This week 28th ranked Habersham Bank of Clarkesville, GA became the first Top 40 to fail. It had approximately $387.6 million in total assets and $339.9 million in total deposits was closed. SCBT National Association (2763rd) of Orangeburg, SC has agreed to assume all deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.3 million.
50th ranked (formerly 37th) Citizens Bank of Effingham of Springfield, GA also failed this week. It had approximately $214.3 million in total assets and $206.5 million in total deposits. Heritage Bank of the South (3800th) of Albany, GA has agreed to assume all deposits. The FDIC estimates the cost to the DIF at $59.4 million.
111th ranked Charter Oak Bank of Napa, CA also shut down this week. Charter Oak was a member of the Aug. 2010 list. Although its overall risk appeared to be falling it was not enough to avoid eventual seizure. The bank had approximately $120.8 million in total assets and $105.3 million in total deposits when closed. Bank of Marin (4126th) of Novato, CA has agreed to assume all deposits. The total cost to the DIF is estimated at $21.8 million.
The final closure of the week was OTS regulated (so un-ranked) San Luis Trust Bank, FSB of San Luis Obispo, CA. It had approximately $332.6 million in total assets and $272.2 million in total deposits. First California Bank (5008th) of Westlake Village, CA assumed the deposits. The expected cost is estimated to be $96.1 million.
Friday, February 18, 2011
Thursday, February 17, 2011
Recap - How did the last quarter predictions fare?
Fewer banks failed, 26, over the last quarter in part due to a number of holidays. Of these:
6 banks in the Top 10
6 banks 11th-40th
5 banks 51st-100th
5 banks 100th-117th
2 All out surprises - First Southern Bank, a fraud victim, and First State Bank
2 Unlisted, OTS regulated banks for which there isn't data.
In all, 12 banks left the list due to failures this period. 4 others left while the other 24 remain on the list.
6 banks in the Top 10
6 banks 11th-40th
5 banks 51st-100th
5 banks 100th-117th
2 All out surprises - First Southern Bank, a fraud victim, and First State Bank
2 Unlisted, OTS regulated banks for which there isn't data.
In all, 12 banks left the list due to failures this period. 4 others left while the other 24 remain on the list.
Feb. 2011 Top 40
It is time for a new Top 40 listing. The Bank Blog has refined a few of it's measures which should improve model predictability. Expected failure rates are down slightly for the average for banks on the list. Returning banks make up 60% of the list and are in bold. Closed banks are in italics.
1. FIRST CHOICE COMMUNITY BANK of DALLAS, GA
2. LEGACY BANK of MILWAUKEE, WI
3. THE BANK OF COMMERCE of WOOD DALE, IL
4. BANK OF LAS VEGAS, of LAS VEGAS, NV
5. MID CITY BANK, INC. of OMAHA, NE
6. FIRST NATIONAL BANK OF CENTRAL FLORIDA of WINTER PARK, FL
7. FIRST GUARANTY BANK AND TRUST COMPANY of JACKSONVILLE, FL
8. THE FIRST NATIONAL BANK OF OLATHE of OLATHE, KS
9. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
10. OPTIMUMBANK of PLANTATION, FL
11. MCINTOSH STATE BANK of JACKSON, GA
12. COMMUNITYONE BANK, N.A. of ASHEBORO, NC
13. VALLEY COMMUNITY BANK of SAINT CHARLES, IL
