On Friday evening, the Associate Press released yet another story about banks failure. It reminds me of the end of ’08 all over again. Obviously these failures are on a smaller scale, but we have the same pattern of bank failures being announced on Friday nights when everyone is away from the desk and thinking about a fun-filled weekend.
The number of bank failures in 2010 climbed 25% last week, trailing the failure total of 25 in ’08 by 5 banks and bringing the overall total to 185 bank failures since the crumbling began in at the start of 2008.
The 20 Bank Failures of 2010
This past week:
#20: La Jolla Bank FSB in La Jolla, CA: 10 branches, $3.6 billion in assets and $2.8 billion in deposits.
#19: George Washington Savings Bank in Orlando Park, Ill.: 4 branches, $412.8 million in assets and $397 million in deposits.
#18: Marco Community Bank in Marco Island, FL: 1 branch, $119.6 million in assets and $117.1 million in deports
#17: La Coste National Bank in La Coste, TX: 1 branch, $53.9 million in assets and $49.3 million in deposits.
The other February Bank Failure:
#16: 1st American State Bank of Minnesota in Hancock, MN: $18.2 million in assets and $16.3 million in deposits
The January Bank Failures:
#15 American Marine Bank in Bainbridge, WA: $373.2 million in assets and $308.5 million in deposits
#14: First Regional Bank in Los Angeles, CA: $2.18 billion in assets and $1.87 billion in deposits
#13: Community Bank and Trust in Cornelia, GA: $1.21 billion in assets and $1.11 billion in deposits
#12: Marshall Bank in Hallock, MN: $59.9 million in assets and $54.7 million in deposits
#11: Florida Community Bank in Immokalee, FL: 11 branches, $875.5 million in assets and $774.6 million in deposits
#10: First National Bank of Georgia in Carrolton, GA: $832.6 million in assets and $757.9 million in deposits
#9: Columbia River Bank in The Dalles, OR: $1.1 billion in assets and $1.0 billion in deposits
#8: Evergreen Bank in Seattle, WA: $488.5 million in assets and $439.4 million in deposits
#7: Charter Bank in Santa Fe, NM: $1.2 billion in assets and $851.5 million in deposits
#6: Bank of Leeton in Leeton, MO: $20.1 million in assets and $20.4 million in deposits
#5: Premier American Bank in Miami, FL: $350.9 million in assets and $326.3 million in deposits.
#4: Barnes Banking Company in Kaysville, UT: $827.8 million in assets and $786.5 million in deposits.
#3: St. Stephen State Bank in St. Stephen, MN: 1 branch, $24.7 million in assets and $23.4 million in deposits
#2: Town Community Bank and Trust in Antioch, Ill.: $69.6 million in assets and $67.4 million in deposits.
#1: Horizon Bank in Bellingham, WA: $1.3 billion in assets
Last year, the federal deposit insurance fund fell into the red. The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.