At 5th on the new "Top 40" list for this quarter ShoreBank of Chicago, IL closed after extensive attempts to save the failing bank. ShoreBank has been credited with providing loans to many low income individuals and minority businesses in Chicago's Southside. In most respects a "classic" community bank, JP Morgan, Bank of America, Citigroup and other major banks all have played a role in trying to keep the bank going. ShoreBank had sizable assets of approximately $2.16 billion along with $1.54 billion in total deposits. But they could not escape the pressure of mounting losses and troubled loans.
A new entity, Urban Partnership Bank of Chicago, IL has agreed to assume nearly all deposits. Investors include Goldman Sachs Group Inc., General Electric Co., JPMorgan Chase & Co., Citigroup Inc. and several philanthropic groups, according to news reports.
At 6th on the list, Community National Bank at Bartow, FL closed today. It had approximately $67.9 million in total assets and $63.7 million in total deposits. It had lost $7.8 million in the first half of the year. CenterState Bank of Florida N.A. of Winter Haven, FL (3596th) has agreed to assume all deposits, excluding certain brokered deposits.
Also on the list, 35th ranked Independent National Bank of Ocala, FL closed as well. It had approximately $156.2 million in total assets and $141.9 million in total deposits. Losses for the first half of the year total led $7.2 million. CenterState Bank of Florida N.A.,also agreed to assume the deposits of this bank.
6687th ranked Rabobank, N.A. (6659th) of El Centro, CA also became the acquirer of two failed banks today. 78th ranked Pacific State Bank of Stockton, CA was one. Pacific State had approximately $312.1 million in total assets and $278.8 million in total deposits. The other, 99th ranked Butte Community Bank of Chico, CA had approximately $498.8 million in total assets and $471.3 million in total deposits.
At 178th Sonoma Valley Bank of Sonoma, CA with approximately $337.1 million in total assets and $255.5 million in total deposits was closed. Westamerica Bank (4038) of San Rafael, CA has agreed to assume all deposits.
Un-ranked (OTS regulated banks are not ranked) Imperial Savings and Loan Association of Martinsville, VA closed with approximately $9.4 million in total assets and $10.1 million in total deposits. River Community Bank, N.A of Martinsville, VA has agreed to assume all deposits. River Community Bank is a stable 1599th on the list, although earnings for the first half of the year were essentially flat.
Un-ranked Los Padres Bank of Solvang, CA with approximately $870.4 million in total assets and $770.7 million in total deposits was closed. Pacific Western Bank (1131st) of San Diego, CA has agreed to assume all deposits.
Friday, August 20, 2010
Tuesday, August 17, 2010
The New "Top 25"
The underlying data has been updated and a new, preliminary list is ready. The new "Top 25" is actually a Top 40 based on the number of failures we saw in the last 3 months. Banks that remain on the list (or have returned from an earlier version) are in bold. Banks that have closed are in italics.
1. SUNRISE BANK OF ATLANTA of Atlanta, GA
2. PISGAH COMMUNITY BANK of Asheville, NC
3. SUNRISE BANK OF ARIZONA of Phoenix, AZ
4. BANK OF ELLIJAY of Ellijay, GA
5. SHOREBANK of Chicago, IL
6. COMMUNITY NATIONAL BANK AT BARTOW of Bartow, FL
7. SOUTHERN COMMERCE BANK, NA of Tampa, FL
8. FIRST SOUND BANK of Seattle, WA
9. MICHIGAN COMMERCE BANK of Ann Arbor, MI
10. FIRST BANK OF JACKSONVILLE of Jacksonville, FL
11. HILLCREST BANK of Overland Park, KS
12. SUNBANK, NATIONAL ASSOCIATION of Phoenix, AZ
13. ALL AMERICAN BANK of Des Plaines, IL
14. PREMIER BANK of Jefferson City, MO
15. BANK OF LAS VEGAS of Las Vegas, NV
16. FIRST COMMERCE COMMUNITY BANK of Douglasville, GA
17. TREATY OAK BANK of Austin, TX
18. GULF STATE COMMUNITY BANK of Carrabelle, FL
19. CENTRAL PACIFIC BANK of Honolulu, HI
20. WAKULLA BANK of Crawfordville, FL
21. FIRST BANKING CENTER of Burlington, WI
22. PLANTERSFIRST of Cordele, GA
23. TIFTON BANKING COMPANY of Tifton, GA
24. FIRST COMMUNITY BANK of Taos, NM
25. COPPER STAR BANK of Scottsdale, AZ
26. SHORELINE BANK of Shoreline, WA
27. THE PEOPLES BANK of Winder, GA
28. HAVEN TRUST BANK FLORIDA of Ponte Verda Beach, FL
29. CHARTER OAK BANK of Napa, CA
30. BRAMBLE SAVINGS BANK of Milford, OH
31. GORDON BANK, THE of Gordon, GA
32. FIRST CHOICE COMMUNITY BANK of Dallas, GA
33. PROGRESS BANK OF FLORIDA of Tampa, FL
34. AMERICANA COMMUNITY BANK of Sleepy Eye, MN
35. INDEPENDENT NATIONAL BANK of Ocala, FL
36. HANMI BANK of Los Angeles, CA
37. STATE CENTRAL BANK of Keokuk, IA
38. EVERGREEN STATE BANK of Stoughton, WI
39. BANK MIDWEST, NATIONAL ASSOCIATION of Kansas City, MO
40. THE BANK OF ASHEVILLE of Asheville, NC
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.
