Recap - How did the last quarter predictions fare?

A total of 19 banks in the Top 40 were closed in the last two months, or 47.5% of the entire sample. This comes as little surprise to The Bank Blog given the predicted likelihood of failure for each. What is more interesting is why have the other banks not been closed? As we see from the earlier post about Wilmington Trust Bank, which was classified as a bank with "Issues" based on it's 2-10% chance of failure, there are other forms of resolution for banks with difficulties. So what, if anything, has happened with the survivors?

1. SUNRISE BANK OF ATLANTA of Atlanta, GA
2. PISGAH COMMUNITY BANK of Asheville, NC
3. SUNRISE BANK OF ARIZONA of Phoenix, AZ
9. MICHIGAN COMMERCE BANK of Ann Arbor, MI
15. BANK OF LAS VEGAS of Las Vegas, NV

All owned by Capital Bancorp Limited. Capital Bancorp has consolidated, divested or otherwise re-capitalized a significant number of it's banks in various states. In general, it appears those banks that were healthy enough not to appear on this list were the most desirable acquisition targets. Nonetheless, their activities have held off closure of these other charters. It will be interesting to see how the rank on the next listing.

7. SOUTHERN COMMERCE BANK, NA of Tampa, FL
12. SUNBANK, NATIONAL ASSOCIATION of Phoenix, AZ
39. BANK MIDWEST, NATIONAL ASSOCIATION of Kansas City, MO

These 3 banks were all held by the same holding company Dickinson Financial Corporation. The majority of the branches of Dickinson were sold to NBH Holdings Corp.

8. FIRST SOUND BANK of Seattle, WA - $3.2 million raise in a private placement.
13. ALL AMERICAN BANK of Des Plaines, IL
17. TREATY OAK BANK of Austin, TX - Getting acquired by Carlile Bancshares
19. CENTRAL PACIFIC BANK of Honolulu, HI - Announced plans to raise $325 million.
22. PLANTERSFIRST of Cordele, GA
24. FIRST COMMUNITY BANK of Taos, NM - In discussions with investors
29. CHARTER OAK BANK of Napa, CA - Merged with Bay Commercial Bank
32. FIRST CHOICE COMMUNITY BANK of Dallas, GA
34. AMERICANA COMMUNITY BANK of Sleepy Eye, MN
36. HANMI BANK of Los Angeles, CA - Raised $120 million in new equity.
37. STATE CENTRAL BANK of Keokuk, IA
38. EVERGREEN STATE BANK of Stoughton, WI
40. THE BANK OF ASHEVILLE of Asheville, NC

Couldn't Avoid the Gulf

18th ranked Gulf State Community Bank of Carrabelle, FL was swallowed up by regulators this week. Gulf State closed with approximately $112.1 million in total assets and $112.2 million in total deposits was closed. Centennial Bank (4347th) of Conway, AR has agreed to assume nearly all deposits deposits. This is the 6th bank that Centennial has acquired in the area through closures.

21st ranked First Banking Center (FBC) of Burlington, WI has also been closed this week. On Aug. 17th, FBC received a Prompt Corrective Action from regulators giving them 60 days to shore up their finances. This week their time ran out and the slightly larger bank of approximately $750.7 million in total assets and $664.8 million in total deposits was closed. First Michigan Bank (6477th) of Troy, MI has agreed to assume all deposits.

84th ranked Allegiance Bank of North America from Bala Cynwyd, PA also closed this week. Allegiance had approximately $106.6 million in total assets and $92.0 million in total deposits was closed. VIST Bank (1860th) of Wyomissing, PA has agreed to assume all deposits.

Fed Friday Takes Two Georgia Banks

This week, the demise of Georgia-based banks continued as two more firm closed. 23rd ranked Tifton Banking Company of Tifton, GA had approximately $143.7 million in total assets and $141.6 million in total deposits. 370th ranked Ameris Bank of Moultrie, GA has agreed to assume nearly all deposits. Ameris also acquired 66th ranked Darby Bank & Trust Co. of Vidalia, GA. In all, they have acquired the branches of 6 other closed banks since the start of the current banking crisis. Darby Bank had approximately $654.7 million in total assets and $587.6 million in total deposits.

Tifton Banking Company was not the only "Top 40" bank to fail this week. 25th ranked Copper Star Bank of Scottsdale, AZ also closed with approximately $204.0 million in total assets and $190.2 million in total deposits. Stearns Bank, N.A. (6505th) of Saint Cloud, MN has agreed to assume all deposits excluding the Cede & Co. deposits.

In all, 17 of the 40 banks listed have failed in the last 8 weeks.

M&T Bank Acquires Another Struggling Bank

For the second time this week, Manufacturers and Traders Bank (M&T) of Buffalo, NY has acquired a struggling bank. After being closed today by regulators, nearly all of the deposits of K Bank of Randallstown, MD were assumed by M&T. Just a few days ago M&T Bank offered to acquire Wilmington Trust Bank in nearby Delaware. K Bank was the 58th ranked bank on the list and had approximately $538.3 million in total assets and $500.1 million in total deposits when closed.

