Monthly Archives: November 2008

US Bank Failures – the toll is twice that of 2002, and still counting…

Came across an interesting link on the FDIC (Federal Deposit Insurance Corporation, US) website.

The banking history, in US, has underwent a major rewrite in 2008. A year which US will not forget, and its regulators will always regret. The earlier seems to go unchallenged, the later could have a possible bailout (I know I am not making sense here – but then do bailouts make sense?)

The bank failures per year beginning with 2000 go like;

2000 – 2                       2005 – Nil

2001 – 4                       2006 – Nil

2002 – 11                     2007 – 3

2003 – 3                        2008 – 22 (updated up to 21-Nov-2008)

2004 – 4

Seems, as they say that the current turmoil is the mother of all, its true. At the peak of the dot-com bust US registered 11 bank failures. In the current turmoil, the toll is registered at 22 (DOUBLE !!!) and counting.

While time will tell what lies ahead for the US financial and banking sector. But the following list, which includes banks which have failed since October 1, 2000, will give you a clue of how the new millennium has been.

Bank Name Closing Date Updated Date
PFF Bank and Trust, Pomona, CA 21-Nov-08 21-Nov-08
Downey Savings and Loan, Newport Beach, CA 21-Nov-08 21-Nov-08
The Community Bank, Loganville, GA 21-Nov-08 21-Nov-08
Security Pacific Bank, Los Angeles, CA 07-Nov-08 07-Nov-08
Franklin Bank, SSB, Houston, TX 07-Nov-08 07-Nov-08
Freedom Bank, Bradenton, FL 31-Oct-08 31-Oct-08
Alpha Bank & Trust, Alpharetta, GA 24-Oct-08 24-Oct-08
Meridian Bank, Eldred, IL 10-Oct-08 10-Oct-08
Main Street Bank, Northville, MI 10-Oct-08 10-Oct-08
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT 25-Sep-08 20-Oct-08
Ameribank, Northfork, WV 19-Sep-08 20-Oct-08
Silver State Bank, Henderson, NV 05-Sep-08 20-Oct-08
En Español 
Integrity Bank, Alpharetta, GA 29-Aug-08 20-Oct-08
The Columbian Bank and Trust, Topeka, KS 22-Aug-08 20-Oct-08
First Priority Bank, Bradenton, FL 01-Aug-08 27-Oct-08
First Heritage Bank, NA, Newport Beach, CA 25-Jul-08 20-Oct-08
First National Bank of Nevada, Reno, NV 25-Jul-08 20-Oct-08
IndyMac Bank, Pasadena, CA 11-Jul-08 27-Oct-08
First Integrity Bank, NA, Staples, MN 30-May-08 20-Oct-08
ANB Financial, NA, Bentonville, AR 09-May-08 27-Oct-08
Hume Bank, Hume, MO 07-Mar-08 27-Oct-08
Douglass National Bank, Kansas City, MO 25-Jan-08 20-Oct-08
Miami Valley Bank, Lakeview, OH 04-Oct-07 20-Oct-08
NetBank, Alpharetta, GA 28-Sep-07 20-Oct-08
Metropolitan Savings Bank, Pittsburgh, PA 02-Feb-07 20-Oct-08
Bank of Ephraim, Ephraim, UT 25-Jun-04 09-Apr-08
Reliance Bank, White Plains, NY 19-Mar-04 09-Apr-08
Guaranty National Bank of Tallahassee, Tallahassee, FL 12-Mar-04 20-Oct-08
Dollar Savings Bank, Newark, NJ 14-Feb-04 09-Apr-08
Pulaski Savings Bank, Philadelphia, PA 14-Nov-03 22-Jul-05
The First National Bank of Blanchardville, 09-May-03 20-Oct-08
Blanchardville, WI
Southern Pacific Bank, Torrance, CA 07-Feb-03 20-Oct-08
The Farmers Bank of Cheneyville, Cheneyville, LA 17-Dec-02 20-Oct-04
The Bank of Alamo, Alamo, TN 08-Nov-02 18-Mar-05
AmTrade International Bank of Georgia, Atlanta, GA 30-Sep-02 11-Sep-06
En Español 
Universal Federal Savings Bank, Chicago, IL 27-Jun-02 09-Apr-08
Connecticut Bank of Commerce, Stamford, CT 26-Jun-02 20-Oct-08
New Century Bank, Shelby Township, MI 28-Mar-02 18-Mar-05
Net 1st National Bank, Boca Raton, FL 01-Mar-02 09-Apr-08
NextBank, N.A., Phoenix, AZ 07-Feb-02 20-Oct-08
Oakwood Deposit Bank Company, Oakwood, OH 01-Feb-02 20-Oct-08
Bank of Sierra Blanca, Sierra Blanca, TX 18-Jan-02 06-Nov-03
Hamilton Bank, N.A., Miami, FL 11-Jan-02 20-Oct-08
En Español
Sinclair National Bank, Gravette, AR 07-Sep-01 10-Feb-04
Superior Bank, FSB, Hinsdale, IL 27-Jul-01 20-Oct-08
The Malta National Bank, Malta, OH 03-May-01 18-Nov-02
First Alliance Bank & Trust Company, Manchester, NH 02-Feb-01 18-Feb-03
National State Bank of Metropolis, Metropolis, IL 14-Dec-00 17-Mar-05
Bank of Honolulu, Honolulu, HI 13-Oct-00 17-Mar-05

 

Source: FDIC (http://www.fdic.gov/bank/individual/failed/banklist.html)

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