Mirroring events in Feb., two Georgia-based banks were the first to fail after the newest Bank Blog listing.
21st ranked Atlantic Southern Bank of Macon and 85th ranked First Georgia Banking Company of Franklin were both closed and acquired by CertusBank, N.A., of Easley, SC (6003rd). Both banks were of similar size with assets and deposits slightly over $700 million. The FDIC and CertusBank, N.A. entered into loss-share transactions on $585.1 million of the assets of the former Atlantic Southern Bank and $452.1 million for First Georgia Banking Company. The combined cost to the deposit insurance fund is estimated at $431.0 million.
49th ranked Summit Bank of Burlington, Washington, was also closed today. The approximately $142.7 million dollar bank (by assets) was acquired by Columbia State Bank (3714th). The FDIC and Columbia State Bank entered into a loss-share transaction on $113.4 million of Summit Bank's assets. Overall, the FDIC estimates that the cost of closing Summit Bank at $15.7 million.
Friday, May 20, 2011
Thursday, May 19, 2011
The May 2011 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.
Of the 40 banks listed in February, 10 failed and 24 of the remaining are on the new list. While 6 banks fell from the list, The Bank Blog would like to caution our readers not to infer that those banks are now safe. None of those banks are currently ranked below the mid 60s. In all, banks that are or have been ranked on prior lists that have not failed still remain in the top 1% in terms of risk.
Returning banks are listed in bold and newly failed banks are listed in italics.
1. PISGAH COMMUNITY BANK of ASHEVILLE, NC
2. HIGH TRUST BANK of STOCKBRIDGE, GA
3. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
4. GREYSTONE BANK of RALEIGH, NC
5. COMMUNITYONE BANK, N.A. of ASHEBORO, NC
6. COLORADO CAPITAL BANK of CASTLE ROCK, CO
7. LANDMARK BANK OF FLORIDA of SARASOTA, FL
8. BANKMERIDIAN, N.A. of COLUMBIA, SC
9. BANK OF LAS VEGAS of LAS VEGAS, NV
10. THE FIRST NATIONAL BANK OF FLORIDA of MILTON, FL
11. FIRST GUARANTY BANK AND TRUST COMPANY of JACKSONVILLE, FL
11. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
12. SECURITY BANK, N.A. of NORTH LAUDERDALE, FL
13. THE FIRST NATIONAL BANK OF OLATHE of OLATHE, KS
14. MCINTOSH STATE BANK of JACKSON, GA
15. OLD HARBOR BANK of CLEARWATER, FL
16. CREEKSIDE BANK of WOODSTOCK, GA
17. OPTIMUMBANK of PLANTATION, FL
18. FIRST INTERNATIONAL BANK of PLANO, TX
19. INTEGRA BANK NATIONAL ASSOCIATION of EVANSVILLE, IN
20. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
21. ATLANTIC SOUTHERN BANK of MACON, GA
22. MID CITY BANK, INC. of OMAHA, NE
23. SIGNATURE BANK of WINDSOR, CO
24. FIDELITY BANK OF FLORIDA, N.A. of MERRITT ISLAND, FL
25. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
26. FIRST SOUTHERN NATIONAL BANK of STATESBORO, GA
27. FIRST ASIAN BANK of LAS VEGAS, NV
28. FIRST CHICAGO BANK & TRUST of CHICAGO, IL
29. ALL AMERICAN BANK of DES PLAINES, IL
30. VIRGINIA BUSINESS BANK of RICHMOND, VA
31. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
32. BUILDERS BANK of CHICAGO, IL
33. MOUNTAIN HERITAGE BANK, of CLAYTON, GA
34. FIRST COMMERCIAL BANK OF TAMPA BAY of TAMPA, FL
35. GLOBAL COMMERCE BANK of DORAVILLE, GA
36. BANK OF CHOICE of GREELEY, CO
37. BANK OF THE COMMONWEALTH of NORFOLK, VA
38. FIRST COMMERCIAL BANK of BLOOMINGTON, MN
39. FRIENDS BANK of NEW SMYRNA BEACH, FL
40. MONTGOMERY BANK & TRUST of AILEY, GA
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.