64th ranked Pierce Commercial Bank, of Tacoma, WA closed with approximately $221.1 million in total assets and $193.5 million in total deposits. Heritage Bank (4070th) of Olympia, WA has agreed to assume all deposits.

88th ranked First Vietnamese American Bank of Westminster, CA closed with approximately $48.0 million in total assets and $47.0 million in total deposits. Grandpoint Bank of Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits. Grandpoint Bank is owned by Grandpoint Capital which began in June 2010 through the acquisition of Santa Ana Business Bank (7015th). It has since been the buyer of a number of small banks.

106th ranked Western Commercial Bank of Woodland Hills, CA has also closed this week. It had approximately $98.6 million in total assets and $101.1 million in total deposits. First California Bank (5750th) of Westlake Village, CA has agreed to assume all deposits.

M&T Acquires Struggling Wilmington Trust

The Wall Street Journal reported today that M&T Bank acquired Wilmington Trust at a 46% discount over (or perhaps under is more accurate) its stock price. While over 90% of all bank failures seem to come from the weakest 1.5% of banks, this does not mean that banks further down the list are not also constrained in terms of their ability to operate. This has been the rationale behind presenting the rank of acquiring banks when possible each week. M&T is an incredibly healthy 6408th on the current list. Wilmington Trust? They are 383rd. If you factor in the roughly 3-5% probability of failure, their cost structure may simply be too great to continue as a going concern.

Fed Friday Claims Seven More Failed Banks

It was a big day for bad banks, with the most closings in two months. In all, 4 Top 40 banks failed. While much of U.S. was covered this week, the majority of the closings were in southeast. An area particularly hard hit during the current banking crisis, another 2 banks in Florida and 2 in Georgia were among the casualties. The list includes both small and somewhat larger banks as shown:

10th ranked, First Bank of Jacksonville, Jacksonville, FL with approximately $81.0 million in total assets and $77.3 million in total deposits was closed. Ameris Bank (3760th) of Moultrie, GA has agreed to assume all deposits.

11th ranked, Hillcrest Bank of Overland Park, KS. Hillcrest was the largets bank to close this week with approximately $1.65 billion in total assets and $1.54 billion in total deposits. A new bank of the same name, Hillcrest Bank, N.A., has been set up and has agreed to takeover the failed bank.

31st ranked, The Gordon Bank of Gordon, GA was the smallest bank to close this week. assets totaled less than $29.4 million with $26.7 million in total deposits. Morris Bank (906th) of Dublin, GA has agreed to assume all deposits.

33rd ranked, Progress Bank of Florida, Tampa, FL with approximately $110.7 million in total assets and $101.3 million in total deposits was closed. Bay Cities Bank (4185th) of Tampa, FL has agreed to assume nearly all deposits.

152nd ranked First Suburban National Bank of Maywood, IL closed with some $148.7 million in total assets and $140.0 million in total deposits was closed. Seaway Bank and Trust Company (2851st) of Chicago, IL has agreed to assume nearly all deposits.

The next bank on the list, 153rd ranked The First National Bank of Barnesville, GA also failed this week. It had approximately $131.4 million in total assets and $127.1 million in total deposits was closed. United Bank (2522nd) of Zebulon, GA has agreed to assume nearly all deposits.

Finally, First Arizona Savings, A FSB of Scottsdale, AZ closed as well. As an OTS bank it was un-ranked. First Arizona had $272.2 million in total assets and $198.8 million in total deposits. No acquirer could be found for the bank. As a result, the FDIC has approved the payout of the insured deposits of First Arizona Savings, A FSB.

Premier Bank Among This Week's Bank Closures

For the second week in a row, eastern U.S. based banks have been sparred from the chopping block. However, three central U.S. based banks have become our most recent casualties of the current banking crisis.

14th Ranked Premier Bank of Jefferson City, MO was shut down by regulators this week. Considerably larger then many of the smaller banks that have been closed in recent weeks, Premier had approximately $1.18 billion in total assets and $1.03 billion in total deposits at the time it was closed. Providence Bank (3043rd) of Columbia, MO has agreed to assume nearly all deposits excluding certain brokered deposits.

Just missing out on the list, 42nd ranked WestBridge Bank and Trust Company of Chesterfield, MO was closed today. WestBridge had approximately $91.5 million in total assets and $72.5 in total deposits. Midland States Bank (2038th) of Effingham, IL has agreed to assume essentially all deposits of the failed bank.

The second bank to close this week was Security Savings Bank (un-ranked OTS regulated bank), F.S.B of Olathe, KS. It had approximately $508.4 million in total assets and $397.0 million in total deposits was closed. Simmons First National Bank (1274th) of Pine Bluff, AR has agreed to assume all deposits.