The final week of July brought with it the demise of 5 more small banks. This brings the monthly total to 22, including 7 of the newest Top 25, one of the worst months for closures in recent years. Florida, Georgia, and the Pacific Northwest were all hit again this week:
At 19th on the list (29th overall) Northwest Bank & Trust of Acworth, GA closed this week. It had approximately $167.7 million in total assets and $159.4 million in total deposits was closed. State Bank and Trust Company of Macon, Georgia (5286th) has agreed to assume all deposits, excluding certain brokered deposits.
At 56th, Coastal Community Bank of Panama City Beach, FL closed with approximately $372.9 million in total assets and $363.2 million in total deposits. Centennial Bank of Conway, AR (4158th) has agreed to assume all deposits. Centennial also acquired the deposits of Bayside Savings Bank of Port Saint Joe, FL (not ranked) this week.
At 79th, The Cowlitz Bank of Longview, WA, closed with approximately $529.3 million in total assets and $513.9 million in total deposits. Heritage Bank of Olympia, WA (4413th) has agreed to assume all deposits, excluding certain brokered deposits.
At 92nd, LibertyBank of Eugene, OR with approximately $768.2 million in total assets and $718.5 million in total deposits was closed. Home Federal Bank of Nampa, ID (not ranked) has agreed to assume all deposits.
Friday, July 30, 2010
Friday, July 23, 2010
Another Bad Week for Small Banks
Just one week after 6 small banks were closed, another 7 were shut down by regulators. None of these banks were larger than $1 billion in total assets and show just how hard hit these community oriented banks have become as the economy continues to struggle. The outcomes for these banks was no surprise, however. 4 of the 7 banks were Top 25 on the updated list. In the last month, 6 of the newest Top 25 have failed. This week's closures include:
1. At 6th on the current list (12th overall), Crescent Bank and Trust Company of Jasper, GA with approximately $1.01 billion in total assets and $965.7 million in total deposits was closed. The Renasant Bank of Tupelo, MS (4871st) has agreed to assume nearly all deposits.
2. At 18th on the current list (28th overall), Community Security Bank of New Prague, MN closed this week. It had approximately $108.0 million in total assets and $99.7 million in total deposits. Roundbank of Waseca, MN (4221st) has agreed to assume all deposits.
3. At 20th on the current list (30th overall), Williamsburg First National Bank of Kingstree, SC also closed this week with approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company, Inc. of Columbia, SC (1053rd) has agreed to assume nearly all deposits.
4. At 22nd on the current list (32nd overall), Sterling Bank of Lantana, FL with approximately $407.9 million in total assets and $372.4 million in total deposits was closed. IBERIABANK of Lafayette, LA (764th) has agreed to assume nearly all deposits.
5. At 96th overall, Thunder Bank of Sylvan Grove, KS also closed this week. Thunder had approximately $32.6 million in total assets and $28.5 million in total deposits. The Bennington State Bank of Salina, KS (3889th) has agreed to assume nearly all deposits.
6. At 99th overall, SouthwestUSA Bank of Las Vegas, NV closed with approximately $214.0 million in total assets and $186.7 million in total deposits. Plaza Bank of Irvine, CA (4019th) has agreed to assume nearly all deposits.
7. At 262nd overall, Home Valley Bank of Cave Junction, OR with approximately $251.80 million in total assets and $229.6 million in total deposits was closed. South Valley Bank & Trust of Klamath Falls, OR (377th) has agreed to assume all deposits. Home Valley is the lowest (hence, least likely) bank on the list to fail to date. The probability for this bank was slightly under 10%.
1. At 6th on the current list (12th overall), Crescent Bank and Trust Company of Jasper, GA with approximately $1.01 billion in total assets and $965.7 million in total deposits was closed. The Renasant Bank of Tupelo, MS (4871st) has agreed to assume nearly all deposits.
2. At 18th on the current list (28th overall), Community Security Bank of New Prague, MN closed this week. It had approximately $108.0 million in total assets and $99.7 million in total deposits. Roundbank of Waseca, MN (4221st) has agreed to assume all deposits.
3. At 20th on the current list (30th overall), Williamsburg First National Bank of Kingstree, SC also closed this week with approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company, Inc. of Columbia, SC (1053rd) has agreed to assume nearly all deposits.