Of the 40 banks listed in February, 10 failed and 24 of the remaining are on the new list. While 6 banks fell from the list, The Bank Blog would like to caution our readers not to infer that those banks are now safe. None of those banks are currently ranked below the mid 60s. In all, banks that are or have been ranked on prior lists that have not failed still remain in the top 1% in terms of risk.
Returning banks are listed in bold and newly failed banks are listed in italics.
1. PISGAH COMMUNITY BANK of ASHEVILLE, NC
2. HIGH TRUST BANK of STOCKBRIDGE, GA
3. 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
4. GREYSTONE BANK of RALEIGH, NC
5. COMMUNITYONE BANK, N.A. of ASHEBORO, NC
6. COLORADO CAPITAL BANK of CASTLE ROCK, CO
7. LANDMARK BANK OF FLORIDA of SARASOTA, FL
8. BANKMERIDIAN, N.A. of COLUMBIA, SC
9. BANK OF LAS VEGAS of LAS VEGAS, NV
10. THE FIRST NATIONAL BANK OF FLORIDA of MILTON, FL
11. FIRST GUARANTY BANK AND TRUST COMPANY of JACKSONVILLE, FL
11. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
12. SECURITY BANK, N.A. of NORTH LAUDERDALE, FL
13. THE FIRST NATIONAL BANK OF OLATHE of OLATHE, KS
14. MCINTOSH STATE BANK of JACKSON, GA
15. OLD HARBOR BANK of CLEARWATER, FL
16. CREEKSIDE BANK of WOODSTOCK, GA
17. OPTIMUMBANK of PLANTATION, FL
18. FIRST INTERNATIONAL BANK of PLANO, TX
19. INTEGRA BANK NATIONAL ASSOCIATION of EVANSVILLE, IN
20. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
21. ATLANTIC SOUTHERN BANK of MACON, GA
22. MID CITY BANK, INC. of OMAHA, NE
23. SIGNATURE BANK of WINDSOR, CO
24. FIDELITY BANK OF FLORIDA, N.A. of MERRITT ISLAND, FL
25. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
26. FIRST SOUTHERN NATIONAL BANK of STATESBORO, GA
27. FIRST ASIAN BANK of LAS VEGAS, NV
28. FIRST CHICAGO BANK & TRUST of CHICAGO, IL
29. ALL AMERICAN BANK of DES PLAINES, IL
30. VIRGINIA BUSINESS BANK of RICHMOND, VA
31. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
32. BUILDERS BANK of CHICAGO, IL
33. MOUNTAIN HERITAGE BANK, of CLAYTON, GA
34. FIRST COMMERCIAL BANK OF TAMPA BAY of TAMPA, FL
35. GLOBAL COMMERCE BANK of DORAVILLE, GA
36. BANK OF CHOICE of GREELEY, CO
37. BANK OF THE COMMONWEALTH of NORFOLK, VA
38. FIRST COMMERCIAL BANK of BLOOMINGTON, MN
39. FRIENDS BANK of NEW SMYRNA BEACH, FL
40. MONTGOMERY BANK & TRUST of AILEY, GA
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, May 13, 2011
Friday, May 6, 2011
Premier American Bank Acquires Third Failed Bank in Two Weeks
OTS regulated (unranked), Coastal Bank of Cocoa Beach, FL closed this week with approximately $129.4 million in total assets and $123.9 million in total deposits. Florida Community Bank, owned by Premier American Bank, N.A., Miami, FL agreed to assume nearly all of the assets and deposits of the failed bank. This is the third failed bank acquired by Premier American in the last two week. Premier itself was formed when a bank of the same name was shut down in Jan. of 2010 and now contains the assets of a total of five shuttered banks. The agreement included a $108.2 million loss-share transaction FDIC and Premier American. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.4 million.
Friday, April 29, 2011
Fed Friday Returns in Full Force
After taking the Easter holiday off last week, regulators came back swinging with five closings (so far). Of these, 4 were listed on The Bank Blog's Top 40 list.
List leader, First Choice Community Bank of Dallas, GA finally succumbed to its fate as the riskiest bank this week. It had about $308.5 million in total assets and $310.0 million in total deposits when closed. Bank of the Ozarks (2415th) of Little Rock, AR has agreed to assume all deposits. Bank of the Ozarks also agreed to acquire the roughly three times as large, and 27th ranked, The Park Avenue Bank of Valdosta, GA.
Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets. The FDIC and Bank of the Ozarks entered into loss-share transactions on $260.7 million in First Choice Community Bank assets and $514.1 million for The Park Avenue Bank. The FDIC estimates the costs to the DIF at $92.4 million and $306.1 million respectively.
6th ranked, First National Bank of Central Florida of Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A. (4938th) of Miami, FL has agreed to assume all deposits. Florida Community Bank also acquired 16th ranked Cortez Community Bank of Brooksville, FL. Cortez Community was a smaller bank with approximately $70.9 million in total assets and $61.4 million in total deposits.
The FDIC and Premier American Bank, N.A. entered into loss-share transactions of $270.0 million for First National Bank and the loss-share transaction for $51.3 million for Cortez Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.9 million and $18.6 million respectively.
The only bank to close this week that was not listed was 53rd ranked Community Central Bank of Mount Clemens, MI. Community Central had approximately $476.3 million in total assets and $385.4 million in total deposits when closed. Talmer Bank & Trust (unranked) of Troy, MI has agreed to assume all deposits. The FDIC and Talmer Bank & Trust have entered into a loss-share transaction on $362.4 million worth of assets. The estimated cost to the DIF for this closure is estimated at $183.2 million.
List leader, First Choice Community Bank of Dallas, GA finally succumbed to its fate as the riskiest bank this week. It had about $308.5 million in total assets and $310.0 million in total deposits when closed. Bank of the Ozarks (2415th) of Little Rock, AR has agreed to assume all deposits. Bank of the Ozarks also agreed to acquire the roughly three times as large, and 27th ranked, The Park Avenue Bank of Valdosta, GA.
Besides assuming all the deposits from the two Georgia banks, Bank of the Ozarks will purchase essentially all of their assets. The FDIC and Bank of the Ozarks entered into loss-share transactions on $260.7 million in First Choice Community Bank assets and $514.1 million for The Park Avenue Bank. The FDIC estimates the costs to the DIF at $92.4 million and $306.1 million respectively.
6th ranked, First National Bank of Central Florida of Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A. (4938th) of Miami, FL has agreed to assume all deposits. Florida Community Bank also acquired 16th ranked Cortez Community Bank of Brooksville, FL. Cortez Community was a smaller bank with approximately $70.9 million in total assets and $61.4 million in total deposits.
The FDIC and Premier American Bank, N.A. entered into loss-share transactions of $270.0 million for First National Bank and the loss-share transaction for $51.3 million for Cortez Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.9 million and $18.6 million respectively.
The only bank to close this week that was not listed was 53rd ranked Community Central Bank of Mount Clemens, MI. Community Central had approximately $476.3 million in total assets and $385.4 million in total deposits when closed. Talmer Bank & Trust (unranked) of Troy, MI has agreed to assume all deposits. The FDIC and Talmer Bank & Trust have entered into a loss-share transaction on $362.4 million worth of assets. The estimated cost to the DIF for this closure is estimated at $183.2 million.
Saturday, April 23, 2011
No Closings This Week
No doubt due to the holiday in some parts of the country on Friday, there were no closings this week.
Friday, April 15, 2011
26th Ranked Bartow County Bank and Others Fail
Regulators made up for lost time this week closing six banks, including two in both Alabama and Georgia. Both small and large banks fell under feds axe from $38 million Rosemount Bank in Minnesota to $3 billion Superior Bank of Birmingham, Alabama.
26th ranked Bartow County Bank of Cartersville, Georgia, was closed this week by the Georgia Department of Banking and Finance. Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank (4090th) of Hoschton, GA has agreed to assume all deposits and nearly all of the assets of the failed bank. The agreement between the FDIC and Hamilton State Bank includes a loss-sharing transaction on $247.5 million of Bartow County Bank's assets and the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.
