LiveandLearn wrote:I think everyone has noticed the friday closings.

We can't do anything to disrupt the markets so give them the weekend to forget about it.

It is falling apart all around us and no one is noticing.

PigPen wrote:I think many are noticing, but much like leprosy, until our OWN arms start falling off, it is only our brother's problem. We inch closer every day to the precipice, yet can only see the ground right beneath our own feet.

Failed Bank List
http://www.fdic.gov/bank/individual/fai ... klist.html

Orion Bank Naples FL 22427 November 13, 2009 November 13, 2009
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million.

Century Bank, F.S.B. Sarasota FL 32267 November 13, 2009
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million.

Pacific Coast National Bank San Clemente CA 57914 November 13, 2009
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.4 million.

Failed Bank List
http://www.fdic.gov/bank/individual/failed/banklist.html

SolutionsBank Overland Park KS 4731 December 11, 2009
Valley Capital Bank, N.A. Mesa AZ 58399 December 11, 2009
Republic Federal Bank, N.A. Miami FL 22846 December 11, 2009
Greater Atlantic Bank Reston VA 32583 December 4, 2009
Benchmark Bank Aurora IL 10440 December 4, 2009
AmTrust Bank Cleveland OH 29776 December 4, 2009
The Tattnall Bank Reidsville GA 12080 December 4, 2009
First Security National Bank Norcross GA 26290 December 4, 2009
The Buckhead Community Bank Atlanta GA 34663 December 4, 2009 December 8, 2009
Commerce Bank of Southwest Florida Fort Myers FL 58016 November 20, 2009
Pacific Coast National Bank San Clemente CA 57914 November 13, 2009
Orion Bank Naples FL 22427 November 13, 2009
Century Bank, F.S.B. Sarasota FL 32267 November 13, 2009

Regulators have shut down banks in Florida, Arizona and Kansas, bringing to 133 the number of U.S. banks that have failed to hold up this year against the struggling economy and a cascade of loan defaults.

The Federal Deposit Insurance Corp. said Friday it took over Miami-based Republic Federal Bank, with $433 million in assets and $352.7 million in deposits. A bank based in Boca Raton, Fla., 1st United Bank, agreed to assume all the deposits and $267.1 million of the assets of the failed bank. The FDIC will retain the rest for eventual sale.

In addition, the FDIC and 1st United Bank agreed to share losses on $210.4 million of Republic Federal's loans and other assets.

The FDIC also took over Valley Capital Bank, based in Mesa, Ariz., with $40.3 million in assets and $41.3 million in deposits; and SolutionsBank in Overland Park, Kans., with $511.1 million in assets and $421.3 million in deposits.

Enterprise Bank & Trust, based in Clayton, Mo., agreed to assume the assets and deposits of Valley Capital, while Arvest Bank, based in Fayetteville, Ark., is buying the assets and deposits of SolutionsBank.

The FDIC also agreed with Enterprise Bank to share losses on $29.8 million of Valley Capital's assets, and agreed with Arvest Bank to share losses on $411.3 million of SolutionsBank's assets.

The FDIC estimates the failure of Republic Federal will cost the deposit insurance fund $122.6 million; the failure of Valley Capital an estimated $7.4 million; and the failure of SolutionsBank an estimated $122.1 million.

The shutdown of Republic Federal brought to 13 the number of bank failures in Florida so far this year. Failures also have been concentrated in California, Georgia and Illinois.

Last week saw the failure of Ohio's AmTrust Bank, the fourth-largest bank to fail this year, with about $12 billion in assets and $8 billion in deposits. The Cleveland-based bank's failure is expected to cost the federal deposit insurance fund an estimated $2 billion.

