No New Failures

As of 8:15 pm EDT there have been no bank failures to report. The Bank Blog will be updated throughout the evening as more information comes in.

No New Failures

As of 8:10 pm EDT, there have been no bank closures. The Bank Blog will be updated as new information comes in.

May 2012 Top 40

With this new Top 40 list, the Bank Blog has expanded its ranking to all regulated, deposit taking banks in the United States.  As all regulated banks are now filing under the same reporting format, it is now possible to compare across these savings banks as well. That should introduce a few never before seen banks to our list.

In the last quarter The Bank Blog continued to demonstrate well the least stable U.S. banks well. Of the 40 banks listed, 6 failed. Three others: Pisgah Community Bank, 1st Commerce Bank and Sunrise Bank have all received prompt corrective action orders from the FDIC along. These banks all have the same parent, Capital Bancorp Limited, which is also the parent of several other troubled banks. The Bank Blog has decided to highlight those banks with an asterisk on the newest list. We would also like to caution our readers not to infer that those banks leaving the list are now safe.  Only Eurobank, which was acquired by Banco do Brasil has become appreciably safer.

Returning banks are listed in bold and newly failed banks are listed in italics. Capital Bancorp Limited banks are listed with an asterisk before their name.


1. * PISGAH COMMUNITY BANK of ASHEVILLE, NC
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD
3. GLASGOW SAVINGS BANK of GLASGOW, MO 
4. FARMERS & TRADERS STATE BANK of SHABBONA, IL
5. PUTNAM STATE BANK of PALATKA, FL
6. * BANK OF LAS VEGAS of LAS VEGAS, NV
7. U.S. CENTURY BANK of MIAMI FL
8. COMMUNITY BANK OF THE OZARKS of SUNRISE BEACH, MO
9. * SUNRISE BANK of VALDOSTA, GA
10. TRUMAN BANK of SAINT LOUIS MO
11. GEORGIA TRUST BANK of BUFORD, GA
12. THE ROYAL PALM BANK OF FLORIDA of NAPLES, FL
13. JASPER BANKING COMPANY of JASPER, GA
14. MONTGOMERY BANK & TRUST of AILEY, GA
15. THE PATTERSON BANK of PATTERSON, GA 
16. FIDELITY BANK of FLORIDA, N.A. of MERRITT ISLAND, FL
17. TEXAS COMMUNITY BANK, N.A. of THE WOODLANDS, TX
18. * 1ST COMMERCE BANK of NORTH LAS VEGAS, NV
19. DECATUR STATE BANK of DECATUR, AR
20. * MICHIGAN COMMERCE BANK of ANN ARBOR, MI
21. EXCEL BANK of SEDALIA MO
22. FIRST CAPITAL BANK of KINGFISHER, OK 
23. WESTSIDE COMMUNITY BANK of UNIVERSITY PLACE, WA
24. DOUGLAS COUNTY BANK of  DOUGLASVILLE, GA
25. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
26. GULFSOUTH PRIVATE BANK of DESTIN, FL
27. FIRST COMMERCIAL BANK of BLOOMINGTON, MN
28. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
29. THE BRAND BANKING COMPANY of LAWRENCEVILLE, GA
30. CAROLINA FEDERAL SAVINGS BANK of CHARLESTON, SC
31. ISB COMMUNITY BANK of IXONIA, WI
32. MILE HIGH BANKS of LONGMONT, CO
33. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
34. GWINNETT COMMUNITY BANK of DULUTH, GA
35. OPTIMUMBANK of PLANTATION, FL
36. METROBANK of CHICAGO, IL
37. BANK OF EASTMAN of EASTMAN, GA
38. * CENTRAL ARIZONA BANK of SCOTTSDALE, AZ
39. COMMUNITY SOUTH BANK of PARSONS, TN
40. TRANSCAPITAL BANK of SUNRISE, FL


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Alabama Trust Bank Closes Shop

122nd ranked Alabama Trust Bank, National Association of Sylacauga, Alabama was closed today by regulators. The former bank lost $486,000 in the most recent quarter and has total assets of approximately $51.6 million. The assets of the former bank was acquired by Southern States Bank of Anniston, Alabama (6220th).   This was the first acquisition of its kind for Southern States Bank. The acquisition added about $45.1 million in total deposits to their balance sheet. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million.

No New Failures

As of 9:15 pm EDT, there have been no bank closures. The Bank blog will be updated as new information comes in.

Number Three Fails

The third ranked bank on the list, Security Bank, NA of North Lauderdale, Florida, was closed today by the Office of the Comptroller of the Currency.  Banesco USA (3317th) of Coral Gables, Florida, has entered into a purchase and assumption agreement with the FDIC to assume all of the approximately $99.1 million in total deposits Security Bank. In addition, they will purchase nearly all of the $101.0 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million.

Two Top 40 Banks and Three Others Failed This Week

Maryland based and/or formerly OTS regulated banks faced an active week of shutdowns by regulators.   

Fourteenth ranked, Palm Desert National Bank of Palm Desert, California, was closed today by the OCC. Pacific Premier Bank (2219th) of Costa Mesa has agreed to acquired all of the approximately $125.8 million in total assets and $122.8 million in total deposits. This is the second failed bank acquisition by Pacific Premier Bank. They previously acquired Canyon National Bank of Pal Springs, California in February 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. 

26th ranked, HarVest Bank of Maryland from Gaithersburg, Maryland, was closed today by state regulators. The approximately $164.3 million in total assets and $145.5 million in total deposits were acquired by Sonabank (5842nd) of McLean, Virginia. This is the second failed bank acquisition for Sonabank. It previously acquired Great Atlantic Savings Bank of Reston, Va. in December of 2009.  The FDIC estimates that the cost to the DIF will be $17.2 million. 

63rd ranked, Bank of the Eastern Shore of Cambridge, Maryland was also closed today. The FDIC was unable to find an acquirer for the approximately $166.7 million in total assets and $154.5 million in total deposits of this former bank. As a result, it set up the Deposit Insurance National Bank of Eastern Shore (DINB), which will remain open until May 25, 2012 to allow depositors access to their insured deposits and time to open accounts at other insured institutions. The cost to the DIF is estimated to be $41.8 million.  

Un-ranked, formerly OTS, regulated Plantation Federal Bank of Pawleys Island of South Carolina, closed as well. First Federal Bank (un-ranked), of Charleston, South Carolina agreed to assume the approximately $440.5 million in total deposits. First Federal also acquired nearly all of the $486.4 million former Plantation Federal Bank's total assets, entering into a loss-share transaction on $221.7 million. The FDIC estimates that the cost to DIF will be $76.0 million. 

Finally, un-ranked Inter Savings Bank, fsb D/B/A InterBank, fsb, Maple Grove, Minnesota, was closed today. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank (975th) of Reeds Spring, Missouri, to assume all of the $473.0 million in total deposits. The FDIC and Great Southern Bank also entered into a loss-share transaction on $413.0 million of the approximately $481.6 million in acquired assets of the former InterBank. This is the fourth failed bank acquisition for Great Southern. The FDIC estimates that the cost to the DIF will be $117.5 million.