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.
Friday, July 16, 2010
Friday, July 9, 2010
Ideal Federal Is Less Than Ideal
Ideal Federal Savings Bank of Baltimore, MD failed this week. It had approximately $6.3 million in total assets and $5.8 million in total deposits. Unfortunately, Ideal could not be ranked as it is an OTS regulated thrift and their database was not available for study.
Bay National Bank also of Baltimore, MD was closed as well. Bay ranked as the 37th most likely bank to fail, making it's probability of doing so quite high. Interestingly, with 36th ranked Nevada Security already failed along with 10 others above it, Bay National Bank would have been the 26th on the recently updated list.
Bay had approximately $282.2 million in total assets and $276.1 million in total deposits. Similarly named, Bay Bank, FSB of Lutherville, MD assumed all of the deposits of Bay National Bank. The similar name appears to be no coincidence, however. The OTS only just approved the new Bay Bank today. The new holding institution is called Jefferson Bancorp in Washington. As such there is no rating available for depositors of this "new" bank.
Added:
Two additional banks were closed later in the evening.
USA Bank of Port Chester, NY (15th on updated list, 24th overall) was closed. USA had approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank) of Phoenixville, PA, to assume all of the deposits of USA Bank. New Century Bank is a stable 2356th on the list.
Home National Bank of Blackwell, OK (130th overall) was also closed. Scoring in the top 2% of banks in terms of instability this closure does not come as a surprise. But it does edge out Granite Community Bank of Granite Bay, Ca. (128th) as the least likely in our model at 24.8%. Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank (4614th) of Claremore, OK has agreed to assume all deposits.
Bay National Bank also of Baltimore, MD was closed as well. Bay ranked as the 37th most likely bank to fail, making it's probability of doing so quite high. Interestingly, with 36th ranked Nevada Security already failed along with 10 others above it, Bay National Bank would have been the 26th on the recently updated list.
Bay had approximately $282.2 million in total assets and $276.1 million in total deposits. Similarly named, Bay Bank, FSB of Lutherville, MD assumed all of the deposits of Bay National Bank. The similar name appears to be no coincidence, however. The OTS only just approved the new Bay Bank today. The new holding institution is called Jefferson Bancorp in Washington. As such there is no rating available for depositors of this "new" bank.
Added:
Two additional banks were closed later in the evening.
USA Bank of Port Chester, NY (15th on updated list, 24th overall) was closed. USA had approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank) of Phoenixville, PA, to assume all of the deposits of USA Bank. New Century Bank is a stable 2356th on the list.
Home National Bank of Blackwell, OK (130th overall) was also closed. Scoring in the top 2% of banks in terms of instability this closure does not come as a surprise. But it does edge out Granite Community Bank of Granite Bay, Ca. (128th) as the least likely in our model at 24.8%. Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank (4614th) of Claremore, OK has agreed to assume all deposits.
Friday, June 25, 2010
3 community banks failed this week
Number 11, Peninsula Bank of Englewood, FL was closed. Premier American Bank (a sound 6061st on the list) of Miami, FL has agreed to assume all deposits excluding certain brokered deposits.
Number 14, High Desert State Bank of Albuquerque, NM closed. First American Bank (2014th) of Artesia, NM, agreed to assume all deposits.
Number 58 (not listed), First National Bank of Savannah, GA closed. Savannah Bank, National Association of Savannah (3843rd), GA has agreed to assume all deposits, excluding certain brokered deposits.