14. THE FIRST NATIONAL BANK OF FLORIDA of MILTON, FL
15. SUNRISE BANK OF ARIZONA of PHOENIX, AZ
16. CORTEZ COMMUNITY BANK of BROOKSVILLE, FL
17. WESTERN SPRINGS NATIONAL BANK AND TRUST of WESTERN SPRINGS, IL
18. PISGAH COMMUNITY BANK of ASHEVILLE, NC
19. HIGH TRUST BANK of STOCKBRIDGE, GA
20. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
21. CREEKSIDE BANK of WOODSTOCK, GA
22. FRIENDS BANK of NEW SMYRNA BEACH, FL
23. ALL AMERICAN BANK of DES PLAINES, IL
24. THE FIRST STATE BANK of STOCKBRIDGE, GA
25. CENTRUST BANK, N.A. of NORTHBROOK, IL
26. BARTOW COUNTY BANK of CARTERSVILLE, GA
27. THE PARK AVENUE BANK of VALDOSTA, GA
28. HABERSHAM BANK of CLARKESVILLE, GA
29. FIRST INTERNATIONAL BANK of PLANO, TX
30. PATRIOT BANK OF GEORGIA of CUMMING, GA
31. BUILDERS BANK of CHICAGO, IL
32. SOUTHERN COMMERCE BANK, NA of TAMPA, FL
33. ATLANTIC SOUTHERN BANK of MACON, GA
34. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
35. SUNRISE BANK of VALDOSTA, GA
36. FIRST COMMERCIAL BANK of TAMPA, FL
37. LANDMARK BANK OF FLORIDA of SARASOTA, FL
38. DOUGLAS COUNTY BANK of DOUGLASVILLE, GA
39. PIEDMONT COMMUNITY BANK of GRAY, GA
40. COLORADO CAPITAL BANK of CASTLE ROCK, CO
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. FIRST CHOICE COMMUNITY BANK of DALLAS, GA
2. LEGACY BANK of MILWAUKEE, WI
3. THE BANK OF COMMERCE of WOOD DALE, IL
4. BANK OF LAS VEGAS, of LAS VEGAS, NV
5. MID CITY BANK, INC. of OMAHA, NE
6. FIRST NATIONAL BANK OF CENTRAL FLORIDA of WINTER PARK, FL
7. FIRST GUARANTY BANK AND TRUST COMPANY of JACKSONVILLE, FL
8. THE FIRST NATIONAL BANK OF OLATHE of OLATHE, KS
9. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
10. OPTIMUMBANK of PLANTATION, FL
11. MCINTOSH STATE BANK of JACKSON, GA
12. COMMUNITYONE BANK, N.A. of ASHEBORO, NC
13. VALLEY COMMUNITY BANK of SAINT CHARLES, IL
14. THE FIRST NATIONAL BANK OF FLORIDA of MILTON, FL
15. SUNRISE BANK OF ARIZONA of PHOENIX, AZ
16. CORTEZ COMMUNITY BANK of BROOKSVILLE, FL
17. WESTERN SPRINGS NATIONAL BANK AND TRUST of WESTERN SPRINGS, IL
18. PISGAH COMMUNITY BANK of ASHEVILLE, NC
19. HIGH TRUST BANK of STOCKBRIDGE, GA
20. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
21. CREEKSIDE BANK of WOODSTOCK, GA
22. FRIENDS BANK of NEW SMYRNA BEACH, FL
23. ALL AMERICAN BANK of DES PLAINES, IL
24. THE FIRST STATE BANK of STOCKBRIDGE, GA
25. CENTRUST BANK, N.A. of NORTHBROOK, IL
26. BARTOW COUNTY BANK of CARTERSVILLE, GA
27. THE PARK AVENUE BANK of VALDOSTA, GA
28. HABERSHAM BANK of CLARKESVILLE, GA
29. FIRST INTERNATIONAL BANK of PLANO, TX
30. PATRIOT BANK OF GEORGIA of CUMMING, GA
31. BUILDERS BANK of CHICAGO, IL
32. SOUTHERN COMMERCE BANK, NA of TAMPA, FL
33. ATLANTIC SOUTHERN BANK of MACON, GA
34. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
35. SUNRISE BANK of VALDOSTA, GA
36. FIRST COMMERCIAL BANK of TAMPA, FL
37. LANDMARK BANK OF FLORIDA of SARASOTA, FL
38. DOUGLAS COUNTY BANK of DOUGLASVILLE, GA
39. PIEDMONT COMMUNITY BANK of GRAY, GA
40. COLORADO CAPITAL BANK of CASTLE ROCK, CO
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, February 11, 2011
Number 40 Fails Along With Three Others
The first two banks to close this week were both just shy of posted list.
