2012 Bank Failure

Bank Failures - Calculatorplus.com May 4, 2012 – Regulators Seize Florida Bank, Bringing the Total Number of Bank Failures this Year to 23

On Friday, Regulators seized Security Bank, National Association, of North Lauderdale, Florida with assets totaling $101 million and at a cost to the FDIC of $10.8 million. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banesco USA, Coral Gables, Florida, to assume all of the deposits of Security Bank, National Association. This bank failure brings the total number of failed banks this year to twenty three, following 92 in 2011 and 157 in 2010.

The prior week saw the closure of five banks in four states. On April 27, 2012, Regulators closed Bank of the Eastern Shore in Cambridge, and HarVest Bank of Maryland in Gaithersburg, both in Maryland, as well as InterBank fsb, Maple Grove, Minnesota, Plantation Federal Bank, Pawleys Island, South Carolina, and Palm Desert National Bank, Palm Desert, California. Assets of these bank failures totaled $1.4 billion and resulted in an estimated cost to the FDIC of $272.6 million.

To protect the depositors, the FDIC entered into purchase and assumption agreements with other banks to assume all of the deposits of HarVest Bank of Maryland, InterBank fsb, Plantation Federal Bank, and Palm Desert National Bank. In the case of Bank of the Eastern Shore, the FDIC created the Deposit Insurance National Bank of Eastern Shore (DINB), which will remain open until May 25, 2012 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

Presented below is a Comprehensive Bank Failure Analysis for the period from the start of the financial crisis in 2007 and through the current date.

Bank Failure Analysis
Year No. of Failed Banks Total Assets of Failed Banks FDIC Loss
2012 23 $6,547,100,000 $1,529,500,000
2011 92 $36,012,200,000 $7,175,200,000
2010 157 $96,514,000,000 $22,355,300,000
2009 140 $170,867,000,000 $36,432,500,000
2008 25 $373,588,780,000 $15,708,200,000
2007 3 $2,602,500,000 $113,000,000
Total 440 $686,131,580,000 $83,313,700,000

Bank Failures Tags: Failed Banks | Financial Crisis | FDIC Insurance Fund |


Failed Bank Location Date Closed Total Assets Total Deposits
Security Bank, National Association (N.A.) North Lauderdale, FL
May 04, 2012
$101.0 million
$99.1 million
Palm Desert National Bank Palm Desert, CA
April 27, 2012
$125.8 million
$122.8 million
Plantation Federal Bank Pawleys Island, SC
April 27, 2012
$486.4 million
$440.5 million
Inter Savings Bank, fsb D/B/A InterBank, fsb Maple Grove, MN
April 27, 2012
$481.6 million
$473.0 million
HarVest Bank of Maryland Gaithersburg, MD
April 27, 2012
$164.3 million
$145.5 million
Bank of the Eastern Shore Cambridge, MD
April 27, 2012
$166.7 million
$154.5 million
Fort Lee Federal Savings Bank, FSB Fort Lee, NJ
April 20, 2012
$51.9 million
$50.7 million
Fidelity Bank Dearborn, MI
March 30, 2012
$818.2 million
$747.6 million
Premier Bank Wilmette, IL
March 23, 2012
$268.7 million
$199.0 million
Covenant Bank & Trust Rock Spring, GA
March 23, 2012
$95.7 million
$90.6 million
New City Bank Chicago, IL
March 9, 2012
$71.2 million
$72.4 million
Global Commerce Bank Doraville, GA
March 2, 2012
$143.7 million
$116.8 million
Home Savings of America Little Falls, MN
February 24, 2012
$434.1 million
$432.2 million
Central Bank of Georgia Ellaville, GA
February 24, 2012
$278.9 million
$192.8 million
SCB Bank Shelbyville, IN
February 10, 2012
$182.6 million
$171.6 million
Charter National Bank and Trust Hoffman Estates, IL
February 10, 2012
$93.9 million
$89.5 million
BankEast Knoxville, TN
January 27, 2012
$272.6 million
$268.8 million
Patriot Bank Minnesota Forest Lake, MN
January 27, 2012
$111.3 million
$108.3 million
Tennessee Commerce Bank Franklin, TN
January 27, 2012
$1.185 billion
$1.156 billion
First Guaranty Bank and Trust Company of Jacksonville Jacksonville, FL
January 27, 2012
$377.9 million
$349.5 million
American Eagle Savings Bank Boothwyn, PA
January 20, 2012
$19.6 million
$17.7 million
The First State Bank Stockbridge, GA
January 20, 2012
$536.9 million
$527.5 million
Central Florida State Bank Belleview, FL
January 20, 2012
$79.1 million
$77.7 million

Bank Failure References:



FDIC List of:Failed Banks

Wall Street Journal: Banks That Went Bust

Bankimplode.com: The Bank Implode-Meter

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