Since the start of this list one month ago, 9 of the top 25 banks have failed. Enough that it seemed time to fill the list back out to 25, still, surviving banks:
1. PISGAH COMMUNITY BANK ASHEVILLE NC
2. MICHIGAN COMMERCE BANK ANN ARBOR MI
3. CENTRAL PACIFIC BANK HONOLULU HI
4. SOUTHERN COMMERCE BANK TAMPA FL
5. SUNBANK, NATIONAL ASSOCIATION PHOENIX AZ
6. CRESCENT BANK AND TRUST COMPANY JASPER GA
7. SHOREBANK CHICAGO IL
8. PREMIER BANK JEFFERSON CITY MO
9. SUNRISE BANK OF ARIZONA PHOENIX AZ
10. METROBANK OF DADE COUNTY MIAMI FL
11. RAVENSWOOD BANK CHICAGO IL
12. FIRST SOUND BANK SEATTLE WA
13. BLUE RIDGE SAVINGS BANK, INC ASHEVILLE NC
14. MCINTOSH STATE BANK JACKSON GA
15. USA BANK PORTCHESTER NY
16. HAVEN TRUST BANK FLORIDA PONTE VEDRA BEACH FL
17. ALL AMERICAN BANK of DES PLAINES, IL
18. COMMUNITY SECURITY BANK of NEW PRAGUE, MN
19. NORTHWEST BANK & TRUST of ACWORTH, GA
20. WILLIAMSBURG FIRST NATIONAL BANK of KINGSTREE, SC
21. COMMUNITY NATIONAL BANK AT BARTOW of BARTOW, FL
22. STERLING BANK of LANTANA, FL
23. MIDWEST COMMUNITY BANK of PLAINVILLE, KS
24. WESTBRIDGE BANK & TRUST COMPANY of CHESTERFIELD, MO
25. NORTH COUNTY BANK of ARLINGTON, WA
Number 14, High Desert State Bank of Albuquerque, NM closed. First American Bank (2014th) of Artesia, NM, agreed to assume all deposits.
Number 58 (not listed), First National Bank of Savannah, GA closed. Savannah Bank, National Association of Savannah (3843rd), GA has agreed to assume all deposits, excluding certain brokered deposits.
Since the start of this list one month ago, 9 of the top 25 banks have failed. Enough that it seemed time to fill the list back out to 25, still, surviving banks:
1. PISGAH COMMUNITY BANK ASHEVILLE NC
2. MICHIGAN COMMERCE BANK ANN ARBOR MI
3. CENTRAL PACIFIC BANK HONOLULU HI
4. SOUTHERN COMMERCE BANK TAMPA FL
5. SUNBANK, NATIONAL ASSOCIATION PHOENIX AZ
6. CRESCENT BANK AND TRUST COMPANY JASPER GA
7. SHOREBANK CHICAGO IL
8. PREMIER BANK JEFFERSON CITY MO
9. SUNRISE BANK OF ARIZONA PHOENIX AZ
10. METROBANK OF DADE COUNTY MIAMI FL
11. RAVENSWOOD BANK CHICAGO IL
12. FIRST SOUND BANK SEATTLE WA
13. BLUE RIDGE SAVINGS BANK, INC ASHEVILLE NC
14. MCINTOSH STATE BANK JACKSON GA
15. USA BANK PORTCHESTER NY
16. HAVEN TRUST BANK FLORIDA PONTE VEDRA BEACH FL
17. ALL AMERICAN BANK of DES PLAINES, IL
18. COMMUNITY SECURITY BANK of NEW PRAGUE, MN
19. NORTHWEST BANK & TRUST of ACWORTH, GA
20. WILLIAMSBURG FIRST NATIONAL BANK of KINGSTREE, SC
21. COMMUNITY NATIONAL BANK AT BARTOW of BARTOW, FL
22. STERLING BANK of LANTANA, FL
23. MIDWEST COMMUNITY BANK of PLAINVILLE, KS
24. WESTBRIDGE BANK & TRUST COMPANY of CHESTERFIELD, MO
25. NORTH COUNTY BANK of ARLINGTON, WA
Friday, June 18, 2010
Not So Secure
This week's casualty was one of the many Nevada based banks that has been having difficulties. Nevada Security Bank of Reno, Nevada (also known as Silverado Bank of Roseville, CA) was closed today. Nevada Security was 36th on the list, just out of the top 25 so you will have to take my word for it. According to the model, they had about a coin flip's chance of survival with ongoing losses and low equity capital. Even in Reno, one should not have taken that bet. This is the 3rd Nevada based bank to fail this year and the 8th since September of 2008.
Friday, June 11, 2010
Washington First is Washington's 7th!
Today, Washington First International Bank of Seattle, Washington became the state's 7th bank to be closed this year. Washington First has approximately $521 million in assets and placed 21st on the list. Washington First has been faced with continuing losses and has drawn the scrutiny of the regulators previously. It is the 10th bank measured to be closed since the blog began on May 23rd and the 7th in the top 25.
