It appears the FDIC has taken today off for the Fourth of July weekend. However, there was a credit union failure this week. The NCUA announced yesterday that it liquidated Southwest Community Federal Credit Union of Saint George, UT. The NCUA was able to find a buyer, Chartway FCU, that assumed all assets and liabilities. The failed credit union was sizable for credit unions with $139 million in assets and 19,041 members. This is the 10th credit union liquidation of 2010. There was also a forced merger of a credit union that had been placed into conservatorship. First Delta FCU in MS was merged into Shreveport FCU in LA. However, there was no liquidation. Refer to the NCUA press release for more details.
So far this year there have been 86 failed banks. Last year at this time there were 52 bank failures. The week before the Fourth of July weekend in 2009 was busy for the the FDIC with 7 bank failures.
Calculated Risk Blog has the updated unofficial problem bank list. It's now up to 798 banks. This lists all the banks which have active public enforcement actions. The vast majority of banks that have failed were operating under a PEA.
Since there were no bank closures, I thought it would be interesting to look back on my April 2nd post which reviewed the states that have not experienced any bank failures since the financial crisis began. In the last three months, three states have fallen off the list (MA, MS and SC). Each had one bank failure since April 2nd. The number of remaining states that continue to be free of bank failures is now 11. The largest of these states is Tennessee which has 198 banks.
I included both a map of the bank-failure-free states and a table. The three states that are dark pink are the ones that fell off the list. In the table, I included the state population, the number of banks with headquarters in the state and the number of public enforcement actions that have been issued to banks in the state.
States without Recent Bank Failures as of 7/02/2010
|State||Population1||# of Banks2|| # of Banks
|1 2009 Population from Wikipedia|
|2 Number of banks per state is based on BauerFinancial|
|3 # of banks operating under Public Enforcement Actions (PEAs) from Calculated Risk Blog|