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Daily Graphic: 10 Years of Bank Failures

Visconti — Mon, 06 Jul 2009 13:35:40 +0000

UPDATED: Includes the seven banks seized by the FDIC over the holiday weekend. Since the FDIC began publishing the failed bank list in 2000, 74% of the banks on the list were placed there during this recession.

Daily Graphic: FDIC Bank Seizures This Year at 45 Nearly Double Those Seized in Recession’s First Year

Visconti — Mon, 29 Jun 2009 08:00:00 +0000

Five more banks were seized by the Federal Deposit Insurance Corp. over the weekend in Georgia, Minnesota and California. During the first year of the current recession – 2008 – 25 FDIC insured banks failed. Little more than halfway through 2009 this year’s total is 45.

Daily Graphic: The Incredible Shrinking FDIC Reserve Fund

Visconti — Thu, 28 May 2009 08:00:41 +0000

The data below came from the FDIC’s Graph Book. Over thirty banks have failed this year and 25 failed last year. The Deposit Insurance Fund, the fund with which the FDIC essentially eats portions of bank failures is roughly one-fifth of its 2006 value. The chart below represents the percent of FDIC insured deposits currently in the fund. In other words, about one quarter of one percent of the FDIC’s potential total liability is in their reserve. This fund has shrunk drastically during the current recession.

The Daily Graphic: 2009 U.S. Bank Failures Already More Than First Year of Recession

Visconti — Sun, 26 Apr 2009 09:00:46 +0000

Four Banks Seized by Feds This Week; 2009 Failures Already Outstrip 2008

Visconti — Sat, 25 Apr 2009 13:42:01 +0000

Friday’s Failures to tap FDIC fund for nearly $700 million

Federal Deposit Insurance Corp. regulators seized four more banks Friday night bringing the total number of 2009 bank failures to 28.

In all of 2008, during the first year of the recession, 25 U.S. banks failed.

Joining the FDIC’s Failed Banks List on Friday night were:

First Bank of Idaho, Ketchum, ID
First Bank of Beverly Hills, Calabasas, CA
Heritage Bank, Farmington Hills, MI
American Southern Bank, Kennesaw, GA

The First Bank of Idaho will be acquired by U.S. Bank. The cost to the FDIC’s Deposit Insurance Fund will be $191.2 million. All First Bank branches will reopen by Monday as U.S. Bank branches.

The First Bank of Beverly Hills will not be acquired. The FDIC will mail checks covering insured deposits to bank customers. First Bank of Beverly Hills will cost the Deposit Insurance Fund $394 million.

Heritage Bank branches will reopen on Monday as branches of Level One Bank. FDIC cost for Heritage’s failure is estimated at $71.3 million.

American Southern Bank will be acquired by Bank of North Georgia. The FDIC says American Southern’s failure will cost the Deposit Insurance Fund $41.9 million.

With Failure of Missouri Bank, U.S. One Failure Away from 2008 Tally

Visconti — Sat, 18 Apr 2009 00:50:15 +0000

The twenty-fourth U.S. bank failure of 2009 occurred this evening when the American Sterling Bank, Sugar Creek, Missouri was seized by federal regulators.

Metcalf Bank of Lee’s Summit, Missouri will assume the deposits and former American Sterling offices will begin reopening on Saturday as Metcalf Bank branches.

According to a press release by the Federal Deposit Insurance Corp., the government agency which insures depositors for up to $250,000 and regulates member institutions, the Metcalf Bank acquisition of American Sterling was the least cost option. The estimated cost to the FDIC’s Deposit Insurance Fund is $42 million.

In 2008, the number of failed U.S. banks hit 25, the highest number in any year since the Failed Bank List began to be posted on the Internet. Since the current recession began, 49 banks have failed. Sixty-four percent of banks which have failed since October 2000 have failed during this recession.

The Daily Graphic: U.S. Bank Failures – Updated Through April 10

Visconti — Sat, 11 Apr 2009 17:00:56 +0000

Two more banks were seized by the FDIC on Friday, one in Colorado and one in North Carolina. Failed banks through April 10, 2009 are nearly as many as those failed during the entire year 2008.

The Daily Graphic: Failed U.S. Banks, 2000 – March 27, 2009

Visconti — Sun, 29 Mar 2009 11:00:21 +0000

In only 3 months this year, 21 federally insured U.S. banks have failed. In all of last year 25 failed. The latest this week was Omni National Bank, Atlanta, Ga. Data to build the chart comes from the Federal Deposit Insurance Corp.’s Failed Bank List.