Friday, February 10, 2012

Bank Failures #8 &9 in 2012: Illinois and Indiana

by Bill McBride on 2/10/2012 06:21:00 PM

Knoxville Bank K.O.
Forest Lake Friday failure
A quickening pace.

by Soylent Green is People

From the FDIC: Barrington Bank & Trust Company, National Association, Barrington, Illinois, Assumes All of the Deposits of Charter National Bank and Trust, Hoffman Estates, Illinois
As of December 31, 2011, Charter National Bank and Trust had approximately $93.9 million in total assets and $89.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million. ... Charter National Bank and Trust is the eighth FDIC-insured institution to fail in the nation this year, and the first in Illinois
From the FDIC: First Merchants Bank, National Association, Muncie, Indiana, Assumes All of the Deposits of SCB Bank, Shelbyville, Indiana
As of December 31, 2011, SCB Bank had approximately $182.6 million in total assets and $171.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million. ... SCB Bank is the ninth FDIC-insured institution to fail in the nation this year, and the first in Indiana.
It is Friday.

The pace of closures has slowed. At this point in 2010 and 2011, there were 16 and 14 failures already, respectively.