by Calculated Risk on 1/28/2011 05:45:00 PM

From Al Jazeera English Mubarak announces he is dismissing the government

Update: From the NY Times: Mubarak Orders Ministers to Resign but Backs Armed Response to Egypt Protests

Bank Failure #8 in 2011: First State Bank, Camargo, Oklahoma

As of September 30, 2010, The First State Bank had approximately $43.5 million in total assets and $40.3 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million. ... The First State Bank is the eighth FDIC-insured institution to fail in the nation this year, and the first in Oklahoma.

Billions vanishing
Innumerable losses
When will perp walks start?
by Soylent Green is People

Update: Bank Failure #9 in 2011: Evergreen State Bank, Stoughton, Wisconsin

As of September 30, 2010, Evergreen State Bank had approximately $246.5 million in total assets and $195.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. ... Evergreen State Bank is the ninth FDIC-insured institution to fail in the nation this year, and the first in Wisconsin.

Shoots crisp to stubble
Evergreen's gone never green
Roots dead from red ink
by Soylent Green is People

by Calculated Risk on 1/14/2011 05:23:00 PM

Earlier:
• Retail Sales increased 0.6% in December
• Industrial Production, Capacity Utilization increased in December
• Consumer Sentiment declines in January
• Core measures of inflation increase in December

Akin appendix
Surgeons remove rotted flesh
Oglethorpe excised
by Soylent Green is People
From the FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Oglethorpe Bank, Brunswick, Georgia

As of September 30, 2010, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.4 million. ... Oglethorpe Bank is the third FDIC-insured institution to fail in the nation this year, and the first in Georgia.

by Calculated Risk on 12/17/2010 07:03:00 PM

Shadowy Reaper
A grim Black Friday for some
Nearing your banks door?
by Soylent Green is People
From the FDIC: Southern Bank, Poplar Bluff, Missouri, Assumes All of the Deposits of First Southern Bank, Batesville, Arkansas

As of September 30, 2010, First Southern Bank had approximately $191.8 million in total assets and $155.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. ... First Southern Bank is the 156th FDIC-insured institution to fail in the nation this year, and the first in Arkansas.

From the FDIC: Farmers & Merchants Savings Bank, Manchester, Iowa, Assumes All of the Deposits of Community National Bank, Lino Lakes, Minnesota

As of September 30, 2010, Community National Bank had approximately $31.6 million in total assets and $28.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million. ... Community National Bank is the 157th FDIC-insured institution to fail in the nation this year, and the eighth in Minnesota.

The FDIC is busy on probably the last closing day of the year.

by Calculated Risk on 12/17/2010 06:09:00 PM

Zombied bank kill shot
U.A.B. casualty
Fewer walking dead
by Soylent Green is People
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of United Americas Bank, National Association, Atlanta, Georgia

As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.8 million. ... United Americas Bank, N.A. is the 155th FDIC-insured institution to fail in the nation this year, and the 21st in Georgia.

More Georgia ...

by Calculated Risk on 12/17/2010 05:31:00 PM

To: Bad bank trio
Stockings filled with coal lumps.
From: Ms. Santa Bair
by Soylent Green is People
From the FDIC: 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of the Bank of Miami, National Association, Coral Gables, Florida

As of September 30, 2010, The Bank of Miami, N.A. had approximately $448.2 million in total assets and $374.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.0 million. ... The Bank of Miami, N.A. is the 152nd FDIC-insured institution to fail in the nation this year, and the 29th in Florida.

From the FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Chestatee State Bank, Dawsonville, Georgia

As of September 30, 2010, Chestatee State Bank had approximately $244.4 million in total assets and $240.5 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.3 million. ... Chestatee State Bank is the 153rd FDIC-insured institution to fail in the nation this year, and the 19th in Georgia.

From the FDIC: Peoples Bank of East Tennessee, Madisonville, Tennessee, Assumes All of the Deposits of Appalachian Community Bank, F.S.B., McCaysville, Georgia

As of September 30, 2010, Appalachian Community Bank, F.S.B. had approximately $68.2 million in total assets and $76.4 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $26.0 million. ... Appalachian Community Bank, F.S.B. is the 154th FDIC-insured institution to fail in the nation this year, and the 20th in Georgia.

Georgia on the FDIC's mind ... again.

by Calculated Risk on 12/10/2010 06:13:00 PM

Sisyphean bank
Paramount's rising assets
Rolled over peak

Tremor in The Force
Earthstar has cleared the planet
Millions extinguished
by Soylent Green is People
From the FDIC: Level One Bank, Farmington Hills, Michigan, Assumes All of the Deposits of Paramount Bank, Farmington Hills, Michigan

As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.2 million. ... Paramount Bank is the 150th FDIC-insured institution to fail in the nation this year, and the fifth in Michigan.

From the FDIC: Polonia Bank, Huntingdon Valley, Pennsylvania, Assumes All of the Deposits of Earthstar Bank, Southampton, Pennsylvania

As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million. ... Earthstar Bank is the 151st FDIC-insured institution to fail in the nation this year, and the second in Pennsylvania.

