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Friday, April 19, 2013

Bank Failure #6 in 2013: First Federal Bank, Lexington, Kentucky

by Calculated Risk on 4/19/2013 05:37:00 PM

From the FDIC: Your Community Bank, New Albany, Indiana, Assumes All of the Deposits of First Federal Bank, Lexington, Kentucky

As of December 31, 2012, First Federal Bank had approximately $100.1 million in total assets and $93.9 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.7 million. ... First Federal Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in Kentucky.
Currently the FDIC is on pace to close around 20 banks in 2013. This will be the lowest number of failures since 2007 (or maybe 2008 if the pace picks up a little).

The following table shows the number of failures per year during the current cycle (this says nothing about the size of the failures):

YearBank Failures
1 2013 so far