2010 Failed Banks

Failed Bank

This time last year, I created a list to track failed banks in 2009. On January 23, 2009 when I wrote the post, there was a total of 3 bank failures. At that time, I also compared 2009 with 2008, the first full year of this recession when 25 banks were shut down. I was wondering back then how bad the situation could be. Well, as we already knew by now, 2009 turned out to be a terrible year form banks, large and small. A total of 140 banks were closed by authorities during the year.

So how about 2010? With less than one month into the new year, 9 banks have already been seized. If things continue like this, the list of 2010 bank failures could be very long.

  1. Horizon Bank, Bellingham, Washington: Closed on January 8, 2010. Assets at close $1.3 billion, deposits at close $1.1 billion. Secured deposits acquired by Washington Federal Savings and Loan Association, Seattle, Washington.
  2. Town Community Bank and Trust, Antioch, Illinois: Closed on January 15, 2010. Assets at close $69.6 million, deposits at close $67.4 million. Secured deposits acquired by First American Bank, Elk Grove Village, Illinois.
  3. St. Stephen State Bank, St. Stephen, Minnesota: Closed on January 15, 2010. Assets at close $24.7 million, deposits at close $23.4 million. Secured deposits acquired by First State Bank of St. Joseph, St. Joseph, Minnesota.
  4. Barnes Banking Company, Kaysville, Utah: Closed on January 15, 2010. Assets at close $827.8 million, deposits at close $786.5 million. FDIC created a Deposit Insurance National Bank of Kaysville, Utah to retain all the deposits.
  5. Premier American Bank, Miami, Florida: Closed on January 22, 2010. Assets at close $350.9 million, deposits at close $326.3 million. Secured deposits acquired by Premier American Bank, Miami, Florida, National Association.
  6. Bank of Leeton, Leeton, Missouri: Closed on January 22, 2010. Assets at close $20.1 million, deposits at close $20.4 million. Secured deposits acquired by Premier American Bank, Miami, Florida, National Association.
  7. Charter Bank, Santa Fe, New Mexico: Closed on January 22, 2010. Assets at close $1.2 billion, deposits at close $851.5 million. Secured deposits acquired by Charter Bank, Albuquerque, New Mexico.
  8. Evergreen Bank, Seattle, Washington: Closed on January 22, 2010. Assets at close $488.5 million, deposits at close $439.4 million. Secured deposits acquired by Umpqua Bank, Roseburg, Oregon.
  9. Columbia River Bank, The Dalles, Oregon: Closed on January 22, 2010. Assets at close $1.1 billion, deposits at close $1.0 billion. Secured deposits acquired by Columbia State Bank, Tacoma, Washington.
  10. Florida Community Bank, Immokalee, Florida: Closed on January 29, 2010. Assets at close $875.5 million, deposits at close $795.5 million. Secured deposits acquired by Premier American Bank, National Association, Miami, Florida.
  11. First National Bank of Georgia, Carrollton, Georgia: Closed on January 29, 2010. Assets at close $832.6 million, deposits at close $757.9 million. Secured deposits acquired by Community & Southern Bank, Carrollton, Georgia.
  12. Marshall Bank, National Association, Hallock, Minnesota: Closed on January 29, 2010. Assets at close $59.9 million, deposits at close $54.7 million. Secured deposits acquired by United Valley Bank, Cavalier, North Dakota.
  13. Community Bank and Trust, Cornelia, Georgia: Closed on January 29, 2010. Assets at close $1.21 billion, deposits at close $1.11 billion. Secured deposits acquired by SCBT, N.A., Orangeburg, South Carolina.
  14. First Regional Bank, Los Angeles, California: Closed on January 29, 2010. Assets at close $2.18 billion, deposits at close $1.87 billion. Secured deposits acquired by First-Citizens Bank & Trust Company, Raleigh, North Carolina.
  15. American Marine Bank, Bainbridge Island, Washington: Closed on January 29, 2010. Assets at close $373.2 million, deposits at close $308.5 million. Secured deposits acquired by Columbia State Bank, Tacoma, Washington.
  16. 1st American State Bank of Minnesota, Hancock, Minnesota , Washington: Closed on February 5, 2010. Assets at close $18.2 million, deposits at close $16.3 million. Secured deposits acquired by Community Development Bank, FSB, Ogema, Minnesota.
