Another Bank Set Free

The Freedom State Bank of Freedom, Oklahoma, was closed today by state regulators. The approximately $22.8 million in total assets and $20.9 million in total deposits of the former bank were acquired by Alva State Bank & Trust Company of Alva, Oklahoma. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million.

Hidden Valley Banks

Regulators shut down not one "Valley Bank" but two today.

The first, Valley Bank of Moline, Illinois, was closed today by state regulators. $375.4 million of the failed bank's approximately $456.4 million in total assets was purchased by Great Southern Bank of Reeds Spring, Missouri. In addition they assumed about $360.0 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.4 million. 

The other Valley Bank was based in Fort Lauderdale, Florida. It was closed today by state regulators. Landmark Bank, National Association, also from Fort Lauderdale, Florida has agreed to purchase the approximately $81.8 million in total assets and $66.5 million in total deposits of the former bank.
The FDIC estimates that the cost to the DIF at $7.7 million.

Number Eight Bank Fails

Slavie Federal Savings Bank of Bel Air, Maryland, was closed today by state regulators. To protect the depositors, the FDIC entered into a purchase and assumption agreement with, to assume all of the deposits of Slavie Federal Savings Bank. Bay Bank, FSB agreed to purchase approximately $129.9 million of the failed bank's assets. It also assumed $111.1 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.

Another Top 40 Failure

Fourteenth-ranked Columbia Savings Bank of Cincinnati, Ohio, was closed today by state regulators. The approximately $36.5 million in total assets and $29.5 million in total deposits of the former bank were assumed by United Fidelity Bank, fsb of Evansville, Indiana. United Fidelity Bank is ranked a very healthy 5216th on our list. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.3 million.

Last of the Aztecs

Third-ranked, AztecAmerica Bank of Berwyn, Illinois, was closed today by the Illinois state regulators. The former bank had approximately $66.3 million in total assets and $65.0 million in total deposits as of December 31, 2013. In addition to assuming all of the deposits of the failed bank, Republic Bank of Chicago (1642nd) based in Oak Brook, Illinois, has agreed to purchase approximately $58.3 million of the failed bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.0 million.

Surprise Failure

In a surprising turn of events, 644th-ranked Allendale County Bank of Fairfax, South Carolina, was closed on Friday by the South Carolina State Board of Financial Institutions. Allendale County Bank was not without its problems, having struggled to stay profitable for years. It was under a consent order with regulators in 2013 and the victim of of corporate theft by a bank teller in 2012. which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The approximately $54.5 million in total assets of the former bank were acquired by Palmetto State Bank (6197th) of Hampton, South Carolina, to assume all of the deposits of Allendale County Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.1 million.

The Winter Top 40

The Bank Blog has ranks the Top 40 most likely to fail, regulated, deposit taking banks in the United States. We would also like to caution our readers not to infer that currently listed banks or those leaving the list are now safe. While the overall likelihood of failure has fallen, distressed banks may not prove to be the best banking partners.

Only returning banks from the prior list are listed in bold and newly failed banks are listed in italics. 



1. THE NATIONAL REPUBLIC BANK OF CHICAGO of CHICAGO, IL  
2. EASTERN SAVINGS BANK of HUNT VALLEY, MD  
3. AZTECAMERICA BANK of BERWYN, IL 
4. FIRSTSECURE BANK AND TRUST CO. of PALOS HILLS, IL
5. ENTERPRISE BANK OF SOUTH CAROLINA of EHRHARDT, SC
6. CECIL BANK of ELKTON, MD
7. BEACH COMMUNITY BANK of FORT WALTON BEACH, FL
8. SLAVIE FEDERAL SAVINGS BANK of BEL AIR, MD
9. PARK CITIES BANK of DALLAS, TX
10. THE PEOPLES BANK of COVINGTON, GA
11. CITY NATIONAL BANK OF NEW JERSEY of NEWARK, NJ
12. AMERICAN METRO BANK of CHICAGO, IL 
13. THE BANK OF GEORGIA of PEACHTREE CITY, GA
14. THE COLUMBIA SAVINGS BANK of CINCINNATI, OH
15. FIRST SOUTHERN BANK of PATTERSON, GA
16. CAPITOL CITY BANK & TRUST COMPANY of ATLANTA, GA
17. INDEPENDENT BANKERS' BANK OF FLORIDA of LAKE MARY, FL
18. CORNERSTONEBANK of ATLANTA, GA
19. EASTSIDE COMMERCIAL BANK of CONYERS, GA
20. FIRST CITY BANK OF FLORIDA of FORT WALTON BEACH, FL
21. SUNRISE BANK OF ALBUQUERQUE of ALBUQUERQUE, NM
22. ADVANTAGE BANK of LOVELAND, CO 

23. GUARANTY BANK of BROWN DEER, WI
24. FIRST CORNERSTONE BANK of KING OF PRUSSIA, PA
25. SECURANT BANK & TRUST of MILWAUKEE, WI
26. STATE BANK OF HERSCHER of HERSCHER, IL  
27. CENTRUST BANK, NATIONAL ASSOCIATION of NORTHBROOK, IL
28. LEGACY STATE BANK of LOGANVILLE, GA
29. BANK OF EASTMAN of EASTMAN, GA
30. BANK OF LAS VEGAS of LAS VEGAS, NV
31. OPTIMUMBANK of PLANTATION, FL 
32. THE HERITAGE BANK of HINESVILLE, GA 
33. GREENCHOICE BANK, FSB of CICERO, IL 
34. MICHIGAN COMMERCE BANK of ANN ARBOR, MI
35. GWINNETT COMMUNITY BANK of DULUTH, GA
36. PBI BANK of LOUISVILLE, KY
37. FIRST COMMUNITY BANK OF CRAWFORD COUNTY   VAN BUREN, AR
38. HOMETOWN NATIONAL BANK of LONGVIEW, WA
39.  SUPERIOR BANK of HAZELWOOD, MO  
40.  ONE BANK & TRUST, NATIONAL ASSOCIATION of LITTLE ROCK, AR


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