The Federal Deposit Insurance Corp. had a busy holiday weekend, as seven more banks were shut down, bringing the number of failed banks for 2009 to 52.
Six regional banks in Illinois and one bank in Texas were seized, pushing the number of failed banks in Illinois to 12 this year. That number carried Illinois over Georgia as the state with the most failed banks. The six Illinois banks that failed were all controlled by the Campbell family and were all affiliates of Peotone Bank & Trust Co., according to The FDIC.
The bank failures in Illinois included:
- Elizabeth State Bank, with total assets of $55.5
million and total deposits of approximately $50.4 million, was acquired by Galena State
Bank and Trust of Illinois.
- Rock River Bank had total assets
of $77 million and total deposits of approximately $75.8 million. The
Harvard State Bank will assume all of the bank's
deposits.
- John Warner Bank had total assets of $70
million and total deposits of about $64 million. State Bank of Lincoln will assume all of the bank's deposits.
- First State Bank of Winchester's assets, which totaled $36
million along with total deposits of about $34 million, will be assumed by the First National
Bank.
- Founders Bank was the largest of the financial
institutions seized this weekend, with $962.5 million in assets and approximately $848.9 million in
deposits. The PrivateBank and Trust Co. of Chicago will assume all of the deposits.
- First National Bank of Danville, with assets of $166 million and
total deposits of approximately $147 million, was acquired by First Financial Bank.
Six bank failures in one state may seem like a lot, but the record number of one-day failures came on March 16, 1989, when 10 Illinois thrifts were taken over by regulators, according to
The Chicago Tribune.
Along with the Illinois bank failures, there was also the first bank failure in Texas. Regulators
closed Millennium State Bank, which had total assets of approximately $118 million and total
deposits of $115 million.
State Bank of Texas will assume all of the deposits of Millennium.
The total cost of this weekend's bank failures to the FDIC is $314.3
million. This so far brings the FDIC fund's total cost for failed banks to $12.3
billion. In 2008 the FDIC's cost for failed banks was $17.6 billion, according to
CNN. The number of failures this year is already double the number of failures in 2008 (see list below), but it was the losses from Washington Mutual Inc. and IndyMac last year that were a huge cost to the FDIC.
Still, bank failures have not reached the hundreds or thousands predicted.
There are 305 banks reportedly on the FDIC's problem list. Based on the
current pace of bank seizures, 100 banks could fail this year. To see a
list of
those banks rumored to potentially fail, check out
Media identifies banks on the FDIC's hit list. Also, check out the list below of failed banks since the recession began.
- Maria Woehr
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2009 bank failures
1. Founders Bank Worth, IL July 2, 2009
2. Millennium State Bank of Texas Dallas, TX July 2, 2009
3. First National Bank of Danville Danville, IL July 2, 2009
4. Elizabeth State Bank Elizabeth, IL July 2, 2009
5. Rock River Bank Oregon, IL July 2, 2009
6. First State Bank of Winchester Winchester, IL July 2, 2009
7. John Warner Bank Clinton, IL July 2, 2009
8. Mirae Bank, Los Angeles, CA June 26, 2009
9. Metro Pacific Bank, Irvine, CA June 26, 2009
10. Horizon Bank, Pine City, MN June 26, 2009
11. Neighborhood Community Bank, Newnan, GA June 26, 2009
12. Community Bank of West Georgia, Villa Rica, GA June 26, 2009
13. First National Bank of Anthony, Anthony, KS June 19, 2009
