by Calculated Risk on 10/24/2009 08:29:00 AM

The FDIC closed seven more banks on Friday, and that brings the total FDIC bank failures to 106 in 2009. The following graph shows bank failures by week in 2009.

Click on graph for larger image in new window.

Note: Week 1 on graph ends Jan 9th.

After a busy summer, the FDIC slowed down in late September and early October with only five bank failures in four weeks. Perhaps the pace is about to pick up again. With 10 weeks to go, it seems 130 or so bank failures is likely this year.

The 2nd graph covers the entire FDIC period (annually since 1934).

This is the most failures per year since 1992 (181 failures).

As far as failures per week - there were 28 weeks during the S&L crisis when regulators closed 10 or more banks, and the peak was April 20, 1989 with 60 bank closures (there were 7 separate weeks with more than 30 closures in the late '80s and early '90s).

For a graph that includes the 1920s and early '30s (before the FDIC was enacted) see the 3rd graph here.

Of course the number of banks isn't the only measure. Many banks today have more branches, and far more assets and deposits. Also the cumulative estimated losses for the DIF, since early 2007, is now about $45 billion.

And a message from Sheila Bair:

The FDIC era source data is here - including by assets (in most cases) - under Failures and Assistance Transactions

The pre-FDIC data is here.

by Calculated Risk on 10/23/2009 09:30:00 PM

Note: A late addition: R-G Premier Bank of Puerto Rico (SEC 8-K) to be added next week ($6.5 Billion in assets, Cert# 32185). The failures today will be removed next week.

This is an unofficial list of Problem Banks.

Changes and comments from surferdude808:

There is a net four institutions added to this week’s Unofficial Problem Bank List.

Overall, the institution count is 482 with aggregate assets of $321.9 billion, up from $316.6 billion last week. Additions include EuroBank, Hato Rey, PR ($2.7 billion); Cascade Bank, Everett, WA ($1.6 billion) (update: listed under "corrective action program"); Liberty Savings Bank, FSB, Wilmington, OH ($1.5 billion); Edgewater Bank, Saint Joseph, MI ($191 million); and Western Commercial Bank, Woodlands, CA ($122 million).

The sole deletion was San Joaquin Bank, Bakersfield, CA, which failed last Friday.

The only other change to the list is an FDIC issued Prompt Corrective Action order against Imperial Capital Bank, La Jolla, CA, which has been operating under a Cease & Desist Order since February 2009.

For next week’s list, we anticipate the FDIC will finally release its enforcement actions issued during September; thus, look for the list to grow by at least ten institutions.

The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged. Credit: surferdude808.

See description below table for Class and Cert (and a link to FDIC ID system).

For a full screen version of the table click here.

The table is wide - use scroll bars to see all information!

NOTE: Columns are sortable - click on column header (Assets, State, Bank Name, Date, etc.)





Class: from FDIC

The FDIC assigns classification codes indicating an institution's charter type (commercial bank, savings bank, or savings association), its chartering agent (state or federal government), its Federal Reserve membership status (member or nonmember), and its primary federal regulator (state-chartered institutions are subject to both federal and state supervision). These codes are:

N National chartered commercial bank supervised by the Office of the Comptroller of the Currency

SM State charter Fed member commercial bank supervised by the Federal Reserve

NM State charter Fed nonmember commercial bank supervised by the FDIC

SA State or federal charter savings association supervised by the Office of Thrift Supervision

SB State charter savings bank supervised by the FDIC

Cert: This is the certificate number assigned by the FDIC used to identify institutions and for the issuance of insurance certificates. Click on the number and the Institution Directory (ID) system "will provide the last demographic and financial data filed by the selected institution".

by Calculated Risk on 10/23/2009 08:14:00 PM

Seven is lucky
Not quite for 1st DuPage Bank
Cruel roll of the dice.
by Soylent Green is People
From the FDIC:

First Dupage Bank, Westmont, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million. .... First Dupage Bank is the 106th FDIC-insured institution to fail in the Nation this year, and the seventeenth in Illinois. The last FDIC-insured institution closed in the state was Corus Bank, Chicago, on September 11, 2009.

When the levee breaks ... seven down today ...

by Calculated Risk on 10/23/2009 07:11:00 PM

Failure "two by two"
A flood is on horizon
The Ark is near full.
by Soylent Green is People
From the FDIC:

Bank of Elmwood, Racine, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $101.1 million. ... Bank of Elmwood is the 104th FDIC-insured institution to fail in the Nation this year, and the first in Wisconsin. The last FDIC-insured institution closed in the state was The First National Bank of Blanchardville, Blanchardville, on May 9, 2003

From the FDIC:

Riverview Community Bank, Otsego, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20 million. ... Riverview Community Bank is the 105th FDIC-insured institution to fail in the Nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was Jennings State Bank, Spring Grove, on October 2, 2009.

That makes six today ...

by Calculated Risk on 10/23/2009 06:10:00 PM

Flagship, Hillcrest crash
Florida deals gone badly
Few survivors left
by Soylent Green is People
From the FDIC:

Hillcrest Bank Florida, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million. ... Hillcrest Bank Florida is the 102nd FDIC-insured institution to fail in the Nation this year, and the eighth in Florida. The last FDIC-insured institution closed in the state was Partners Bank, Naples, earlier this evening.

From the FDIC:

Flagship National Bank, Bradenton, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59 million. ... Flagship National Bank is the 103rd FDIC-insured institution to fail in the Nation this year, and the ninth in Florida. The last FDIC-insured institution closed in the state was Hillcrest Bank Florida, Naples, which also closed today.