINGS BANK of HUNT VALLEY, MD 
8. STATE BANK OF HERSCHER of HERSCHER, IL 
9. GWINNETT COMMUNITY BANK of DULUTH, GA 
10. CORNERSTONEBANK of ATLANTA, GA 
11. FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA 
12. GUARANTY BANK of GLENDALE, WI
13. NORTH MILWAUKEE STATE BANK of MILWAUKEE, WI
14. PREMIER BANK of DENVER, CO
15. HARVARD SAVINGS BANK of HARVARD, IL
16. WINFIELD COMMUNITY BANK of WINFIELD, IL
17. THE PEOPLES BANK of COVINGTON, GA
18. EASTSIDE COMMERCIAL BANK, NA
19. EDGEBROOK BANK of CHICAGO, IL
20. FIRST SOUTHERN BANK of PATTERSON, GA
21. AMERICAN PATRIOT BANK of GREENEVILLE, TN
22. ENTERPRISE BANK OF SOUTH CAROLINA of EHRHARDT, SC
23. THE BANK OF PERRY, of PERRY, GA
24. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
25. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
26. THE HERITAGE BANK of HINESVILLE, GA
27. ILLINOIS-SERVICE FEDERAL SAVINGS AND LOAN of CHICAGO, IL
28. LIBERTY FEDERAL SAVINGS BANK of ENID, OK
29. STATE CENTRAL BANK of BONAPARTE, IA
30. THE ELKHART STATE BANK of ELKHART, TX
31. PROFICIO BANK of COTTONWOOD HEIGHTS, UT
32. PNA BANK of CHICAGO, IL
33. COMMERCE BANK OF ARIZONA, INC. of TUCSON, AZ
34. HIGH DESERT BANK BEND OR
35. FARMERS & MERCHANTS BANK of LAKELAND, GA
36. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL 
37. PINNACLE BANK of ORANGE CITY, FL
38. FIRST SOUTH BANK of SPARTANBURG, SC
39. NORTHWEST GEORGIA BANK of RINGGOLD, GA
40. THE FIRST STATE BANK of BARBOURSVILLE, WV
41. WESTSIDE BANK of HIRAM, GA
42. HORRY COUNTY STATE BANK of LORIS, SC
43. AMERICAN METRO BANK of CHICAGO, IL
44. PBI BANK of LOUISVILLE, KY
45. ALLIANCE BANK & TRUST COMPANY of GASTONIA, NC
46. NORTHSIDE BANK of ADAIRSVILLE, GA
47. HARVEST COMMUNITY BANK of PENNSVILLE, NJ
48. F & M BANK AND TRUST COMPANY of MANCHESTER, GA
49. SUNSOUTH BANK of DOTHAN, AL
50. CERTUSBANK, NATIONAL ASSOCIATION of EASLEY, SC

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Banking Giant Doral Bank Fails

While not in the league of a Wells Fargo or a J.P. Morgan Chase, Doral Bank of San Juan, Puerto Rico, is one of the largest banks to have been shut down in the 21st century. 23rd on the Bank Blog rankings, Doral Bank was closed today by the Office of the Commissioner of Financial Institutions of Puerto Rico. Doral is so large that no one bank could accommodate could acquire all of the assets and/or deposits. Banco Popular de Puerto Rico, of Hato Rey, Puerto Rico, has agreed to acquire the banking operations, including all the deposits, of Doral Bank.

However, Banco Popular will operate only eight of Doral Bank's 26 former branches. FirstBank Puerto Rico of Santurce, Puerto Rico, will operate and assume the deposits of 10 other branches in Puerto Rico. Banco Popular's affiliated bank, Banco Popular North America, will operate all three locations in New York City. Centennial Bank of Conway, Ark., will operate and assume the deposits of Doral Bank's five branches in the panhandle area of Florida.

In all Doral Bank had approximately $5.9 billion in total assets and $4.1 billion in total deposits as of their most recent regulatory filing. Banco Popular will purchase $3.25 billion of Doral Bank's assets. The FDIC entered into two separate agreements to sell $1.3 billion of Doral Bank's assets to other parties. Those sales are expected to close in 30 days. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $748.9 million.

A Note So Capital Idea

The 20th riskiest bank on our most recent list, Capitol City Bank & Trust Company of Atlanta, Georgia, was closed today by state regulators. As of December 31, 2014, the bank had approximately $272.3 million in total assets and $262.7 million in total deposits. Essentially all of both the assets and deposits were acquired by First-Citizens Bank & Trust Company (650th) of  Raleigh, North Carolina. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $88.9 million.

Second Failure of the Year

At thirty-third on the list, Highland Community Bank of Chicago, Illinois, was closed last week the State of Illinois' Department of Financial & Professional Regulation—Division of Banking. United Fidelity Bank, fsb, (5216th on the list) of Evansville, Indiana has agreed to assume all the of the $53.5 million in total deposits and $54.7 million in total assets of the former Highland Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.

First Failure of the New Year

It took two full weeks before the first bank foreclosure of the new year. 59th-ranked First National Bank of Crestview based in Crestview, Florida, was closed by the OCC today.   First NBC Bank (1226th), of New Orleans, Louisiana, has agreed to assume all of the approximately $78.6 million in total deposits of First National Bank of Crestview. However, it will only acquire approximately approximately $62.0 million of the failed bank's $79.7 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.4 million.