This McIntosh is Not So Sweet

14th ranked McIntosh State Bank of Jackson, Georgia, was finally closed today. The approximately $339.9 million bank in total assets was acquired by Hamilton State Bank (6627th). Hamilton State Bank entered into a loss-share transaction with the FDIC on $242.1 million of the former McIntosh State Bank's assets. Hamilton previously purchased the Bartow County Bank in April of this year. The FDIC estimates costs to the Deposit Insurance Fund (DIF) of about $80.0 million.

34th ranked First Commercial Bank of Tampa Bay, Florida, was also closed today. The nearly $100 million bank by assets was acquired by Stonegate Bank (5519th) of Fort Lauderdale, Florida. The failed bank acquisition was the first for Stonegate and did not include any form of loss-sharing. The FDIC estimates that the cost to the DIF will be $28.5 million.

No New Closings

There were no closings this week.

Atlantic Bank and Trust Closes This Week

In the 45th bank closing of the year, un-ranked Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision. First Citizens Bank and Trust Company, Inc. (1310th) of Columbia, South Carolina has agreed to assume all of the deposits of the former bank. The roughly $200 million acquisition in terms of total assets was First Citizens' third since the beginning of the current crisis.
The FDIC entered into a loss-share transaction on $141.8 million of Atlantic Bank and Trust's assets. They estimate that the cost to the Deposit Insurance Fund (DIF) will be $36.4 million.

Columbia State Bank Acquires Second Failed Bank in Two Weeks

79th ranked First Heritage Bank of Snohomish, Washington by state regulators. The approximately $173.5 million bank by assets was taken over by Columbia State Bank of Tacoma, Washington. Columbia assumed the assets and deposits of the bank and entered into a $142.2 million loss-share transaction with the FDIC. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.9 million.

2 Georgia Banks Test the Newest List

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.

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

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No Closings This Week

No banks were closed the week ending May 13th.