  17. Marco Community Bank, Marco Island, Florida: Closed on February 19, 2010. Assets at close $119.6 million, deposits at close $117.1 million. Secured deposits acquired by Mutual of Omaha Bank, Omaha, Nebraska.
  18. La Coste National Bank, La Coste, Texas: Closed on February 19, 2010. Assets at close $53.9 million, deposits at close $49.3 million. Secured deposits acquired by Community National Bank, Hondo, Texas.
  19. George Washington Savings Bank, Orland Park, Illinois: Closed on February 19, 2010. Assets at close $421.8 million, deposits at close $397.0 million. Secured deposits acquired by FirstMerit Bank, National Association, Akron, Ohio.
  20. La Jolla Bank, FSB, La Jolla, California: Closed on February 19, 2010. Assets at close $3.6 billion, deposits at close $2.8 billion. Secured deposits acquired by OneWest Bank, FSB, Pasadena, California.
  21. Carson River Community Bank, Carson City, Nevada: Closed on February 26, 2010. Assets at close $51.1 million, deposits at close $50.0 million. Secured deposits acquired by Heritage Bank of Nevada, Reno, Nevada.
  22. Rainier Pacific Bank, Tacoma, Washington: Closed on February 26, 2010. Assets at close $717.8 million, deposits at close $446.2 million. Secured deposits acquired by Umpqua Bank, Roseburg, Oregon.
  23. Sun American Bank, Boca Raton, Florida: Closed on March 5, 2010. Assets at close $535.7 million, deposits at close $443.5 million. Secured deposits acquired by First-Citizens Bank & Trust Company, Raleigh, North Carolina.
  24. Bank of Illinois, Normal, Illinois: Closed on March 5, 2010. Assets at close $211.7 million, deposits at close $198.5 million. Secured deposits acquired by Heartland Bank and Trust Company, Bloomington, Illinois.
  25. Waterfield Bank, Germantown, Maryland: Closed on March 5, 2010. Assets at close $155.6 million, deposits at close $156.4 million. Secured deposits distributed by the FDIC.
  26. Centennial Bank, Ogden, Utah: Closed on March 5, 2010. Assets at close $215.2 million, deposits at close $205.1 million. Secured deposits distributed by the FDIC.
  27. LibertyPointe Bank, New York, New York: Closed on March 11, 2010. Assets at close $209.7 million, deposits at close $209.5 million. Secured deposits acquired by Valley National Bank, Wayne, New Jersey.
  28. Park Avenue Bank, New York, New York: Closed on March 11, 2010. Assets at close $520.1 million, deposits at close $494.5 million. Secured deposits acquired by Valley National Bank, Wayne, New Jersey.
  29. Old Southern Bank, Orlando, Florida: Closed on March 12, 2010. Assets at close $315.9 million, deposits at close $319.7 million. Secured deposits acquired by Centennial Bank, Conway, Arkansas.
  30. Statewide Bank, Covington, Louisiana: Closed on March 12, 2010. Assets at close $243.2 million, deposits at close $202.8 million. Secured deposits acquired by Home Bank, Lafayette, Louisiana.
  31. American National Bank, Parma, Ohio: Closed on March 19, 2010. Assets at close $70.3 million, deposits at close $66.8 million. Secured deposits acquired by The National Bank and Trust Company, Wilmington, Ohio.
  32. Advanta Bank Corp., Draper, Utah: Closed on March 19, 2010. Assets at close $1.6 billion, deposits at close $1.5 billion. Secured deposits distributed by the FDIC.
  33. Century Security Bank, Duluth, Georgia: Closed on March 19, 2010. Assets at close $96.5 million, deposits at close $94.0 million. Secured deposits acquired by Bank of Upson, Thomaston, Georgia.
  34. Appalachian Community Bank, Ellijay, Georgia: Closed on March 19, 2010. Assets at close $1.01 billion, deposits at close $917.6 million. Secured deposits acquired by Community & Southern Bank, Carrollton, Georgia.
  35. Bank of Hiawassee, Hiawassee, Georgia: Closed on March 19, 2010. Assets at close $337.8 million, deposits at close $339.6 million. Secured deposits acquired by Citizens South Bank, Gastonia, North Carolina.
  36. First Lowndes Bank, Fort Deposit, Alabama: Closed on March 19, 2010. Assets at close $137.2 million, deposits at close $131.7 million. Secured deposits acquired by First Citizens Bank, Luverne, Alabama.
  37. State Bank of Aurora, Aurora, Minnesota: Closed on March 19, 2010. Assets at close $28.2 million, deposits at close $27.8 million. Secured deposits acquired by Northern State Bank, Ashland, Wisconsin.

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