With the FDIC taking the last few weeks off from closing any banks, the Blog decided to take a week's hiatus itself. But this Fed Friday, the FDIC is back with their first closure of the month, Horizon Bank of Bradenton, Florida. Horizon Bank ranked 104th on the current list, placing it outside the Top 40 yet still fairly high in terms of failure risk (top 1.5% of banks). Horizon was a very small bank with approximately $187.8 million total assets and $164.6 million in total deposits. Bank of the Ozarks (3652nd) of Little Rock, AR agreed to assume nearly all deposits. Bank of the Ozarks purchased another defunct bank, Woodlands Bank of Bluffton, SC in mid-July.
With just one closing this week, banks are showing a remarkable resilience. How long it will last is anyone's guess. But chances are there will be a lot more failures to come in areas that are still being heavily impacted by the recent recession and housing crisis. In particular Georgia has 8 banks remaining (not yet closed) in the Top 40, Florida has 7 and Arizona and Wisconsin both have 3.
Friday, September 10, 2010
Sunday, August 29, 2010
Live to Loan Another Day
Fed Friday was unusually quiet this week as the regulators took a late August holiday from closing any banks. This is the first week since early July in which no banks failed. During this summer stretch, 32 banks had been closed over 7 Fridays.
The Bank Blog decided to take this momentary calm to double check our models and review some new data that came in. One bank, Michigan Commerce Bank, has drawn greater regulatory scrutiny recently. This has pushed the bank from 9th to 4th most likely to fail (with Shorebank and Community National Bank at Bartow at 5th and 6th ranked respectively already having already failed).
The Bank Blog decided to take this momentary calm to double check our models and review some new data that came in. One bank, Michigan Commerce Bank, has drawn greater regulatory scrutiny recently. This has pushed the bank from 9th to 4th most likely to fail (with Shorebank and Community National Bank at Bartow at 5th and 6th ranked respectively already having already failed).
Friday, August 20, 2010
FDIC Closes Bank With Ties to Obama Administration
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.
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.
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.
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