In the 59th position, Sunshine State Community Bank of Port Orange, FL closed with approximately $125.5 million in total assets and $116.7 million in total deposits was closed. Sunshine was acquired by 5283rd ranked Premier American Bank. Premier was the first "shelf registered" bank created to allow new acquirers access to the FDIC bank auctions. It officially became a bank when it acquired the failed bank of the same name. In slightly over a year, Premier has acquired four failed Floridian banks and amassed assets in excess of $2.5 billion. The cost to the FDIC for the resolution of Sunshine is estimated at $30 million.
Just shy of the list, 65th ranked Peoples State Bank of Hamtramck, MI closed this week with approximately $390.5 million in total assets and $389.9 million in total deposits. With very solid financials, 6345th ranked First Michigan Bank of Troy, MI has agreed to assume all deposits of the failed bank. The FDIC entered into a loss sharing agreement with First Michigan and the total estimated cost to the insurance fund is estimated at $87.4 million.
171st ranked Badger State Bank of Cassville, WI also closed this week. It had approximately $83.8 million in total assets and $78.5 million in total deposits. 2773rd ranked Royal Bank, Elroy, WI has agreed to assume all deposits. The cost of closing this bank is estimated at $17.5 million.
In the final closing of the day, 40th ranked Canyon National Bank of Palm Springs, CA also fell victim to regulators this week. This is the first failure in California since early November. Canyon National had approximately $210.9 million in total assets and $205.3 million in total deposits. Pacific Premier Bank (26141st) of Costa Mesa, CA has agreed to assume all deposits. The expected loss to the insurance fund is a relatively inexpensive $10 million, less than 5% of the total assets of the former bank.
In the 59th position, Sunshine State Community Bank of Port Orange, FL closed with approximately $125.5 million in total assets and $116.7 million in total deposits was closed. Sunshine was acquired by 5283rd ranked Premier American Bank. Premier was the first "shelf registered" bank created to allow new acquirers access to the FDIC bank auctions. It officially became a bank when it acquired the failed bank of the same name. In slightly over a year, Premier has acquired four failed Floridian banks and amassed assets in excess of $2.5 billion. The cost to the FDIC for the resolution of Sunshine is estimated at $30 million.
Just shy of the list, 65th ranked Peoples State Bank of Hamtramck, MI closed this week with approximately $390.5 million in total assets and $389.9 million in total deposits. With very solid financials, 6345th ranked First Michigan Bank of Troy, MI has agreed to assume all deposits of the failed bank. The FDIC entered into a loss sharing agreement with First Michigan and the total estimated cost to the insurance fund is estimated at $87.4 million.
171st ranked Badger State Bank of Cassville, WI also closed this week. It had approximately $83.8 million in total assets and $78.5 million in total deposits. 2773rd ranked Royal Bank, Elroy, WI has agreed to assume all deposits. The cost of closing this bank is estimated at $17.5 million.
In the final closing of the day, 40th ranked Canyon National Bank of Palm Springs, CA also fell victim to regulators this week. This is the first failure in California since early November. Canyon National had approximately $210.9 million in total assets and $205.3 million in total deposits. Pacific Premier Bank (26141st) of Costa Mesa, CA has agreed to assume all deposits. The expected loss to the insurance fund is a relatively inexpensive $10 million, less than 5% of the total assets of the former bank.
Friday, February 4, 2011
Two "Top 40" Georgia Banks Fail
The first failure of the week belongs to 19th ranked American Trust Bank of Roswell, GA. This smaller bank had approximately $238.2 million in total assets and $222.2 million in total deposits when closed. 2463rd ranked Renasant Bank of Tupelo, MS has agreed to assume all deposits of the failed bank along with $147.4 million worth of the former bank's assets. The FDIC estimates the cost of this closure at $71.5 million.
