Bank failure list continues to grow

[TheGanjaKing]

Utah's MagnetBank closed without an acquirer (http://www.marketwatch.com/news/story/Regulators-close-three-more-banks/story.aspx?guid={882CF913-54E4-4C79-AABC-C5B1F4FD9745})

SAN FRANCISCO (MarketWatch) -- Federal regulators closed three banks in a single day Friday, as the ongoing credit crisis showed no signs of abating.
Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations.
That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr. "This bank did not have an attractive franchise value, and not many retail deposits or core deposits," Barr said. The FDIC had conducted an extensive marketing process for the bank's assets, he said.
Salt Lake City-based MagnetBank had total assets of $292.9 million as of Dec. 2, and $282.8 million in total deposits. "It is estimated that the bank did not have any uninsured funds," the FDIC said in a statement.
The FDIC later said it has also closed Maryland-based Suburban Federal Savings Bank, and Florida's Ocala National Bank.
Suburban Federal had total assets of roughly $360 million as of Sep. 30, and total deposits of $302 million, the FDIC said in a statement. Tappahannock, Va.-based Bank of Essex agreed to assume all of the failed bank's deposits, the FDIC said.
Ocala National had $223.5 million in total assets as of Dec. 31, and $205.2 million in total deposits, the FDIC said. Winter Haven, Fla.-based CenterState Bank has agreed to assume all of the failed bank's deposits.
The closures mark the fourth, fifth and sixth bank failures of 2009, bringing the total to 31 since the start of the credit crisis.



Is this the first one not able to find a buyer? I didn't do much research, but normally don't other banks step in and end up buying up the failed bank, and automatically convert customers accounts with pretty much no issue?

I think some of my wife's family might have been affected by the Ocala National bank in Florida. She has family living in Ocala. I'll have to get her to find out.

[blackcat666]

listen, i have said this over and over again, and, i will say it again... THINGS ARE FAR, FAR WORST THEN WE HAVE BEEN TOLD!
it is quite clear, that we have not yet hit bottom, yet in this world wide finacial crisis!
where is the bottom? i have no god damn ideal; and, i strongly doubt anyone else does either.

almost all of us, are going to get hurt to some degree by this shit; how much is anyone guess.
all any of us can do is, pick up one peice of this broken puzzle and, start to put it back together again, piece by piece, and feel our way as we go.

good luck to us all, we're all going to need it mega big time too!

[hippiehillbilly]

thanks for starting this thread ganja,my friday night follies thread has drifted into oblivion.. im sure every friday from here on we will be able to add to the list..

[hippiehillbilly]

FirstBank Financial Services, McDonough, GA (http://www.fdic.gov/bank/individual/...firstbank.html)

[hippiehillbilly]

number 2 for the night..

Alliance Bank, Culver City, CA (http://www.fdic.gov/bank/individual/.../alliance.html)

sooner or later someones bank is going to come up..

[hippiehillbilly]

whoops,, we had a late one last night for the hat trick..

County Bank, Merced, CA

(http://www.fdic.gov/bank/individual/failed/county.html)

[hippiehillbilly]

and they are off!! another friday another list of bank failures.. can we expect another hat trick? we already have 2..

Sherman County Bank, Loup City, Nebraska (http://www.fdic.gov/bank/individual/failed/sherman.html)

Riverside Bank of the Gulf Coast, Cape Coral, FL (http://www.fdic.gov/bank/individual/...riverside.html)

stay tuned...

[hippiehillbilly]

and we have the hat trick..

Corn Belt Bank and Trust Company, Pittsfield, IL (http://www.fdic.gov/bank/individual/.../cornbelt.html)

the nights young and west of the rockies hasnt been represented..
anyone wanna bet on a fourth??

[TheGanjaKing]

I think its a safe bet to take


maybe even a 5th or 6th

that doom and gloom article has pretty much sealed the deal for me

[hippiehillbilly]

number 4

Pinnacle Bank, Beaverton, Oregon (http://www.fdic.gov/bank/individual/.../pinnacle.html)

could very well be 5 or 6:eek:

[hippiehillbilly]

I think its a safe bet to take


maybe even a 5th or 6th

that doom and gloom article has pretty much sealed the deal for me

yeah,that article was lovely wasnt it?:rolleyes:

i just listened to john galt over at the trees radio show. he says he expects 1100 banks to go before the end of the year..:eek:

admittedly they are goin to have to pick up the pace,but the nights still young.