14. Cooperative Bank, Wilmington, NC June 19, 2009
15. Southern Community Bank, Fayetteville, GA June 19, 2009
16. Bank of Lincolnwood, Lincolnwood, Ill. June 5, 2009
17. Citizens National Bank, Macomb, Ill. May 22 2009
18.Strategic Capital Bank, Champaign, Ill. May 22 2009
19. BankUnited, FSB, Coral Gables, Fla. May 21 2009
20. Westsound Bank, Bremerton, Wash. May 8, 2009
21.America West Bank, Layton, Utah May 1, 2009
22.Citizens Community Bank, Ridgewood, N.J. May 1, 2009
23.Silverton Bank, N.A., Atlanta, Ga. May 1, 2009
24. First Bank of Idaho, Ketchum, ID April 24, 2009
25. First Bank of Beverly Hills, Calabasas, Calif., April 24, 2009
26. Heritage Bank, Farmington Hills, Mich. April 24, 2009
27. American Southern Bank, Kennesaw, Ga. 57943 April 24, 2009
28. Great Basin Bank of Nevada, Elko, Nev. April 17, 2009
29. American Sterling Bank, Sugar Creek, Mo. April 17, 2009
30.New Frontier Bank, Greeley, Colo., April 10, 2009
31. Cape Fear Bank, Wilmington, N.C., April 10, 2009
32. Omni National Bank, Atlanta, Ga., March 27, 2009
33. TeamBank, Paola, Kan., March 20
34. Colorado National Bank, Colorado Springs, Colo., March 20
35. FirstCity Bank, Stockbridge, Ga., March 20
36. Freedom Bank of Georgia, Commerce, Ga. March 6, 2009
37. Security Savings Bank, Henderson, Nev. February 27, 2009
38. Heritage Community Bank, Glenwood, Ill. February 27, 2009
39. Silver Falls Bank, Silverton, Ore. February 20, 2009
40. Pinnacle Bank of Oregon, Beaverton, Ore. February 13, 2009
41. Corn Belt Bank and Trust Company, Pittsfield, Ill. February 13, 2009
42. Riverside Bank of the Gulf Coast, Cape Coral, Fla. February 13, 2009
43. Sherman County Bank, Loup City, Neb. February 13, 2009
44. County Bank, Merced, Calif. February 6, 2009
45. Alliance Bank, Culver City, Calif. February 6, 2009
46. FirstBank Financial Services, McDonough, Ga. February 6, 2009
47. Ocala National Bank, Ocala, Fla. January 30, 2009
48. Suburban Federal Savings Bank, Crofton, Md. January 30, 2009
49. MagnetBank, Salt Lake City, Utah January 30, 2009
50. 1st Centennial Bank, Redlands, Calif. January 23, 2009
51. Bank of Clark County, Vancouver, Wash. January 16, 2009
52. National Bank of Commerce, Berkeley, Ill. January 16, 2009
2008 bank failures:
1. Sanderson State Bank, Sanderson, Texas December 12, 2008
2. Haven Trust Bank, Duluth, Ga. December 12, 2008
3. First Georgia Community Bank, Jackson, Ga. December 5, 2008
4. PFF Bank and Trust, Pomona, Calif. November 21, 2008
5. Downey Savings and Loan, Newport Beach, Calif. November 21, 2008
6. The Community Bank, Loganville, Ga. November 21, 2008
7. Security Pacific Bank, Los Angeles, Calif. November 7, 2008
8. Franklin Bank, SSB, Houston, Texas November 7, 2008
9. Freedom Bank, Bradenton, Fla. October 31, 2008
10. Alpha Bank & Trust, Alpharetta, Ga. October 24, 2008
11. Meridian Bank, Eldred, Ill. October 10, 2008
12. Main Street Bank, Northville, Mich. October 10, 2008
13. Washington Mutual Bank, September 25, 2008
14. Ameribank, Northfork, W.Va. September 19, 2008
15. Silver State Bank, Henderson, Nev. September 5, 2008
16. Integrity Bank, Alpharetta, Ga. August 29, 2008
17. The Columbian Bank and Trust, Topeka, Kan. August 22, 2008
18. First Priority Bank, Bradenton, Fla. August 1, 2008
19. First Heritage Bank, NA, Newport Beach, Calif. July 25, 2008
20. First National Bank of Nevada, Reno, Nev. July 25, 2008
21. IndyMac Bank, Pasadena, Calif. July 11, 2008
22. First Integrity Bank, NA, Staples, Minn. May 30, 2008
23. ANB Financial, NA, Bentonville, Ariz. May 9, 2008
24. Hume Bank, Hume, Mo. March 7, 2008
25. Douglass National Bank, Kansas City, Mo. January 25, 2008
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