The second failure of the week belongs to 13th ranked North Georgia Bank of Watkinsville, GA. Similarly sized, North Georgia Bank closed with approximately $153.2 million in total assets and $139.7 million in total deposits. 2860th ranked BankSouth of Greensboro, GA has agreed to assume all deposits. The FDIC estimates the cost to the Deposit Insurance Fund (DIF) to be $35.2 million.
The third bank to fail was 125th ranked Community First Bank Chicago of Chicago, IL. It had approximately $51.1 million in total assets and $49.5 million in total deposits was closed. 463rd ranked Northbrook Bank & Trust Company of Northbrook, IL has agreed to assume all deposits. Northbrook Bank & Trust is a subsidiary on Wintrust Financial Corporation. While the bank was high enough on the list to indicate that it had some problems, they were able recapitalize the larger bank holding company with $284.7 million in new equity last December.
The second failure of the week belongs to 13th ranked North Georgia Bank of Watkinsville, GA. Similarly sized, North Georgia Bank closed with approximately $153.2 million in total assets and $139.7 million in total deposits. 2860th ranked BankSouth of Greensboro, GA has agreed to assume all deposits. The FDIC estimates the cost to the Deposit Insurance Fund (DIF) to be $35.2 million.
The third bank to fail was 125th ranked Community First Bank Chicago of Chicago, IL. It had approximately $51.1 million in total assets and $49.5 million in total deposits was closed. 463rd ranked Northbrook Bank & Trust Company of Northbrook, IL has agreed to assume all deposits. Northbrook Bank & Trust is a subsidiary on Wintrust Financial Corporation. While the bank was high enough on the list to indicate that it had some problems, they were able recapitalize the larger bank holding company with $284.7 million in new equity last December.
Friday, January 28, 2011
Some Large Failures and One Small Surprise
For the second time in two weeks, a bank was closed without a prospective buyer: 5th ranked FirstTier Bank of Louisville, CO. FirstTier is also the 6th failure among the top 10 listed banks this quarter. A medium sized bank, it had approximately $781.5 million in total assets and $722.8 million in total deposits was closed. To protect the insured depositors, the FDIC created Deposit Insurance National Bank of Louisville - a new depository institution chartered by the Office of Thrift Supervision (OTS), which will remain open until February 28, 2011.
25th ranked First Community Bank of Taos, NM closed with approximately $2.31 billion in total assets and $1.94 billion in total deposits. Major bank (and 1026th on the list) U.S. Bank, N.A of Minneapolis, MN has agreed to assume all deposits.
The second bank to close this week was Evergreen State Bank of Stoughton, WI. Evergreen ranked 52nd on the most recent list. It had approximately $246.5 million in total assets and $195.2 million in total deposits when it was closed. 2642nd ranked McFarland State Bank of McFarland, WI has agreed to assume all deposits.
Small banks continue to fall victim as the Oklahoman State Banking Department, along with the FDIC, closed The First State Bank of Camargo, OK. First State Bank ranked 3047th on the list suggesting a stable despite having a very small asset base of 43.5 million and $40.3 million in total deposits. As was the case for a previous closing however, we can see how quickly one or two actions can turn things around. Based upon the estimated $20.1 million in estimate losses to the FDIC insurance fund it is evident these assets were greatly overvalued and the bank was, in fact, highly insolvent. 1886th ranked Bank 7 of Oklahoma City, OK agreed to assume the deposits of the one branch bank.
25th ranked First Community Bank of Taos, NM closed with approximately $2.31 billion in total assets and $1.94 billion in total deposits. Major bank (and 1026th on the list) U.S. Bank, N.A of Minneapolis, MN has agreed to assume all deposits.
The second bank to close this week was Evergreen State Bank of Stoughton, WI. Evergreen ranked 52nd on the most recent list. It had approximately $246.5 million in total assets and $195.2 million in total deposits when it was closed. 2642nd ranked McFarland State Bank of McFarland, WI has agreed to assume all deposits.
