Bank Failure - 2010 Bank Failures

 The collapse of the housing market, and the increase in mortgage delinquencies and home foreclosures, coupled with the credit crisis have all led to a dramatic increase in bank failures over the past few years. When banks fail, the FDIC is appointed as receiver. Depositors are protected up to the FDIC insurance limit. In most cases, the FDIC arranges for the branches and insured deposits to be transferred to another well capitalized bank, and banking services for the failed bank's customers generally continue uninterrupted.
FDIC Bank Failures
Year No. of Failed Banks Total Assets of Failed Banks Loss to FDIC's DIF
2007 3 $2,602,500,000 $113,000,000
2008 25 $373,588,780,000 $15,708,200,000
2009 140 $170,867,000,000 $36,432,500,000
2010 25 $16,789,200,000 $4,603,300,000
Total 193 $563,847,480,000 $56,857,000,000

Since the start of the financial crisis in 2007, there have been 193 bank failures with assets totaling a staggering $563.8 billion and deposits totaling $388.1 billion.

2010 is continuing where 2009 ended, with the FDIC and state regulators closing more banks. Through March 5th, the FDIC and Bank Regulators closed 25 banks with assets totaling $16.8 billion and at a cost to the FDIC's Deposit Insurance Fund (DIF) of $4.60 billion.

In 2009, there were 140 bank failures with assets totaling $170.9 billion and at a cost to the FDIC's DIF of $36.43 billion, the five largest bank failures being BankUnited with $12.8 billion in assets, Colonial Bank with $25 billion in assets, Guaranty Bank with $13 billion in assets, United Commercial Bank with $11.2 billion in assets, and AmTrust Bank with $12 billion in assets.

In 2008, there were 25 bank failures with assets totaling $373.6 billion. Washington Mutual Bank, which failed Feb 2008 and with assets totaling $307 billion, is by far the largest US bank failure in recent history. Below is a list of bank failures, compiled from the FDIC's failed bank data.


Failed Banks Closing Date of Failed Bank Deposits Transferred to Total Assets of Failed Bank Total Deposits of Failed Bank
Waterfield Bank, Germantown, MD
March 5, 2010
 Closed by Office of Thrift Supervision, and FDIC named Receiver. To protect insured depositors, the FDIC created Waterfield Bank, FA—a new depository institution—to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010
$155.6 million
$156.4 million
Bank of Illinois, Normal, IL
March 5, 2010
 Closed by Illinois Department of Financial Professional Regulation – Division of Banking, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois
$211.7 million
$198.5 million
Sun American Bank, Boca Raton, FL
March 5, 2010
 Closed by Florida Office of Financial Regulation, Financial Institutions Division, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina
$535.7 million
$443.5 million
Rainier Pacific Bank, Tacoma, WA
February 26, 2010
 Closed by Washington Department of Financial Institutions, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon
$717.8 million
$446.2 million
Carson River Community Bank, Carson City, NV
February 26, 2010
 Closed by Nevada Department of Business and Industry, Financial Institutions Division, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Heritage Bank of Nevada, Reno, Nevada
$51.1 million
$50.0 million
La Jolla Bank, FSB, La Jolla, CA
February 19, 2010
 Closed by Office of Thrift Supervision, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California
$3.6 billion
$2.8 billion
George Washington Savings Bank, Orland Park, IL
February 19, 2010
 Closed by Illinois Department of Financial Professional Regulation – Division of Banking, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with FirstMerit Bank, National Association, Akron, Ohio
$412.8 million
$397.0 million
The La Coste National Bank, La Coste, TX
February 19, 2010
 Closed by Office of the Comptroller of the Currency, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Community National Bank, Hondo, Texas
$53.9 million
$49.3 million
Marco Community Bank, Marco Island, FL
February 19, 2010
 Closed by Florida Office of Financial Regulation, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank, Omaha, Nebraska
$119.6 million
$117.1 million
1st American State Bank of Minnesota, Hancock, MN
February 5, 2010
 Closed by Minnesota Department of Commerce, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota
$18.2 million
$16.3 million
American Marine Bank, Bainbridge Island, WA
January 29, 2010
 Closed by Washington Department of Financial Institutions, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington
$373.2 million
$308.5 million
First Regional Bank, Los Angeles, CA
January 29, 2010
 Closed by California Department of Financial Institutions, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina
$2.18 billion
$1.87 billion
Community Bank and Trust, Cornelia, GA
January 29, 2010
 Closed by Georgia Department of Banking and Finance, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina
$1.21 billion
$1.11 billion
Marshall Bank, N.A., Hallock MN
January 29, 2010
 Closed by Office of the Comptroller of the Currency, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with United Valley Bank, Cavalier, North Dakota
$59.9 million
$54.7 million
Florida Community Bank, Immokalee, FL
January 29, 2010
 Closed by Florida Office of Financial Regulation, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida
$875.5 million
$795.5 million
First National Bank of Georgia, Carrollton, GA
January 29, 2010
 Closed by Office of the Comptroller of the Currency, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution
$832.6 million
$757.9 million
Columbia River Bank, The Dalles, OR
January 22, 2010
 Closed by Oregon Division of Finance and Corporate Securities, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington
$1.1 billion
$1.0 billion
Evergreen Bank, Seattle, WA
January 22, 2010
 Closed by Washington Department of Financial Institutions, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon
$488.5 million
$439.4 million
Charter Bank, Santa Fe, NM
January 22, 2010
 Closed by Office of Thrift Supervision, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, Texas
$1.2 billion
$851.5 million
Bank of Leeton, Leeton, MO
January 22, 2010
 Closed by Missouri Division of Finance, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, Kansas
$20.1 million
$20.4 million
Premier American Bank, Miami, FL
January 22, 2010
 Closed by Florida Office of Financial Regulation, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Premier American Bank N.A., a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.
$350.9 million
$326.3 million
Barnes Banking Company, Kaysville, UT
January 15, 2010
 Closed by Utah Department of Financial Institutions, and FDIC named Receiver. FDIC created the Deposit Insurance National Bank of Kaysville (DINB), which will remain open until February 12, 2010
$827.8 million
$786.5 million
St. Stephen State Bank, St. Stephen, MN
January 15, 2010
 Closed by Minnesota Department of Commerce, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with First State Bank of St. Joseph, St. Joseph, Minnesota
$24.7 million
$23.4 million
Town Community Bank & Trust, Antioch, IL
January 15, 2010
 Closed by Illinois Department of Financial Professional Regulation, Division of Banking, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with First American Bank, Elk Grove Village, Illinois
$69.6 million
$67.4 million
Horizon Bank, Bellingham, WA
January 08, 2010
 Closed by Washington State Department of Financial Institutions, and FDIC named Receiver. FDIC entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, Washington
$1.3 billion
$1.1 billion

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Other Bank Failure References:


Wall Street Journal: Banks That Went Bust
bankimplode.com: The Bank Implode-Meter
Compare Bank CD Rates: CD Rates
Compare Mortgage Rates: Mortgage Rates

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