The FDIC is back in action!

by Calculated Risk on 11/19/2010 07:10:00 PM

Parabolic arc
Escape velocity near
Warp trajectory
by Soylent Green is People
From the FDIC: First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of First Banking Center, Burlington, Wisconsin

As of September 30, 2010, First Banking Center had approximately $750.7 million in total assets and $664.8 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $142.6 million. Compared to other alternatives, First Michigan Bank's acquisition was the least costly resolution for the FDIC's DIF. First Banking Center is the 149th FDIC-insured institution to fail in the nation this year, and the second in Wisconsin.

Three down today with close to $1 billion in assets. A billion here, a billion there ...

by Calculated Risk on 11/19/2010 06:12:00 PM

I pledge allegiance
To perpetual bailout
And justice for none
by Soylent Green is People
From the FDIC: VIST Bank, Wyomissing, Pennsylvania, Assumes All of the Deposits of Allegiance Bank of North America, Bala Cynwyd, Pennsylvania

As of September 30, 2010, Allegiance Bank of North America had approximately $106.6 million in total assets and $92.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.2 million. .... Allegiance bank of North America is the 148th FDIC-insured institution to fail in the nation this year, and the first in Pennsylvania.

Two down today ...

by Calculated Risk on 11/19/2010 05:14:00 PM

Note: I started posting bank failures a few years when I was predicting 100s of banks would fail. Since then it has become sort of a Friday afternoon ritual.

Endangered species
Rare Florida solvent bank
So few may exist
by Soylent Green is People
From the FDIC: Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Gulf State Community Bank, Carrabelle, Florida

As of September 30, 2010, Gulf State Community Bank had approximately $112.1 million in total assets and $112.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $42.7 million. ... Gulf State Community Bank is the 147th FDIC-insured institution to fail in the nation this year, and the 28th in Florida.

Another 40% or so loss on assets. Ouch.

by Calculated Risk on 11/12/2010 07:29:00 PM

Tarnished Copper Star
Fed burnishing to return
Like a bad penny.
by Soylent Green is People
From the FDIC: Stearns Bank National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Copper Star Bank, Scottsdale, Arizona

As of September 30, 2010, Copper Star Bank had approximately $204.0 million in total assets and $190.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $43.6 million. ... Copper Star Bank is the 146th FDIC-insured institution to fail in the nation this year, and the fourth in Arizona.

Three down today so far ...

by Calculated Risk on 11/12/2010 06:09:00 PM

Stacking failed banks
One on top of another
To the moon, Alice!
by Soylent Green is People
From the FDIC: Ameris Bank, Moultrie, Georgia, Acquires All of the Deposits of Two Georgia Institutions

As of September 30, 2010, Tifton Banking Company had total assets of $143.7 million and total deposits of $141.6 million, and Darby Bank & Trust Co. had total assets of $654.7 million and total deposits of $587.6 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.6 million for Tifton Banking Company, and $136.2 million for Darby Bank & Trust Co. ... The two closed institutions were the 144th and 145th banks to fail in the nation this year, and the 17th and 18th banks to close in Georgia.

More Georgia ...

by Calculated Risk on 11/05/2010 09:22:00 PM

There were 140 failures in 2009. This makes 143 and counting in 2010 ...

Bair's valkyries ride
someday this war's gonna end
today is that day
by Soylent Green is People
From the FDIC: Grandpoint Bank, Los Angeles, California, Assumes All of the Deposits of First Vietnamese American Bank, Westminster, California

As of September 30, 2010, First Vietnamese American Bank had approximately $48.0 million in total assets and $47.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.6 million. ... First Vietnamese American Bank is the 143rd FDIC-insured institution to fail in the nation this year, and the twelfth in California.

by Calculated Risk on 11/05/2010 08:22:00 PM

There were 140 failures in 2009. This makes 142 and counting in 2010 ...

Ben's bucket 'o bucks
Cataclysmic cash cloudburst
Poor panacea
by Soylent Green is People
From the FDIC: Heritage Bank, Olympia, Washington, Assumes All of the Deposits of Pierce Commercial Bank, Tacoma, Washington

As of September 30, 2010, Pierce Commercial Bank had approximately $221.1 million in total assets and $193.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.3 million. ... Pierce Commercial Bank is the 142nd FDIC-insured institution to fail in the nation this year, and the eleventh in Washington..

by Calculated Risk on 11/05/2010 06:47:00 PM

K Street Lobbyists
Plenipotentiaries
Could not save K Bank
by Soylent Green is People
From the FDIC: Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York, Assumes All of the Deposits of K Bank, Randallstown, Maryland

As of September 30, 2010, K Bank had approximately $538.3 million in total assets and $500.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $198.4 million. ... K Bank is the 140th FDIC-insured institution to fail in the nation this year, and the fourth in Maryland.