[hippiehillbilly]

Silver Falls Bank, Silverton, OR. (http://www.fdic.gov/bank/individual/failed/silverfalls.html)

was starting to wonder if the fdic was taking a week off...

[bluesafire]

have you heard anything about credit unions?

[hippiehillbilly]

Credit unions are failing,they just dont seem to make the news like banks for some reason..

if i remember once i get woke up i will hunt around and see if i can find a list..

[hippiehillbilly]

Heritage Community Bank, Glenwood, IL (http://www.fdic.gov/bank/individual/failed/heritagebank.html)

Security Savings Bank, Henderson, NV (http://www.fdic.gov/bank/individual/failed/securitysavings.html)

[TheGanjaKing]

Like clockwork im sure they will start picking up too with the so called stress tests

[Fyrenza]

yeah,that article was lovely wasnt it?:rolleyes:

i just listened to john galt over at the trees radio show. he says he expects 1100 banks to go before the end of the year..:eek:

admittedly they are goin to have to pick up the pace,but the nights still young.

It's a snowball, effect, neh?

They're (for the most part) all going to go down. i do pray that our little bank doesn't, but we are going to switch our direct deposit to the other bank we use, USAA.

Dear Lord. WTF?!? :confused:

[hippiehillbilly]

FDIC FRIDAY!!!!!!!!!!!!!!!!!!!!!! :party:

#1, Freedom Bank of Georgia, Commerce, GA (http://www.fdic.gov/bank/individual/failed/freedomga.html)

[TheGanjaKing]

LOL I knew it


and they said on CNBC today that no more banks could fail because they are so propped up by the gov't

LOL

Just wait till they lose their jobs, GE is falling like a fuckin rock.


i'm actually curious as to how many of these banks are failing and being taken over without being made public...

[hippiehillbilly]

JG is friends with the woman who does the paperwork for these so i would say that aint happening. all these banks are being taken over,none are closing,just changing names.

[TheGanjaKing]

but they are getting bought up by larger banks, or equally sized banks at least, who may or may not be in trouble themselves..... that and taking on bad debt from another bank certainly can't help

[hippiehillbilly]

is there a bank that isnt in trouble or teetering on the edge of trouble?

anywhere in the world?

[bluesafire]

as far as I know my credit union is OK.

[Fyrenza]

JG is friends with the woman who does the paperwork for these so i would say that aint happening. all these banks are being taken over,none are closing,just changing names.

Smaller banks aren't necessarily poorer banks,

so if you wanted top return on your investment,

you'd let it go under, first ~

Oops! Devalued! Imagine that... :rolleyes:

But ASAP after devaluation,

grabbing it, and any of it's "good" investments ~

some folks are still paying their bills, on time, every time, and will continue to do so, given half the chance ~

leaves you sitting pretty, don't you think?

(You CAN delcare/be forced into bankruptcy, even with assets, after all.)

If that's true, even the good ones could fold,

'cuz no one in their right mind is going to let true assets dribble through their fingers, imho.

[Fyrenza]

but they are getting bought up by larger banks, or equally sized banks at least, who may or may not be in trouble themselves..... that and taking on bad debt from another bank certainly can't help

i don't know about that...

The whole Bailout, even if they DO take a hit on the bottom line value (say, get 50¢ on the $1), they are STILL buying decent investments, too. (see above)

[earthmother]

My daughter in law works at a bank. It is a small community owned bank. She says that they are doing just fine! Guess smaller is better...

I'm bamfoozled myself. I am inheriting SOMETHING (shares of a corporation). Still in probate (4 years and counting) and been audited. There is land, investments, bank accounts, etc involved. I can't find out much about the whole thing until it's a done deal. But I had a really entertaining thought. I could THEORETICALLY be or have been a millionaire at one point in time and then lost the whole thing and not even known it!!!??? Woo-hoo!

