Bank Fail Friday Update: 1/20 and 1/27



Three years ago, a collective of concerned citizens (myself, a community banker and the editor of a major credit publication) coined the Twitter hashtag #BankFailFriday. BankFailFriday.org arrived shortly thereafter and while we have sometimes found it difficult to balance our personal lives and many projects to give BankFailFriday the TLC it deserves, we still feel the same sense of responsibility we did then. Sure the FDIC press releases are freely available to anyone who cares but as far as we know, no one else has tried to aggregate them in real time almost every Friday since 2008 for distribution on Twitter.

But it's been quiet on the bank failure front lately. Real quiet. For a minute there, I thought maybe the crisis was really over (I should know better than to think that way)... but alas, Bank Fail Friday rages on. Here's a recap:

January 27, 2012
Patriot Bank Minnesota of Forest Lake, MN As of September 30, 2011, Patriot Bank Minnesota had approximately $111.3 million in total assets and $108.3 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Resource Bank agreed to purchase essentially all of the assets. The FDIC and First Resource Bank entered into a loss-share transaction on $79.4 million of Patriot Bank Minnesota's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $32.6 million.

BankEast of Knoxville, TN As of September 30, 2011, BankEast had approximately $272.6 million in total assets and $268.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, U.S. Bank National Association agreed to purchase essentially all of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.6 million.

Tennessee Commerce Bank of Franklin, TN As of September 30, 2011, Tennessee Commerce Bank had approximately $1.185 billion in total assets and $1.156 billion in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $416.8 million. NOTE: Tennessee Commerce Bank was the first FDIC-insured institution failed in the state since 2002.

First Guaranty Bank and Trust Company of Jacksonville, FL
As of September 30, 2011, First Guaranty Bank and Trust Company of Jacksonville had approximately $377.9 million in total assets and $349.5 million in total deposits. The FDIC and CenterState Bank of Florida, National Association entered into a loss-share transaction on $292.9 million of First Guaranty Bank and Trust Company of Jacksonville's assets. CenterState Bank of Florida, National Association will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $82.0 million.

January 20, 2012
American Eagle Savings Bank, Boothwyn, PA Closed by the Office of the Comptroller the Currency, FDIC appointed as receiver. As of September 30, 2011, American Eagle Savings Bank had approximately $19.6 million in total assets and $17.7 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.2 million. 

The First State Bank, Stockbridge, GA As of September 30, 2011, The First State Bank had approximately $536.9 million in total assets and $527.5 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $216.2 million.

Central Florida State Bank, Belleview, FL As of September 30, 2011, Central Florida State Bank had approximately $79.1 million in total assets and $77.7 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.4 million.

See you out on the frontlines, kids! Oh and for more bank failure fun, check out this awesome chart of failures by month and state going back to 2008. As most of us already know, Georgia is leading the pack with 75, with Florida pulling a close second at 60. Congrats!

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

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