Small banks continue to fall victim as the Oklahoman State Banking Department, along with the FDIC, closed The First State Bank of Camargo, OK. First State Bank ranked 3047th on the list suggesting a stable despite having a very small asset base of 43.5 million and $40.3 million in total deposits. As was the case for a previous closing however, we can see how quickly one or two actions can turn things around. Based upon the estimated $20.1 million in estimate losses to the FDIC insurance fund it is evident these assets were greatly overvalued and the bank was, in fact, highly insolvent. 1886th ranked Bank 7 of Oklahoma City, OK agreed to assume the deposits of the one branch bank.
Friday, January 21, 2011
Two Top 10 Banks Among This Week's Failures
This week, two of the 10 riskiest commercial banks in the U.S. were taken over by regulators. Additionally, the first larger bank, one with over $1 billion in total assets, in almost three months failed.
6th ranked Enterprise Banking Company of McDonough, GA closed with approximately $100.9 million in total assets and $95.5 million in total deposits. No bidder was found willing to purchase the bank's assets and to assume the deposits. As a result, to protect the insured depositors, the FDIC created Deposit Insurance National Bank (DINB) of McDonough. This is a new depository institution chartered by the Office of Thrift Supervision (OTS). It will remain open until January 28, 2011. Unlike normal bank closings, this will result in account holder being encouraged to withdraw their money or they will receive a check and the account will be closed.
10th ranked The Bank of Asheville of Asheville, NC has been known to be struggling for some time. It was a repeat member of this list and had approximately $195.1 million in total assets and $188.3 million in total deposits when it closed. First Bank (1125th) of Troy, NC has agreed to assume all deposits.
Falling just short of the current list, 53rd ranked CommunitySouth Bank & Trust of Easley, SC was the largest bank to fail this week. It had approximately $440.6 million in total assets and $402.4 million in total deposits. They were acquired by CertusBank, N.A. of Charlotte, NC. CertusBank is a newly-chartered bank subsidiary of Blue Ridge Holdings, Inc. of Charlotte, North Carolina. Blue Ridge Holdings was set up last fall to take advantage of the current banking crisis. In the application the bank suggested that it could raise up to $1 billion in equity.
In one of the largest failures in recent months, United Western Bank of Denver, CO was closed this week with approximately $2.05 billion in total assets and $1.65 billion in total deposits. United Western was regulated by the Office of Thift Supervision (OTS) and, as such, was not a part of the ranking system. Stable, but not stellar, First-Citizens Bank & Trust Co. (926th) of Raleigh, NC has agreed to assume all deposits.
6th ranked Enterprise Banking Company of McDonough, GA closed with approximately $100.9 million in total assets and $95.5 million in total deposits. No bidder was found willing to purchase the bank's assets and to assume the deposits. As a result, to protect the insured depositors, the FDIC created Deposit Insurance National Bank (DINB) of McDonough. This is a new depository institution chartered by the Office of Thrift Supervision (OTS). It will remain open until January 28, 2011. Unlike normal bank closings, this will result in account holder being encouraged to withdraw their money or they will receive a check and the account will be closed.
10th ranked The Bank of Asheville of Asheville, NC has been known to be struggling for some time. It was a repeat member of this list and had approximately $195.1 million in total assets and $188.3 million in total deposits when it closed. First Bank (1125th) of Troy, NC has agreed to assume all deposits.
Falling just short of the current list, 53rd ranked CommunitySouth Bank & Trust of Easley, SC was the largest bank to fail this week. It had approximately $440.6 million in total assets and $402.4 million in total deposits. They were acquired by CertusBank, N.A. of Charlotte, NC. CertusBank is a newly-chartered bank subsidiary of Blue Ridge Holdings, Inc. of Charlotte, North Carolina. Blue Ridge Holdings was set up last fall to take advantage of the current banking crisis. In the application the bank suggested that it could raise up to $1 billion in equity.
In one of the largest failures in recent months, United Western Bank of Denver, CO was closed this week with approximately $2.05 billion in total assets and $1.65 billion in total deposits. United Western was regulated by the Office of Thift Supervision (OTS) and, as such, was not a part of the ranking system. Stable, but not stellar, First-Citizens Bank & Trust Co. (926th) of Raleigh, NC has agreed to assume all deposits.
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