20 Failed Banks of 2010
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.