No New Failures

Leading into the federal holidays, there have been no bank closures as of 6:05 pm EST.

First Failures in Four Weeks

After an unprecedented calm in the storm of failed banks, regulators have shut down two banks this week.  The first bank to fail in December was the 18th ranked Premier Community Bank of the Emerald Coast headquartered in Crestview, Florida. Summit Bank, National Association (5994th) of Panama City, Florida has agreed to assume all of the deposits of Premier Community Bank of the Emerald Coast. Premier Community Bank had approximately $126.0 million in total assets and $112.1 million in total deposits. The FDIC and Summit Bank, National Association entered into a loss-share transaction on $98.0 million of Premier Community Bank of the Emerald Coast's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.2 million.

The second bank to fail this week was 12th ranked Western National Bank of Phoenix, Arizona.  Western National Bank was acquired by Washington Federal of Seattle, Washington. As of September 30, 2011, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Washington Federal agreed to purchase essentially all of the assets. The estimated cost to the DIF will be $37.6 million.

December Top 40

Each quarter The Bank Blog releases a new Top 40 ranking based on the most recent data available from various sources. The current version of the list should be viewed as preliminary, however, as technical changes to the data and other refinements often require minor updates.

In a shortened quarter The Bank Blog's continue to highlight the least stable U.S. Banks was well demonstrated. Of the 40 banks listed, 11 failed. Of the surviving 29 banks, 24 remain on the updated list. The Bank Blog would like to caution our readers not to infer that those banks leaving the list are now safe. Four of those five banks continue to rank among the weakest 110 banks.  The final bank, First Security Bank of Nevada has received a capital infusion of $14 million and now ranks among the most sound banks. In all, banks that are or have been ranked on prior lists that have not failed still remain in the top 1.5% in terms of risk.

Returning banks are listed in bold and newly failed banks are listed in italics.

1. GREYSTONE BANK of RALEIGH, NC
2. PISGAH COMMUNITY BANK of ASHEVILLE, NC
3. FIRST GUARANTY BANK AND TRUST COMPANY of JACKSONVILLE, FL
4. BANK OF LAS VEGAS of LAS VEGAS, NV
5. FIRST CAPITAL BANK of GUTHRIE, OK 
6. CENTRAL FLORIDA STATE BANK OF BELLEVIEW, FL
7. COMMUNITYONE BANK, N.A. of ASHEBORO, NC
8. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
9. SECURITY BANK, N.A. of NORTH LAUDERDALE, FL
10. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
11. OPTIMUMBANK of PLANTATION, FL
12. WESTERN NATIONAL BANK of PHOENIX, AZ
13. THE FIRST STATE BANK of STOCKBRIDGE, GA
14. TENNESSEE COMMERCE BANK of FRANKLIN, TN
15. SUNRISE BANK of VALDOSTA, GA
16. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
17 PALM DESERT NATIONAL BANK of PALM DESERT, CA
18 PREMIER COMMUNITY BANK of THE EMERALD CO of CRESTVIEW, FL
19. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
20. PREMIER BANK of WILMETTE IL
21. NEW CITY BANK of CHICAGO IL
22. AMERICAN METRO BANK of CHICAGO IL
23. U.S. CENTURY BANK of MIAMI FL
24. BANK OF NAPLES of NAPLES, FL
25. HARVEST BANK OF MARYLAND of ROCKVILLE, MD
26. MONTGOMERY BANK & TRUST of AILEY, GA
27. DOUGLAS COUNTY BANK of DOUGLASVILLE, GA
28. ROCKY MOUNTAIN BANK of WILSON, WY
29. GEORGIA TRUST BANK of BUFORD, GA
30. DUPAGE NATIONAL BANK of WEST CHICAGO
31. FIDELITY BANK of FLORIDA, N.A. of MERRITT ISLAND, FL
32. THE LEADERS BANK of OAK BROOK, IL
33. TRUMAN BANK of SAINT LOUIS MO
34. COVENANT BANK & TRUST of ROCK SPRING GA
35. HOMETOWN NATIONAL BANK of LONGVIEW WA
36. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
37. AMERICAN ENTERPRISE BANK of BUFFALO GROVE IL
38. PATRIOT BANK MINNESOTA of FOREST LAKE MN
39. SUNRISE BANK OF ARIZONA of PHOENIX AZ
40. IDAHO BANKING COMPANY of BOISE ID

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Thanksgiving Holiday

Traditionally, regulators seem to take this week off from closing banks.

Two New Failures

58th ranked Central Progressive Bank of Lacombe, Louisiana, was closed today and acquired by First NBC Bank, of New Orleans, Louisiana. Central Progressive Bank had approximately $383.1 million in total assets and $347.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, First NBC Bank (2343rd) agreed to purchase approximately $354.4 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million.


147th ranked Polk County Bank of Johnston, Iowa, was closed today and acquired by Grinnell State Bank (5415th) of Grinnell, Iowa. Grinnell State Bank obtained approximately $91.6 million in total assets and $82.0 million in total deposits. The FDIC estimates that the cost to the DIF will be $12.0 million.

One Small Failure

With a shortened week due to Veteran's Day, 98th ranked Community Bank of Rockmart of Rockmart, Georgia, was closed yesterday by authorities. It was acquired by Century Bank of Georgia (1760th) of Cartersville, Georgia. Community Bank of Rockmart had approximately $62.4 million in total assets and $55.9 million in total deposits, although only $40.7 million of the failed bank's assets were acquired. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.5 million.

Another Top Forty Failure

19th ranked Mid City Bank, Inc. of Omaha, Nebraska was closed today by regulators.  It was acquired by Purdum State Bank (5463rd) of Purdum, Nebraska which will be renaming itself Premier Bank.  The $20 million bank by assets will be growing significantly, taking over approximately $106.1 million in Mid City Bank's assets and $105.5 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $12.7 million.  

In additional news, 143rd ranked SunFirst Bank of Saint George, Utah, was also closed today.  to assume most of the deposits of SunFirst Bank. Cache Valley Bank (5635th) of Logan, Utah has acquired $177.3 million of the failed bank's assets and all but $15 million in deposits that are currently subject to litigation. The FDIC and Cache Valley Bank entered into a loss-share transaction on $128.9 million of SunFirst Bank's assets. The FDIC estimates that the cost to the DIF will be $49.7 million.