Failed Bank list

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3 more today

Bank Name     
TeamBank, National Association, Paola, KS    March 20, 2009    
Colorado National Bank, Colorado Springs, CO    March 20, 2009    
FirstCity Bank, Stockbridge, GA    March 20, 2009    

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2 more

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NEW YORK: The number of failed US banks reached 25 this year after two more regional financial institutions closed their doors, the government announced.

The tally for less than the first four months of this year has already equalled the total of last year.

On Friday, Great Basin Bank of Nevada, which has nearly 271 million dollars in assets and is based in the city of Elko, was closed by the State of Nevada Division of Financial Institutions, the Federal Deposit Insurance Corporation (FDIC) announced.

On the same day, American Sterling Bank of Sugar Creek, Missouri, with nearly 172 million dollars in assets, was closed by The Office of Thrift Supervision.

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4 more banks this week

   
Failed Bank List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000.

Bank Name    CERT #    Closing Date    Updated Date
First Bank of Idaho, Ketchum, ID    34396    April 24, 2009    April 24, 2009
First Bank of Beverly Hills, Calabasas, CA    32069    April 24, 2009    April 24, 2009
Heritage Bank, Farmington Hills, MI    34369    April 24, 2009    April 24, 2009
American Southern Bank, Kennesaw, GA    57943    April 24, 2009    April 24, 2009

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Westsound Bank, Bremerton, WA     34843     May 8, 2009      May 8, 2009

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On Thursday, May 21, 2009, BankUnited, FSB, Coral Gables, FL was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  Subsequent to the closure, BankUnited, a newly chartered federal savings bank, acquired the assets and most of the liabilities of BankUnited, FSB from the FDIC as Receiver for BankUnited, FSB.  No advance notice is given to the public when a financial institution is closed.

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Florida bank collapses - firms swoop in
$13 billion BankUnited closed in biggest failure of year. Florida thrift bought by Wilbur Ross, Carlyle Investment, Blackstone Capital and other private firms.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: May 21, 2009: 7:29 PM ET

NEW YORK (CNNMoney.com) -- A consortium of private equity firms has acquired BankUnited FSB in Florida after the savings and loan was shut down by federal regulators Thursday.

The 34th bank to fail this year and the largest so far, BankUnited (BKUNA) had $12.8 billion in assets, $8.6 billion in deposits and 85 branches. The new institution will be named BankUnited.

Similar to a deal it did with IndyMac, the California mortgage bank that failed last July, the Federal Deposit Insurance Corp. will share in losses on about $10.7 billion in assets. The bank's new owners will inject $900 million in new capital into the Coral Gables, Fla.-based institution.

The FDIC estimates it will take a $4.9 billion hit to its deposit insurance fund.

Investors include WL Ross & Co., Carlyle Investment Management, Blackstone Capital Partners, Centerbridge Capital Partners, LeFrak Organization, The Wellcome Trust, Greenaap Investments and East Rock Endowment Fund.

The new BankUnited will be run by industry veteran John Kanas, who built North Fork Bank in New York City's Long Island suburbs into a regional powerhouse. Kanas ran Capital One's banking operation after it acquired North Fork in 2006. He left Capital One (COF, Fortune 500) the next year.

The deal is the second involving private investors and a failed bank, and comes five months after a consortium acquired IndyMac. Private equity firms have become increasingly interested in acquiring banks, though their participation in such deals had long been limited. Last year, as failures mounted, regulators relaxed the rules about who can buy a bank.

In early January, a group of private investment firms, including buyout shop J.C. Flowers & Co. and hedge fund Paulson & Co., struck a deal with the Federal Deposit Insurance Corp. to buy failed mortgage lender IndyMac for $13.9 billion. The bank is now controlled by IMB Management Holdings, led by Steven Mnuchin, who is chair and co-chief executive of Dune Capital Management.

The IndyMac deal is thought to be the first where private investors led the buyout of a failed bank.

In the IndyMac purchase, the buyers took responsibility for the first 20% of losses, and the FDIC covered the majority of additional losses. IndyMac's failure is expected to cost the agency $10.7 billion.

The BankUnited acquisition fulfills a pledge by billionaire investor Wilbur Ross, known for his investments in distressed companies in the steel, automotive industries. The head of WL Ross & Co. said in January that it was only a matter of time before his firm bought a bank.

Investors have for weeks been circling BankUnited, which was toppled by its mortgage portfolio.

"Ultimately, the combination of an excessive concentration in payment option ARM loans with too many risk layers and rapidly deteriorating economic conditions overwhelmed BankUnited's capacity to absorb the losses on the portfolio," according to the Office of Thrift Supervision, which regulated the institution.

In mid-April, the regulator told the bank it must hook up with another institution or sell itself to correct its severe capital deficiency. Three groups offered bids, which were due at 5 p.m. Thursday. To top of page
First Published: May 21, 2009: 6:09 PM ET
 
 
 
Find this article at:

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2 more today

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On May 22, 2009, Citizens National Bank , Macomb, Illinois was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

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On Friday, May 22, 2009, Strategic Capital Bank, Champaign, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

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just one this week
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On Friday, June 5, 2009, Bank of Lincolnwood, Lincolnwood, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

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3 more today

First National Bank of Anthony, Anthony, KS     4614     June 19, 2009      June 19, 2009
Cooperative Bank, Wilmington, NC    27837    June 19, 2009    June 19, 2009
Southern Community Bank, Fayetteville, GA    35251    June 19, 2009    June 19, 2009

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5 more banks yesterday

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Mirae Bank, Los Angeles, CA     57332     June 26, 2009      June 26, 2009
Metro Pacific Bank, Irvine, CA    57893    June 26, 2009    June 26, 2009
Horizon Bank, Pine City, MN    9744    June 26, 2009    June 26, 2009
Neighborhood Community Bank, Newnan, GA    35285    June 26, 2009    June 26, 2009
Community Bank of West Georgia, Villa Rica, GA    57436    June 26, 2009    June 26, 2009

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^ more banks went down today

Founders Bank    Worth     IL     18390    July 2, 2009     July 2, 2009
Millennium State Bank of Texas    Dallas    TX    57667    July 2, 2009    July 2, 2009
First National Bank of Danville    Danville    IL    3644    July 2, 2009    July 2, 2009
Elizabeth State Bank    Elizabeth    IL    9262    July 2, 2009    July 2, 2009
Rock River Bank    Oregon    IL    15302    July 2, 2009    July 2, 2009
First State Bank of Winchester    Winchester    IL    11710    July 2, 2009    July 2, 2009

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Georgia, South Dakota banks bring failures to 55 in '09
Peach State sees tenth failure of 2009, South Dakota sees first since 1992

By John Letzing, MarketWatch

SAN FRANCISCO (MarketWatch) -- Winder, Ga.-based First Piedmont Bank and Sioux Falls, S.D.-based BankFirst were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 55 as the credit crisis continues to claim victims.

First Piedmont Bank the 10th to fail in Georgia this year. Athens, Ga.-based First American Bank and Trust Company has agreed to assume the failed bank's deposits, according to the Federal Deposit Insurance Corp.

First Piedmont had $115 million in assets and $109 million in deposits as of July 6, the FDIC said. Its failure should cost the deposit insurance fund $29 million.

BankFirst is the first South Dakota-based bank to fail since 1992, according to the FDIC.

Grand Forks, N.D.-based Alerus Financial, National Association has agreed to assume the failed bank's deposits.

BankFirst had $275 million in assets and $254 million in deposits as of April 30, the FDIC said.

The bank's failure will cost the deposit insurance fund $91 million.

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7 today

whats up with GA?