Friday, June 4, 2010
A day for the best (of the worst)
Today, two more banks were shut down:
First National Bank of Rosedale, MS
Arcola Homestead Savings Bank of Arcola, IL
These were, no less than, the top 2 banks on the list. They had a near certain probability of failure (rounding error of 100%). Both were smaller banks with assets of $60.4 and $17.0 million respectively.
In 3 weeks, 4 of the top 5 banks have been shutdown. Only, Pisgah Community Bank of Asheville, NC remains with about $60 million in assets. In terms of the "Top 25" there are now 6 closures.
June 9th edit: There was a third bank added to the FDIC list after the time I wrote this entry. TierOne Bank of Lincoln, Nebraska was also closed. TierOne was the first Nebraska based bank to fail since Feb. 2009 and had considerable assets, over $3 billion. However, as an OTS regulated bank, they do not appear in the list. In the future, I hope to include these "savings banks" as well but the datasets used in this study do not include these banks.
First National Bank of Rosedale, MS
Arcola Homestead Savings Bank of Arcola, IL
These were, no less than, the top 2 banks on the list. They had a near certain probability of failure (rounding error of 100%). Both were smaller banks with assets of $60.4 and $17.0 million respectively.
In 3 weeks, 4 of the top 5 banks have been shutdown. Only, Pisgah Community Bank of Asheville, NC remains with about $60 million in assets. In terms of the "Top 25" there are now 6 closures.
June 9th edit: There was a third bank added to the FDIC list after the time I wrote this entry. TierOne Bank of Lincoln, Nebraska was also closed. TierOne was the first Nebraska based bank to fail since Feb. 2009 and had considerable assets, over $3 billion. However, as an OTS regulated bank, they do not appear in the list. In the future, I hope to include these "savings banks" as well but the datasets used in this study do not include these banks.
Saturday, May 29, 2010
In Memorial of...
With Memorial Day weekend beginning, let's spend a moment in thought of the 5 banks that have fallen to the FDIC this week.
Sunwest Bank of Las Vegas, Nv. At 9th on the list, it may only have been a matter of time for this bank that had already faced an enforcement action.
Granite Community Bank of Granite Bay, Ca. Ranked 128th of 7398 in the system still had a fairly high 27% chance according to the model.
Bank of Florida - Tampa of the obvious location.
Bank of Florida - Southeast of Naples, Fla.
Bank of Florida - Southwest of Fort Lauderdale, Fl.
The Bank of Florida, technically 3 separate banks, were all under threat of foreclosure. Southwest and Tampa were on the list at 5th and 20th on the list respectively. Southeast was just out of the top 25 at 27th on the list.
In two weeks 4 of the top 25 banks have been foreclosed upon and 4 of the 6 foreclosures have been in Florida. This got me wondering what states are most at risk? Using the Top 100 (not shown), there are 14 Florida-based banks. But the state leader appears to be Georgia with 15. Washington State follows with 9.
Added: Interestingly, the Wall Street Journal just wrote an article about contagion problems in Washington State.
Sunwest Bank of Las Vegas, Nv. At 9th on the list, it may only have been a matter of time for this bank that had already faced an enforcement action.
Granite Community Bank of Granite Bay, Ca. Ranked 128th of 7398 in the system still had a fairly high 27% chance according to the model.
Bank of Florida - Tampa of the obvious location.
Bank of Florida - Southeast of Naples, Fla.
Bank of Florida - Southwest of Fort Lauderdale, Fl.
The Bank of Florida, technically 3 separate banks, were all under threat of foreclosure. Southwest and Tampa were on the list at 5th and 20th on the list respectively. Southeast was just out of the top 25 at 27th on the list.
In two weeks 4 of the top 25 banks have been foreclosed upon and 4 of the 6 foreclosures have been in Florida. This got me wondering what states are most at risk? Using the Top 100 (not shown), there are 14 Florida-based banks. But the state leader appears to be Georgia with 15. Washington State follows with 9.
Added: Interestingly, the Wall Street Journal just wrote an article about contagion problems in Washington State.
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