4. At 22nd on the current list (32nd overall), Sterling Bank of Lantana, FL with approximately $407.9 million in total assets and $372.4 million in total deposits was closed. IBERIABANK of Lafayette, LA (764th) has agreed to assume nearly all deposits.
5. At 96th overall, Thunder Bank of Sylvan Grove, KS also closed this week. Thunder had approximately $32.6 million in total assets and $28.5 million in total deposits. The Bennington State Bank of Salina, KS (3889th) has agreed to assume nearly all deposits.
6. At 99th overall, SouthwestUSA Bank of Las Vegas, NV closed with approximately $214.0 million in total assets and $186.7 million in total deposits. Plaza Bank of Irvine, CA (4019th) has agreed to assume nearly all deposits.
7. At 262nd overall, Home Valley Bank of Cave Junction, OR with approximately $251.80 million in total assets and $229.6 million in total deposits was closed. South Valley Bank & Trust of Klamath Falls, OR (377th) has agreed to assume all deposits. Home Valley is the lowest (hence, least likely) bank on the list to fail to date. The probability for this bank was slightly under 10%.
Friday, July 16, 2010
A Big Week for Bad Banks
In one of the busiest weeks this year, 6 banks were closed today and all 3 Florida based banks were acquired by the same firm.
At number 10 on the current list (17th overall) was Metro Bank of Dade County of Miami, FL. It closed today with approximately $442.3 million in total assets and $391.3 million in total deposits.
At 43rd overall, First National Bank of the South of Spartanburg, SC closed today. It had approximately $682.0 million in total assets and $610.1 million in total deposits.
A new bank, NAFH National Bank of Miami, FL has agreed to acquire nearly all the deposits of both banks. NAFH also announced recently that it is investing in another under-capitalized bank, TIB Bank of Naples, FL which ranks at 239th on the list.
Several OTS regulated (and un-ranked) banks were also among this week's closures:
1. Mainstreet Savings Bank, FSB of Hastings, MI closed with approximately $97.4 million in total assets and $63.7 million in total deposits. Commercial Bank (838th) of Alma, MI has agreed to assume all deposits
2. Olde Cypress Community Bank of Clewiston, FL closed with approximately $168.7 million in total assets and $162.4 million in total deposits. CenterState Bank of Florida, National Association (3489th) of Winter Haven, FL has agreed to assume all deposits, excluding certain brokered deposits.
3. Turnberry Bank of Aventura, FL with approximately $263.9 million in total assets and $196.9 million in total deposits was closed. NAFH National Bank has agreed to assume all deposits as well.
4. Woodlands Bank of Bluffton, SC with approximately $376.2 million in total assets and $355.3 million in total deposits was closed. Bank of the Ozarks (3233rd) of Little Rock, AR has agreed to assume all deposits, excluding certain brokered deposits.
At number 10 on the current list (17th overall) was Metro Bank of Dade County of Miami, FL. It closed today with approximately $442.3 million in total assets and $391.3 million in total deposits.
At 43rd overall, First National Bank of the South of Spartanburg, SC closed today. It had approximately $682.0 million in total assets and $610.1 million in total deposits.
A new bank, NAFH National Bank of Miami, FL has agreed to acquire nearly all the deposits of both banks. NAFH also announced recently that it is investing in another under-capitalized bank, TIB Bank of Naples, FL which ranks at 239th on the list.
Several OTS regulated (and un-ranked) banks were also among this week's closures:
1. Mainstreet Savings Bank, FSB of Hastings, MI closed with approximately $97.4 million in total assets and $63.7 million in total deposits. Commercial Bank (838th) of Alma, MI has agreed to assume all deposits
2. Olde Cypress Community Bank of Clewiston, FL closed with approximately $168.7 million in total assets and $162.4 million in total deposits. CenterState Bank of Florida, National Association (3489th) of Winter Haven, FL has agreed to assume all deposits, excluding certain brokered deposits.
3. Turnberry Bank of Aventura, FL with approximately $263.9 million in total assets and $196.9 million in total deposits was closed. NAFH National Bank has agreed to assume all deposits as well.
4. Woodlands Bank of Bluffton, SC with approximately $376.2 million in total assets and $355.3 million in total deposits was closed. Bank of the Ozarks (3233rd) of Little Rock, AR has agreed to assume all deposits, excluding certain brokered deposits.