1. SUNRISE BANK OF ATLANTA of Atlanta, GA
2. PISGAH COMMUNITY BANK of Asheville, NC
3. SUNRISE BANK OF ARIZONA of Phoenix, AZ
4. BANK OF ELLIJAY of Ellijay, GA
5. SHOREBANK of Chicago, IL
6. COMMUNITY NATIONAL BANK AT BARTOW of Bartow, FL
7. SOUTHERN COMMERCE BANK, NA of Tampa, FL
8. FIRST SOUND BANK of Seattle, WA
9. MICHIGAN COMMERCE BANK of Ann Arbor, MI
10. FIRST BANK OF JACKSONVILLE of Jacksonville, FL
11. HILLCREST BANK of Overland Park, KS
12. SUNBANK, NATIONAL ASSOCIATION of Phoenix, AZ
13. ALL AMERICAN BANK of Des Plaines, IL
14. PREMIER BANK of Jefferson City, MO
15. BANK OF LAS VEGAS of Las Vegas, NV
16. FIRST COMMERCE COMMUNITY BANK of Douglasville, GA
17. TREATY OAK BANK of Austin, TX
18. GULF STATE COMMUNITY BANK of Carrabelle, FL
19. CENTRAL PACIFIC BANK of Honolulu, HI
20. WAKULLA BANK of Crawfordville, FL
21. FIRST BANKING CENTER of Burlington, WI
22. PLANTERSFIRST of Cordele, GA
23. TIFTON BANKING COMPANY of Tifton, GA
24. FIRST COMMUNITY BANK of Taos, NM
25. COPPER STAR BANK of Scottsdale, AZ
26. SHORELINE BANK of Shoreline, WA
27. THE PEOPLES BANK of Winder, GA
28. HAVEN TRUST BANK FLORIDA of Ponte Verda Beach, FL
29. CHARTER OAK BANK of Napa, CA
30. BRAMBLE SAVINGS BANK of Milford, OH
31. GORDON BANK, THE of Gordon, GA
32. FIRST CHOICE COMMUNITY BANK of Dallas, GA
33. PROGRESS BANK OF FLORIDA of Tampa, FL
34. AMERICANA COMMUNITY BANK of Sleepy Eye, MN
35. INDEPENDENT NATIONAL BANK of Ocala, FL
36. HANMI BANK of Los Angeles, CA
37. STATE CENTRAL BANK of Keokuk, IA
38. EVERGREEN STATE BANK of Stoughton, WI
39. BANK MIDWEST, NATIONAL ASSOCIATION of Kansas City, MO
40. THE BANK OF ASHEVILLE of Asheville, NC
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.
Friday, August 13, 2010
The Final Failure of the Quarter
This week marks the 13th week of The Bank Blog. Hopefully, new predictions will be coming sometime during the next week representing the next quarter.
Our final closer was number 55 on the list, Palos Bank and Trust Company of Palos Heights, IL. Palos continues the trend of recent bank failures in small banks, specifically those with assets under $1 billion. As of the end of June, Palos Bank and Trust had total assets of approximately $493.4 million and $467.8 million in total deposits. First Midwest Bank of Itasca, IL (4538th) has agreed to assume all deposits.
So how did we do?
38 banks were seized during the quarter.
31 banks were included in our sample (the other 7 were OTS regulated and not covered). This was .44% of the 7,101 banks in the sample
4 of the Top 5 banks failed.
5 of the Top 10.
13 of the Top 25.
28 of the Top 100.
The worst 1.5% of banks by rankings included over 90% of failures.
The lowest ranked bank to fail was #262 Home Valley Bank.
Our final closer was number 55 on the list, Palos Bank and Trust Company of Palos Heights, IL. Palos continues the trend of recent bank failures in small banks, specifically those with assets under $1 billion. As of the end of June, Palos Bank and Trust had total assets of approximately $493.4 million and $467.8 million in total deposits. First Midwest Bank of Itasca, IL (4538th) has agreed to assume all deposits.
So how did we do?
38 banks were seized during the quarter.
31 banks were included in our sample (the other 7 were OTS regulated and not covered). This was .44% of the 7,101 banks in the sample
4 of the Top 5 banks failed.
5 of the Top 10.
13 of the Top 25.
28 of the Top 100.
The worst 1.5% of banks by rankings included over 90% of failures.
The lowest ranked bank to fail was #262 Home Valley Bank.
Friday, August 6, 2010
Ravenswood is Nevermore
After 2 months without a bankruptcy in Illinois, Ravenswood Bank of Chicago, IL closed today with approximately $264.6 million in total assets and $269.5 million in total deposits was closed. Ravenswood is the 109th bank to be shutdown this year. Ravenswood was ranked 11th on the list (18th overall) so it should come as little surprise to readers. Northbrook Bank and Trust Company of Northbrook, IL (1394th) has agreed to assume all deposits, excluding certain brokered deposits.
Friday, July 30, 2010
As July Ends So Do Several More Banks
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.
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 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.
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