One down today ...

by Calculated Risk on 10/22/2010 09:21:00 PM

New oxymoron
First / Arizona / Savings
No / yes / not at all
by Soylent Green is People
From the FDIC: FDIC Approves the Payout of the Insured Deposits of First Arizona Savings, A FSB, Scottsdale, Arizona

As of June 30, 2010, First Arizona Savings, A FSB had approximately $272.2 million in total assets and $198.8 million in total deposits. ... The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. ... The last institution closed in the state was Towne Bank of Arizona, Mesa, on May 7, 2010.

No one wanted this one! That makes 7 today ...

by Calculated Risk on 10/22/2010 07:11:00 PM

Great gaping gullet
Federal feeding frenzy
Huge heartland heartburn
by Soylent Green is People
From the FDIC: Seaway Bank and Trust Company, Chicago, Illinois, Assumes All of the Deposits of First Suburban National Bank, Maywood, Illinois

As of June 30, 2010, First Suburban National Bank had approximately $148.7 million in total assets and $140.0 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.4 million. .... First Suburban National Bank is the 137th FDIC-insured institution to fail in the nation this year, and the 16th in Illinois.

From the FDIC: Hillcrest Bank, National Association, Overland Park, Kansas, Assumes All of the Deposits of Hillcrest Bank, Overland Park, Kansas

As of June 30, 2010, Hillcrest Bank had approximately $1.65 billion in total assets and $1.54 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $329.7 million. ... Hillcrest Bank is the 138th FDIC-insured institution to fail in the nation this year, and the third in Kansas.

by Calculated Risk on 10/22/2010 06:27:00 PM

Swing stable door shut
Far too late for Barnsville now
Money's ridden off
by Soylent Green is People
From the FDIC: United Bank, Zebulon, Georgia, Assumes All of the Deposits of The First National Bank of Barnesville, Barnesville, Georgia

As of June 30, 2010, The First National Bank of Barnesville had approximately $131.4 million in total assets and $127.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million. ... The First National Bank of Barnesville is the 136th FDIC-insured institution to fail in the nation this year, and the 16th in Georgia.

Four down ...

by Calculated Risk on 10/22/2010 05:09:00 PM

Bright pyrite nuggets
Florida, Georgia failures
A phantom luster
by Soylent Green is People
From the FDIC: Ameris Bank, Moultrie, Georgia, Assumes All of the Deposits of First Bank of Jacksonville, Jacksonville, Florida

As of June 30, 2010, First Bank of Jacksonville had approximately $81.0 million in total assets and $77.3 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $16.2 million. ... First Bank of Jacksonville is the 133rd FDIC-insured institution to fail in the nation this year, and the 26th in Florida.

From the FDIC: Bay Cities Bank, Tampa, Florida, Assumes All of the Deposits of Progress Bank of Florida, Tampa, Florida

As of June 30, 2010, Progress Bank of Florida had approximately $110.7 million in total assets and $101.3 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million. ... Progress Bank of Florida is the 134th FDIC-insured institution to fail in the nation this year, and the 27th in Florida.

From the FDIC: Morris Bank, Dublin, Georgia, Assumes All of the Deposits of The Gordon Bank, Gordon, Georgia

As of June 30, 2010, The Gordon Bank had approximately $29.4 million in total assets and $26.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.0 million. ... The Gordon Bank is the 135th FDIC-insured institution to fail in the nation this year, and the 15th in Georgia.

by Calculated Risk on 10/15/2010 07:07:00 PM

No Tan Man purp walk.
Bank C.E.O.'s breath relief sigh.
Joe "Coors" hangs his head.
by Soylent Green is People
From the FDIC: Providence Bank, Columbia, Missouri, Assumes All of the Deposits of Premier Bank, Jefferson City, Missouri

As of June 30, 2010, Premier Bank had approximately $1.18 billion in total assets and $1.03 billion in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $406.9 million. ... Premier Bank is the 132nd FDIC-insured institution to fail in the nation this year, and the sixth in Missouri.

That makes 3 today ... almost 40% loss on Premier.

by Calculated Risk on 10/15/2010 06:16:00 PM

Banking Titanic
Collides with the Hindenburg
It's really that bad.
by Soylent Green is People
From the FDIC: Simmons First National Bank, Pine Bluff, Arkansas, Assumes All of the Deposits of Security Savings Bank, F.S.B., Olathe, Kansas

As of June 30, 2010, Security Savings Bank, F.S.B. had approximately $508.4 million in total assets and $397.0 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $82.2 million. .... Security Savings Bank, F.S.B. is the 130th FDIC-insured institution to fail in the nation this year, and the second in Kansas.

From the FDIC: Midland States Bank, Effingham, Illinois, Assumes All of the Deposits of WestBridge Bank and Trust Company, Chesterfield, Missouri

As of June 30, 2010, WestBridge Bank and Trust Company had approximately $91.5 million in total assets and $72.5 million in total deposit ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.7 million. ... WestBridge Bank and Trust Company is the 131st FDIC-insured institution to fail in the nation this year, and the fifth in Missouri.

The FDIC is back to work ...