Friday, July 9, 2010
Ideal Federal Is Less Than Ideal
Ideal Federal Savings Bank of Baltimore, MD failed this week. It had approximately $6.3 million in total assets and $5.8 million in total deposits. Unfortunately, Ideal could not be ranked as it is an OTS regulated thrift and their database was not available for study.
Bay National Bank also of Baltimore, MD was closed as well. Bay ranked as the 37th most likely bank to fail, making it's probability of doing so quite high. Interestingly, with 36th ranked Nevada Security already failed along with 10 others above it, Bay National Bank would have been the 26th on the recently updated list.
Bay had approximately $282.2 million in total assets and $276.1 million in total deposits. Similarly named, Bay Bank, FSB of Lutherville, MD assumed all of the deposits of Bay National Bank. The similar name appears to be no coincidence, however. The OTS only just approved the new Bay Bank today. The new holding institution is called Jefferson Bancorp in Washington. As such there is no rating available for depositors of this "new" bank.
Added:
Two additional banks were closed later in the evening.
USA Bank of Port Chester, NY (15th on updated list, 24th overall) was closed. USA had approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank) of Phoenixville, PA, to assume all of the deposits of USA Bank. New Century Bank is a stable 2356th on the list.
Home National Bank of Blackwell, OK (130th overall) was also closed. Scoring in the top 2% of banks in terms of instability this closure does not come as a surprise. But it does edge out Granite Community Bank of Granite Bay, Ca. (128th) as the least likely in our model at 24.8%. Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank (4614th) of Claremore, OK has agreed to assume all deposits.
Bay National Bank also of Baltimore, MD was closed as well. Bay ranked as the 37th most likely bank to fail, making it's probability of doing so quite high. Interestingly, with 36th ranked Nevada Security already failed along with 10 others above it, Bay National Bank would have been the 26th on the recently updated list.
Bay had approximately $282.2 million in total assets and $276.1 million in total deposits. Similarly named, Bay Bank, FSB of Lutherville, MD assumed all of the deposits of Bay National Bank. The similar name appears to be no coincidence, however. The OTS only just approved the new Bay Bank today. The new holding institution is called Jefferson Bancorp in Washington. As such there is no rating available for depositors of this "new" bank.
Added:
Two additional banks were closed later in the evening.
USA Bank of Port Chester, NY (15th on updated list, 24th overall) was closed. USA had approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank) of Phoenixville, PA, to assume all of the deposits of USA Bank. New Century Bank is a stable 2356th on the list.
Home National Bank of Blackwell, OK (130th overall) was also closed. Scoring in the top 2% of banks in terms of instability this closure does not come as a surprise. But it does edge out Granite Community Bank of Granite Bay, Ca. (128th) as the least likely in our model at 24.8%. Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank (4614th) of Claremore, OK has agreed to assume all deposits.
Friday, June 25, 2010
3 community banks failed this week
Number 11, Peninsula Bank of Englewood, FL was closed. Premier American Bank (a sound 6061st on the list) of Miami, FL has agreed to assume all deposits excluding certain brokered deposits.
Number 14, High Desert State Bank of Albuquerque, NM closed. First American Bank (2014th) of Artesia, NM, agreed to assume all deposits.
Number 58 (not listed), First National Bank of Savannah, GA closed. Savannah Bank, National Association of Savannah (3843rd), GA has agreed to assume all deposits, excluding certain brokered deposits.