Falling just shy of the list, 43rd ranked New Horizons Bank of East Ellijay, Georgia, was also closed today by Georgia regulators. Citizens South Bank (un-ranked) of Gastonia, North Carolina has agreed to assume all of the deposits of New Horizons Bank. New Horizons had approximately $110.7 million in total assets and $106.1 million in total deposits. The FDIC and Citizens South Bank entered into a loss-share transaction on $84.7 million of New Horizons Bank's assets. The FDIC estimates costs of closing the bank at $30.9 million.
60th ranked Nexity Bank of Birmingham, Alabama, also closed today. It had approximately $793.7 million in total assets and $637.8 million in total deposits. Newly formed AloStar Bank of Commerce has agreed to assume all the deposits and has entered into a loss-share transaction on $384.2 million of Nexity Bank's assets. The FDIC estimates the costs of this closure at $175.4 million.
Birmingham, Alabama also experienced largest bank closure of the week as Superior Bank was forced to shut its doors. A newly chartered bank subsidiary of Community Bancorp LLC (CBC) called Superior Bank, N.A. was formed to assume the deposits of the former bank. Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. The FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets. The expected costs of Superior's failure are considerable at $259.6 million.
Superior was closed by the Office of Thrift Supervision (OTS). Due to differences in reporting requirements for OTS banks, they are not ranked by The Bank Blog. Superior's new owner, CBC, also acquired Cadence Bank in March. That purchase included a infusion $144 million into a bank which recently ranked 303rd on our list.
66th ranked Heritage Banking Group of Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance. As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank (4298th) of Jackson, Mississippi has assumed the deposits of the failed bank and entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets. The FDIC estimates the cost to the DIF will be $49.1 million.
The smallest bank to close this week was 156th ranked Rosemount National Bank of Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits. Central Bank (1732) of Stillwater, MN has agreed to assume all deposits. The cost is estimated at relatively inexpensive $3.6 million.
26th ranked Bartow County Bank of Cartersville, Georgia, was closed this week by the Georgia Department of Banking and Finance. Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank (4090th) of Hoschton, GA has agreed to assume all deposits and nearly all of the assets of the failed bank. The agreement between the FDIC and Hamilton State Bank includes a loss-sharing transaction on $247.5 million of Bartow County Bank's assets and the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.
Falling just shy of the list, 43rd ranked New Horizons Bank of East Ellijay, Georgia, was also closed today by Georgia regulators. Citizens South Bank (un-ranked) of Gastonia, North Carolina has agreed to assume all of the deposits of New Horizons Bank. New Horizons had approximately $110.7 million in total assets and $106.1 million in total deposits. The FDIC and Citizens South Bank entered into a loss-share transaction on $84.7 million of New Horizons Bank's assets. The FDIC estimates costs of closing the bank at $30.9 million.
60th ranked Nexity Bank of Birmingham, Alabama, also closed today. It had approximately $793.7 million in total assets and $637.8 million in total deposits. Newly formed AloStar Bank of Commerce has agreed to assume all the deposits and has entered into a loss-share transaction on $384.2 million of Nexity Bank's assets. The FDIC estimates the costs of this closure at $175.4 million.
Birmingham, Alabama also experienced largest bank closure of the week as Superior Bank was forced to shut its doors. A newly chartered bank subsidiary of Community Bancorp LLC (CBC) called Superior Bank, N.A. was formed to assume the deposits of the former bank. Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. The FDIC and Superior Bank, N.A. entered into a loss-share transaction on $1.84 billion of Superior Bank's assets. The expected costs of Superior's failure are considerable at $259.6 million.
Superior was closed by the Office of Thrift Supervision (OTS). Due to differences in reporting requirements for OTS banks, they are not ranked by The Bank Blog. Superior's new owner, CBC, also acquired Cadence Bank in March. That purchase included a infusion $144 million into a bank which recently ranked 303rd on our list.
66th ranked Heritage Banking Group of Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance. As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank (4298th) of Jackson, Mississippi has assumed the deposits of the failed bank and entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets. The FDIC estimates the cost to the DIF will be $49.1 million.
The smallest bank to close this week was 156th ranked Rosemount National Bank of Rosemount, MN with approximately $37.6 million in total assets and $36.6 million in total deposits. Central Bank (1732) of Stillwater, MN has agreed to assume all deposits. The cost is estimated at relatively inexpensive $3.6 million.
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