Number Four and Two Other Top Forties Fail

Our highest ranked failure of the week belongs to number four Farmers and Traders State Bank, of Shabbona, Illinois. It was closed today by the Illinois Department of Financial and Professional Regulation. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First State Bank (3448th) of Mendota, Illinois, to assume the $42.3 million in total deposits of the former bank. In addition to assuming all of the deposits, First State Bank agreed to purchase essentially all of the failed bank's $43.1 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.9 million. 

Ranked 22nd on our newest list, First Capital Bank of Kingfisher, Oklahoma, was closed today by the Oklahoma State Banking Department. The very small bank had approximately $46.1 million in total assets as of the most recent filings with the FDIC. Of these assets, $40.7 million were acquired by F & M Bank (3300th) of Edmond, Oklahoma. In addition, F & M assumed $44.8 million in total deposits of the former bank for which they paid the FDIC a premium of 7.65 percent. As a result, this is one of the least expensive bank closures on record as the FDIC estimates that the cost to the DIF at only $5.6 million.

30th ranked, Carolina Federal Savings Bank of Charleston, South Carolina, was also closed this week by regulators. The Bank of North Carolina of Thomasville, North Carolina has acquired approximately $41 million of the $54.4 million in total assets of the former bank along with the $53.1 million in total deposits. The Bank of North Carolina may not be without its own difficulties however, as the bank ranks a relatively weak 520th on our list. This places it firmly in the weakest 10% of all banks in the U.S.  Overall, the FDIC estimates that the cost to the DIF to be $15.2 million.

Just off the list in 45th, Waccamaw Bank of Whiteville, North Carolina, was also closed today by its state regulators. The FDIC entered into a purchase and assumption agreement with First Community Bank (4272nd) of Bluefield, Virginia, to acquire the failing bank. As of March 31, 2012, Waccamaw Bank was our largest failure of the week with approximately $533.1 million in total assets and $472.7 million in total deposits. First Community Bank agreed to purchase nearly all of these assets, $515.3 million. The FDIC estimates that the cost to the DIF will be $51.1 million.

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.