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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Another Bank-Failure Free Friday - Updated 2010 Stats


Another Bank-Failure Free Friday - Updated 2010 Stats

Unless there's a late failure in Hawaii or Alaska, this looks to be another Friday without a bank failure. Perhaps it's due to this being a long weekend (Columbus Day is on Monday). Last year, the Friday before Columbus Day was also free of bank failures. The total number of bank failures for 2010 remains at 129. As a comparison, the total number of bank failures at this time last year was 98. The total number for all of 2009 was 140.

I thought it would be interesting to update the state table that I did on August 27th which was another Friday free of bank failures. The table shows the number of bank failures by state so far in 2010. There have been 11 additional failures since August 27th. The bank failure leaders of Florida, Georgia and Washington State added 8 of those 11. The other three failures occurred in New Jersey, Ohio and Wisconsin.

Florida continues to be the top state with the most bank failures at 25. That's 10 more than the next state of Illinois. Georgia remains in third place, but it's gaining on Illinois.

Credit Union Liquidations for 2010

There were no credit union liquidations this week. The total number of credit union liquidations for this year remains at 15. The number of liquidations could have been much higher if the corporate credit union problem wasn't dealt with. On September 24th, the NCUA placed 3 additional corporate credit unions into conservatorship and announced a corporate system resolution plan. This week the NCUA announced the charters of two new "bridge" corporate credit unions. According to the NCUA, there could have many regular credit union failures if the NCUA had chosen not to intervene:

16. Why didn’t NCUA just let the free market decide the fate of corporate credit unions?

The steps NCUA has taken to stabilize the corporate credit unions have been to protect the entire credit union system and the billions of payment transactions counted on by the 90 million credit union consumers. A disorderly resolution would have resulted in the failure of up to 30 percent of all natural person credit unions and much greater total loss.


# State Number of 2010 bank failures as of 10/8/10
1 FL 25 *************************
2 IL 15 ***************
3 GA 14 **************
4 WA 10 **********
5 CA 10 **********
6 MN 7 *******
7 SC 4 ****
8 NV 4 ****
9 MO 4 ****
10 MI 4 ****
11 UT 3 ***
12 PR 3 ***
13 OR 3 ***
14 NY 3 ***
15 MD 3 ***
16 OH 2 **
17 NM 2 **
18 AZ 2 **
19 WI 1 *
20 VA 1 *
21 TX 1 *
22 OK 1 *
23 NJ 1 *
24 NE 1 *
25 MS 1 *
26 MA 1 *
27 LA 1 *
28 KS 1 *
29 AL 1 *


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MopMan44   |     |   Comment #1
I hope Wilshire State Bank has not gone under.  I went to their Bayside, NY branch today, Sat 10/9 and branch was closed.  Called other branch in Flushing, NY and no one answered there either.  No sign on door giving reason for being closed.  Will call California branches later to see if they are open.  Hope they didn't fail.  Anyone know anything?
Anonymous   |     |   Comment #2
I doubt it.  It's a very strong bank.  It's Saturday and could be closed.  I use the Manhattan branch which recently moved to another location around the block.
Anonymous   |     |   Comment #3
It would be interesting to see failures on a per capita basis.
MopMan44   |     |   Comment #4
To Anonymous #2 - The branch I went to and those I called have Saturday hours (830 - 1) and have been open on Saturdays in the past