Failed Bank List
http://www.fdic.gov/bank/individual/failed/banklist.html

First Federal Bank of California, F.S.B. Santa Monica CA 28536 December 18, 2009
Imperial Capital Bank La Jolla CA 26348 December 18, 2009
Independent Bankers' Bank Springfield IL 26820 December 18, 2009
New South Federal Savings Bank Irondale AL 32276 December 18, 2009
Citizens State Bank New Baltimore MI 1006 December 18, 2009
Peoples First Community Bank Panama City FL 32167 December 18, 2009
RockBridge Commercial Bank Atlanta GA 58315 December 18, 2009

Seven U.S. Banks Are Seized, Raising Year’s Failure Toll to 140
http://www.bloomberg.com/apps/news?pid= ... FA0E&pos=7

Dec. 18 (Bloomberg) -- Seven U.S. banks were seized by regulators today, bringing this year’s total of failed lenders to 140 as financial companies are tested by the recession and the Federal Deposit Insurance Corp. anticipates more shutdowns.

Banks with $14.4 billion in total assets were closed in six U.S. states, the FDIC said in statements on its Web site. The agency is overseeing the dissolution of banks at the fastest pace in 17 years.

Two of today’s closures were in California. The assets and deposits of Federal Bank of California in Santa Monica were bought by closely held OneWest Bank, which acquired IndyMac Federal Bank this year. Imperial Capital Bank was bought by City National Corp., the Beverly Hills-based parent of City National Bank, which expanded in Southern California with the purchase.

“Imperial Capital Bank is a very good fit for City National, given that eight of its nine locations are in communities we serve,” City National Chief Executive Officer Russell Goldsmith said in a statement. “We’re pleased to contribute to the increased stability of the banking system.”

Federal Bank was the biggest lender seized today, with $6.1 billion of assets and $4.5 billion in deposits, according to the FDIC. Based in La Jolla, Imperial Capital had assets of $4 billion and $2.8 billion in deposits.

Earlier this week, the FDIC boosted its 2010 budget by 56 percent to $4 billion to manage further shutdowns. The total budget will increase from $2.6 billion and the set-aside for bank failures doubles to $2.5 billion over this year, according to a proposal approved by the FDIC board. The agency staff will increase to 8,653 next year from 7,010 this year.

‘Larger Number’ of Failures

The budget “will ensure that we are prepared to handle an ever-larger number of bank failures next year, if that becomes necessary,” FDIC Chairman Sheila Bair said in a statement. Today’s bank closings will cost the agency about $1.8 billion, according to the FDIC statements.

U.S. lenders are buckling under the weight of loans tied to commercial real estate, which is plummeting in value. Prices have dropped 43 percent from their peak in October 2007, Moody’s Investors Service said last month.

The following table lists the banks seized today. Asset figures are in millions of U.S. dollars. Click on the bank name to see the FDIC’s statement on the closing.

FAILED BANK BUYER ASSETS

First Federal Bank OneWest Bank 6,100
Santa Monica, California Pasadena, California

Imperial Capital Bank City National 4,000
La Jolla, California Los Angeles

Peoples First Hancock Bank 1,800
Panama City, Florida Gulfport, Mississippi

New South Federal Beal Bank 1,500
Irondale, Alabama Plano, Texas

Independent Bankers’ None 585.5
Springfield, Illinois

RockBridge Commercial None 294
Atlanta

Citizens State None 168.6
New Baltimore, Michigan

Click arrows next to headers to sort in Ascending or Descending order.



Bank Name City State CERT # Closing Date Updated Date
First Federal Bank of California, F.S.B. Santa Monica CA 28536 December 18, 2009 December 23, 2009
Imperial Capital Bank La Jolla CA 26348 December 18, 2009 December 23, 2009
Independent Bankers' Bank Springfield IL 26820 December 18, 2009 December 23, 2009
New South Federal Savings Bank Irondale AL 32276 December 18, 2009 December 23, 2009
Citizens State Bank New Baltimore MI 1006 December 18, 2009 December 23, 2009
Peoples First Community Bank Panama City FL 32167 December 18, 2009 December 23, 2009
RockBridge Commercial Bank Atlanta GA 58315 December 18, 2009 December 22, 2009