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Five Bank Failures: 3 in FL, 1 in NV & 1 in CA

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The number of failed banks for 2010 grew to 78 today. Three were in Florida, and these were part of the same bank holding company, Bank of Florida Corporation. The other two failed banks were in Nevada and California. The total number of bank failures in Florida for 2010 is now up to 13 which is the highest in the nation. Illinois is now in second place with 11 failures. Georgia remains in third place with 8 failures.

All five of the failed banks had assets of under $1 billion. The total estimated cost to the FDIC's Deposit Insurance Fund (DIF) was $317 million.

The FDIC was able to find buyers for all 5 of the failed banks. All deposits (except some brokered deposits) were assumed by the acquiring banks. As is typical, the FDIC didn't give any indication if the acquiring banks were going to honor rates on existing CDs. If you learn what any of these banks decide, please leave a comment.

There were no credit union failures this week. The total number of credit union failures in 2010 remains at 8.

Before the bank closures today, the FDIC released its April Enforcement Actions. There were 43 desist consent orders issued and 9 prompt corrective actions (PCAs). Out of the five banks that failed today, four had been operating under PCAs that had been issued just a few months ago.

Below is a summary of today's bank failures:

74th Bank Failure of 2010 (11th in FL)

  • FDIC Press Release
  • Closed Bank: Bank of Florida - Southeast, Fort Lauderdale, FL
  • Size: 6 branches, $595.3 million in assets, $531.7 million in deposits
  • Possible Uninsured Deposits: all deposit accounts transferred, excluding the Cede & Co. brokered deposits
  • Acquiring Bank: EverBank, Jacksonville, FL
  • Rate Changes: EverBank will review rates.
  • Estimated Cost to Deposit Insurance Fund: $71.4 million
  • Enforcement Action: FDIC 3/18/10 Prompt Corrective Action
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

75th Bank Failure of 2010 (12th in FL)

  • FDIC Press Release
  • Closed Bank: Bank of Florida - Southwest, Naples, FL
  • Size: 5 branches, $640.9 million in assets, $559.9 million in deposits
  • Possible Uninsured Deposits: all deposit accounts transferred, excluding the Cede & Co. brokered deposits
  • Acquiring Bank: EverBank, Jacksonville, FL
  • Rate Changes: EverBank will review rates.
  • Estimated Cost to Deposit Insurance Fund: $91.3 million
  • Enforcement Action: FDIC 3/18/10 Prompt Corrective Action
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

76th Bank Failure of 2010 (13th in FL)

  • FDIC Press Release
  • Closed Bank: Bank of Florida - Tampa Bay, Tampa, FL
  • Size: 2 branches, $245.2 million in assets, $224.0 million in deposits
  • Possible Uninsured Deposits: all deposit accounts transferred, excluding the Cede & Co. brokered deposits
  • Acquiring Bank: EverBank, Jacksonville, FL
  • Rate Changes: EverBank will review rates.
  • Estimated Cost to Deposit Insurance Fund: $40.3 million
  • Enforcement Action: FDIC 3/18/10 Prompt Corrective Action
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

77th Bank Failure of 2010 (6th in CA)

  • FDIC Press Release
  • Closed Bank: Granite Community Bank, N.A., Granite Bay, CA
  • Size: 3 branches, $102.9 million in assets, $94.2 million in deposits
  • Possible Uninsured Deposits: all deposit accounts transferred
  • Acquiring Bank: Tri Counties Bank, Chico, CA
  • Rate Changes: Tri Counties Bank will review rates
  • Estimated Cost to Deposit Insurance Fund: $17.3 million
  • Enforcement Action: OCC 7/21/08 Agreement
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

78th Bank Failure of 2010 (2nd in NV)

  • FDIC Press Release
  • Closed Bank: Sun West Bank, Las Vegas, NV
  • Size: 7 branches, $360.7 million in assets, $353.9 million in deposits
  • Possible Uninsured Deposits: all deposit accounts transferred, excluding the Cede & Co. brokered deposits
  • Acquiring Bank: City National Bank, Los Angeles, CA
  • Rate Changes: City National Bank will review rates
  • Estimated Cost to Deposit Insurance Fund: $96.7 million
  • Enforcement Action: FDIC 12/17/09 Consent Order, FDIC 2/25/10 Prompt Corrective Action
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

The above ratings are based on 12/31/09 data.

References:



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Comments
3 Comments.
Comment #1 by lady marmalade (anonymous) posted on
lady marmalade
living in georgia  i am  glad to see that we are not number one in  bank failures anymore keep up the good work ken most informative and entertaing

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Comment #2 by Anonymous posted on
Anonymous
What does this line mean?

Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial

Is this for the closed bank? or is this for the Acquiring Bank?

-2
Comment #3 by AnuisancE (anonymous) posted on
AnuisancE
<i>What does this line mean?

Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial</i>

That would be for the closed bank.

-2