Since the start of this list one month ago, 9 of the top 25 banks have failed. Enough that it seemed time to fill the list back out to 25, still, surviving banks:
1. PISGAH COMMUNITY BANK ASHEVILLE NC
2. MICHIGAN COMMERCE BANK ANN ARBOR MI
3. CENTRAL PACIFIC BANK HONOLULU HI
4. SOUTHERN COMMERCE BANK TAMPA FL
5. SUNBANK, NATIONAL ASSOCIATION PHOENIX AZ
6. CRESCENT BANK AND TRUST COMPANY JASPER GA
7. SHOREBANK CHICAGO IL
8. PREMIER BANK JEFFERSON CITY MO
9. SUNRISE BANK OF ARIZONA PHOENIX AZ
10. METROBANK OF DADE COUNTY MIAMI FL
11. RAVENSWOOD BANK CHICAGO IL
12. FIRST SOUND BANK SEATTLE WA
13. BLUE RIDGE SAVINGS BANK, INC ASHEVILLE NC
14. MCINTOSH STATE BANK JACKSON GA
15. USA BANK PORTCHESTER NY
16. HAVEN TRUST BANK FLORIDA PONTE VEDRA BEACH FL
17. ALL AMERICAN BANK of DES PLAINES, IL
18. COMMUNITY SECURITY BANK of NEW PRAGUE, MN
19. NORTHWEST BANK & TRUST of ACWORTH, GA
20. WILLIAMSBURG FIRST NATIONAL BANK of KINGSTREE, SC
21. COMMUNITY NATIONAL BANK AT BARTOW of BARTOW, FL
22. STERLING BANK of LANTANA, FL
23. MIDWEST COMMUNITY BANK of PLAINVILLE, KS
24. WESTBRIDGE BANK & TRUST COMPANY of CHESTERFIELD, MO
25. NORTH COUNTY BANK of ARLINGTON, WA
Number 14, High Desert State Bank of Albuquerque, NM closed. First American Bank (2014th) of Artesia, NM, agreed to assume all deposits.
Number 58 (not listed), First National Bank of Savannah, GA closed. Savannah Bank, National Association of Savannah (3843rd), GA has agreed to assume all deposits, excluding certain brokered deposits.
Since the start of this list one month ago, 9 of the top 25 banks have failed. Enough that it seemed time to fill the list back out to 25, still, surviving banks:
1. PISGAH COMMUNITY BANK ASHEVILLE NC
2. MICHIGAN COMMERCE BANK ANN ARBOR MI
3. CENTRAL PACIFIC BANK HONOLULU HI
4. SOUTHERN COMMERCE BANK TAMPA FL
5. SUNBANK, NATIONAL ASSOCIATION PHOENIX AZ
6. CRESCENT BANK AND TRUST COMPANY JASPER GA
7. SHOREBANK CHICAGO IL
8. PREMIER BANK JEFFERSON CITY MO
9. SUNRISE BANK OF ARIZONA PHOENIX AZ
10. METROBANK OF DADE COUNTY MIAMI FL
11. RAVENSWOOD BANK CHICAGO IL
12. FIRST SOUND BANK SEATTLE WA
13. BLUE RIDGE SAVINGS BANK, INC ASHEVILLE NC
14. MCINTOSH STATE BANK JACKSON GA
15. USA BANK PORTCHESTER NY
16. HAVEN TRUST BANK FLORIDA PONTE VEDRA BEACH FL
17. ALL AMERICAN BANK of DES PLAINES, IL
18. COMMUNITY SECURITY BANK of NEW PRAGUE, MN
19. NORTHWEST BANK & TRUST of ACWORTH, GA
20. WILLIAMSBURG FIRST NATIONAL BANK of KINGSTREE, SC
21. COMMUNITY NATIONAL BANK AT BARTOW of BARTOW, FL
22. STERLING BANK of LANTANA, FL
23. MIDWEST COMMUNITY BANK of PLAINVILLE, KS
24. WESTBRIDGE BANK & TRUST COMPANY of CHESTERFIELD, MO
25. NORTH COUNTY BANK of ARLINGTON, WA
Friday, June 18, 2010
Not So Secure
This week's casualty was one of the many Nevada based banks that has been having difficulties. Nevada Security Bank of Reno, Nevada (also known as Silverado Bank of Roseville, CA) was closed today. Nevada Security was 36th on the list, just out of the top 25 so you will have to take my word for it. According to the model, they had about a coin flip's chance of survival with ongoing losses and low equity capital. Even in Reno, one should not have taken that bet. This is the 3rd Nevada based bank to fail this year and the 8th since September of 2008.
Friday, June 11, 2010
Washington First is Washington's 7th!
Today, Washington First International Bank of Seattle, Washington became the state's 7th bank to be closed this year. Washington First has approximately $521 million in assets and placed 21st on the list. Washington First has been faced with continuing losses and has drawn the scrutiny of the regulators previously. It is the 10th bank measured to be closed since the blog began on May 23rd and the 7th in the top 25.
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