[hippiehillbilly]

after a week,or was it two off

FDIC friday is back in full force!!!!!!!!! :party:

Failed Bank Information Information for FirstCity Bank, Stockbridge, GA (http://www.fdic.gov/bank/individual/failed/firstcity.html)

Failed Bank Information Information for Colorado National Bank, Colorado Springs, CO (http://www.fdic.gov/bank/individual/failed/coloradonational.html)

Failed Bank Information Information for TeamBank, N.A., Paola, KS (http://www.fdic.gov/bank/individual/failed/teambank.html)

[hippiehillbilly]

busy busy, first ive seen of this, folks asking about credit unions?? well here ya go..

2 corporate credit unions taken over by government (http://finance.yahoo.com/news/2-corporate-credit-unions-apf-14707022.html)

[TheGanjaKing]

busy week this week

they just keep trickling on in...

[hippiehillbilly]

oh and i read last week where a lot WERE being taken over before actually failing like you had guessed,so you were correct on that after all...:cheers2:

[hippiehillbilly]

Omni National Bank in Georgia Shut, 21st U.S. Failure (http://www.bloomberg.com/apps/news?pid=20601087&sid=aSqaKl7GAbDQ)

[Fyrenza]

Omni National Bank in Georgia Shut, 21st U.S. Failure (http://www.bloomberg.com/apps/news?pid=20601087&sid=aSqaKl7GAbDQ)

Since the U.S. government runs its "Fiscal Year" from October 1 ~ September 30,

shouldn't the list count the banks that failed from October onward?

Bit of a diff in the total, eh? :rolleyes:


Failed Bank List
---------------
This list includes banks which have failed since October 1, 2000:

Bank Name ~ Closing Date

33) Omni National Bank, Atlanta, GA ~ March 27, 2009
32) TeamBank, National Association, Paola, KS ~ March 20, 2009
31) Colorado National Bank, Colorado Springs, CO ~ March 20, 2009
30) FirstCity Bank, Stockbridge, GA ~ March 20, 2009
29) Freedom Bank of Georgia, Commerce, GA ~ March 6, 2009
28) Security Savings Bank, Henderson, NV ~ February 27, 2009
27) Heritage Community Bank, Glenwood, IL ~ February 27, 2009
26) Silver Falls Bank, Silverton, OR ~ February 20, 2009
25) Pinnacle Bank of Oregon, Beaverton, OR ~ February 13, 2009
24) Corn Belt Bank and Trust Company, Pittsfield, IL ~ February 13, 2009
23) Riverside Bank of the Gulf Coast, Cape Coral, FL ~ February 13, 2009
22) Sherman County Bank, Loup City, NE ~ February 13, 2009
21) County Bank, Merced, CA ~ February 6, 2009
20) Alliance Bank, Culver City, CA ~ February 6, 2009
19) FirstBank Financial Services, McDonough, GA ~ February 6, 2009
18) Ocala National Bank, Ocala, FL ~ January 30, 2009
17) Suburban Federal Savings Bank, Crofton, MD ~ January 30, 2009
16) MagnetBank, Salt Lake City, UT ~ January 30, 2009
15) 1st Centennial Bank, Redlands, CA ~ January 23, 2009
14) Bank of Clark County, Vancouver, WA ~ January 16, 2009
13) National Bank of Commerce, Berkeley, IL ~ January 16, 2009
12) Sanderson State Bank, Sanderson, TX En Español ~ December 12, 2008
11) Haven Trust Bank, Duluth, GA ~ December 12, 2008
10) First Georgia Community Bank, Jackson, GA ~ December 5, 2008
9) PFF Bank and Trust, Pomona, CA ~ November 21, 2008
8) Downey Savings and Loan, Newport Beach, CA ~ November 21, 2008
7) The Community Bank, Loganville, GA ~ November 21, 2008
6) Security Pacific Bank, Los Angeles, CA ~ November 7, 2008
5) Franklin Bank, SSB, Houston, TX ~ November 7, 2008
4) Freedom Bank, Bradenton, FL ~ October 31, 2008
3) Alpha Bank & Trust, Alpharetta, GA ~ October 24, 2008
2) Meridian Bank, Eldred, IL ~ October 10, 2008
1) Main Street Bank, Northville, MI ~ October 10, 2008
PRE-Fiscal Year 2008

Last Updated 03/27/2009 Customer Service

The actual list goes back to October 1, 2000, but for your purposes, HHB, the above should do.