No New Failures

As of 5:15 pm EDT there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Two Failures This Week

1^st Commerce Bank of North Las Vegas, Nevada, was closed yesterday by regulators. Ranked sixty-eighth on the current list (thirty-fifth on the winter list), the approximately $20.2 million in total assets and $19.6 million in total deposits former bank was acquired Plaza Bank (4942nd) of Irvine, California. The FDIC and Plaza Bank entered into a loss-share transaction on $12.2 million of 1^st Commerce Bank's assets. The FDIC estimates that cost to the Deposit Insurance Fund (DIF) will be $9.4 million. While small in absolute terms, it should be noted that the estimated loss is quite high in percentage terms. This is indicative of a bank with particular problems which may have stemmed from poor accounting or management.


Today, thirty-second ranked Mountain National Bank of Sevierville, Tennessee, was closed by the Office of the Comptroller of the Currency (OCC). First Tennessee Bank, National Association (1213th) of Memphis, Tennessee has agreed to purchase essentially all of the failed bank's approximately $437.3 million in total assets. With this acquisition, the total assets of First Tennessee Bank exceeds $25 billion. In addition, the firm will assume about $373.4 million in total deposits from the former bank. The FDIC estimates that cost to the DIF will be $33.5 million.

Number Five Fails

Banks of Wisconsin of Kenosha, Wisconsin was closed today by regulators. The bank, which operated under the name Bank of Kenosha had approximately $127.6 million in total deposits which were assumed by North Shore Bank, FSB (2302nd) of Brookfield, Wisconsin. In addition North Shore Bank agreed to acquire about 97.4 million of the failed bank's $134.0 million in total assets. The FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $26.3 million. 

The Spring 2013 Top 40

The Bank Blog has ranks the Top 40 most likely to fail, regulated, deposit taking banks in the United States. 

The Bank Blog continues to demonstrate well its ability to predict bank distress.  Bank failures declined again this quarter relative to last. In all, there were only ten failures since the creation of the last Top 40 list. Of these banks, seven were on the list and four were in the top ten. Three failed banks belonged to our highlighted, Capital Bancorp Limited.

We would also like to caution our readers not to infer that those banks leaving the list are now safe.  All but one of the departing banks remains among the riskiest one hundred. Departing banks often return on future lists. Only returning banks from the prior list are listed in bold and newly failed banks are listed in italics. Remaining Capital Bancorp Limited affiliated banks are listed with an asterisk before their name.

1. METROBANK of CHICAGO, IL
2. COMMUNITY SOUTH BANK of PARSONS, TN
3. UNITED MIDWEST SAVINGS BANK of DE GRAFF, OH
4. EASTERN SAVINGS BANK of HUNT VALLEY, MD
5. BANKS OF WISCONSIN of KENOSHA, WI 

6. ARCHER BANK of CHICAGO, IL
7. THE PEOPLES BANK of COVINGTON, GA   
8. TEXAS COMMUNITY BANK, N.A. of THE WOODLANDS, TX
9. PLAZA BANK of NORRIDGE, IL
10. STATE BANK OF HERSCHER of HERSCHER, IL  

11. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
12. * MICHIGAN COMMERCE BANK of ANN ARBOR, MI
13. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
14. THE COLUMBIA SAVINGS BANK of CINCINNATI, OH
15. ANCHOR COMMERCIAL BANK of JUNO BEACH, FL
16. SOUTHERN BANK AND TRUST COMPANY of MOUNT OLIVE, NC
17. GOLD CANYON BANK of GOLD CANYON, AZ
18. FIRST COMMUNITY BANK OF SOUTHWEST FLORIDA of FORT MYERS FL
19. AMERICAN METRO BANK of CHICAGO, IL
20. AZTECAMERICA BANK of BERWYN, IL
21. SUPERIOR BANK of HAZELWOOD, MO 
22. GEORGIA PRIMARY BANK of ATLANTA, GA
23. OPTIMUMBANK of PLANTATION, FL
24. BANK OF WAUSAU of WAUSAU, WI
25. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
26. NORTH COMMUNITY BANK of  CHICAGO, IL
27. INDEPENDENCE FEDERAL SAVINGS BANK of WASHINGTON, DC
28. STATE CENTRAL BANK of  KEOKUK, IA
29. THE FOSTER BANK of CHICAGO, IL
30. GUARANTY BANK of BROWN DEER, WI
31. * BANK OF LAS VEGAS of LAS VEGAS, NV
32. MOUNTAIN NATIONAL BANK of SEVIERVILLE, TN
33. WESTSIDE BANK of HIRAM, GA
34. GWINNETT COMMUNITY BANK of DULUTH, GA
35. U.S. CENTURY BANK of MIAMI, FL
36. EASTSIDE COMMERCIAL BANK of CONYERS, GA
37. PARK CITIES BANK of DALLAS, TX
38. PNA BANK DOWNERS of GROVE, IL
39. SOUTHERN COMMERCE BANK, N.A. of TAMPA, FL
40. FIRST NATIONAL BANK of EDINBURG, TX 



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No New Failures

As of 5:15 pm EST there have been no failures. The Bank Blog will be updated throughout the evening as new information arrives.

Another Capitol Bancorp Limited Failure

In unusual move, regulators did not wait until a Friday to shut down Central Arizona Bank of Scottsdale, Arizona. On Tuesday, the Arizona Department of Financial Institutions decided to seize the third affiliate of Capitol Bancorp Limited within one week. Central Arizona Bank was fifteenth on the most recent list. The $31.6 million in bank by total assets was acquired by Western State Bank (1963rd) of Devils Lake of North Dakota along with its $30.8 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.6 million. 

Pisgah Community Bank Finally Fails

After being the first or second worst most risky bank a total of ten times, Pisgah Community Bank of Asheville, North Carolina finally succumbed to regulators and was close today. Despite the multitude of efforts by owner Capital Bancorp Limited to cross-subsidize and otherwise restructure the bank, it has never been able to steady the sinking ship.  As of March 31, 2013, Pisgah Community Bank had approximately $21.9 million in total assets and $21.2 million in total deposits remaining. Of these, Capital Bank, N.A. (2226th) of Rockville, Maryland, has agreed to assume all of the deposits along with purchasing approximately $19.8 million of the failed bank's assets. The FDIC estimates that cost to the Deposit Insurance Fund (DIF) will be $8.9 million. 


Another "Top Ten" failure this week was Sunrise Bank of Valdosta, Georgia. the fourth-ranked bank on our list was closed today by state regulators. The failed bank had approximately $57.8 million in total deposits which were assumed by Synovus Bank (2742nd) of Columbus, Georgia. Synovus Bank also acquired about $13.2 million of the failed bank's assets while the remainder of the approximately $60.8 million in total assets stayed with the FDIC. The FDIC estimates that cost to the DIF will be $17.3 million.