About Ken Tumin

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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Bank Deals Blog: Bank Health

Review of the 2016 Bank Failures and Their Effects on Depositors
Review of the 2016 Bank Failures and Their Effects on Depositors

Only five banks failed in 2016. The year looked similar to the years before the 2008 financial crisis when bank failures were rare. Last year continued the trend of a declining numbers of bank failures. This trend started in 2011 when 92 banks failed, which was a big improvement over 2010 when 157 banks failed. The year 2010 had the highest number of bank failures since the 2008 financial crisis. If you were a DA reader back in 2010, you probably remember my Friday bank failure posts. Almost every...

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Financial Health Grades Updated from Q3 FDIC and NCUA Reports
Financial Health Grades Updated from Q3 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the third quarter health of the institutions they insure. They also released the 2016 Third Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the September 30, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings...

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Fifth Bank Failure of the Year - Allied Bank in Arkansas
Fifth Bank Failure of the Year - Allied Bank in Arkansas

The fifth bank failure of 2016 occurred on Friday. Allied Bank of Mulberry, Arkansas was closed by state regulators, and the FDIC arranged for Today's Bank of Huntsville, Arkansas to assume all of the deposits. Allied Bank was small with five branches and $64.7 million in deposits.

The last bank failure was on August 19th. This year we’ve been averaging just under two bank failures per quarter. So it’s likely we’ll see fewer bank failures this year than last year when eight banks failed. In recent times, 2010 had...

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Financial Health Grades Updated from Q2 FDIC and NCUA Reports
Financial Health Grades Updated from Q2 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the second quarter health of the institutions they insure. They also released the 2016 Second Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the June 30, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings...

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Fourth Bank Failure of the Year - The Woodbury Banking Company
Fourth Bank Failure of the Year - The Woodbury Banking Company

The fourth bank failure of 2016 occurred on Friday. The Woodbury Banking Company in Georgia was closed by state regulators, and the FDIC arranged for United Bank to assume all of the deposits. The Woodbury Banking Company was small with only one branch and $21 million in deposits.

The last bank failure was on May 6th. The trend of fewer bank failures continues. Last year only eight banks failed. In recent times, 2010 had the most bank failures (157). Each year after 2010, fewer banks have failed.

The closure of The Woodbury...

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Centric FCU (LA) Has Both Competitive Kasasa Cash And Kasasa Saver
Availability: Residents of Ouachita and Lincoln Parishes, Louisiana

Often, a Kasasa Cash account with a good APY has a companion Kasasa Saver account with a somewhat disappointing rate and/or a small cap. Centric Federal Credit Union (Centric FCU) offers the exception, with a Kasasa Cash that earns 3.25% APY on qualifying balances up to $10k, and a Kasasa Saver that earns 1.01% APY up to $50k.

Both the Kasasa Cash and Kasasa Saver accounts earn 0.25% APY on qualifying balances over $10k and $50k, respectively, with non-qualifying balances in...

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Financial Health Grades Updated from Q1 FDIC and NCUA Reports
Financial Health Grades Updated from Q1 FDIC and NCUA Reports

The FDIC and NCUA recently released their reports of the first quarter health of the institutions they insure. They also released the 2016 First Quarter Call Reports of all the insured institutions. We use these reports to derive our financial health grades for each institution. We have finished importing this data, and all of the health grades for banks and credit unions have been updated to reflect the March 31, 2016 reports.

You can view the latest health ratings of your bank or credit union in our Bank Health Ratings page....

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Third Bank Failure of the Year - First CornerStone Bank in Pennsylvania
Third Bank Failure of the Year - First CornerStone Bank in Pennsylvania

The third bank failure of 2016 occurred on Friday. First CornerStone Bank in Pennsylvania was closed by state regulators, and the FDIC arranged for First-Citizens Bank & Trust Company to assume all of the deposits. First CornerStone Bank was the largest of the three banks that have failed this year, but it was still relatively small with six branches and $101 million in deposits.

The last bank failure was on April 29th.This is the first time banks have failed on two consecutive Fridays since January 2015. Bank failures have become...

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Second Bank Failure of the Year - Trust Company Bank in Tennessee
Second Bank Failure of the Year - Trust Company Bank in Tennessee

The second bank failure of 2016 occurred last Friday. Trust Company Bank in Memphis, Tennessee was closed by state regulators, and the FDIC arranged for The Bank of Fayette County to assume all of the deposits. Trust Company Bank was small with only four branches and with only $20.3 million in deposits.

Bank failures have become rare. The last bank to fail was on March 11. Last year only eight banks failed. If the trend continues, we will probably only see around two bank closures per quarter. A few years ago,...

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Six Credit Unions Liquidated by the NCUA in One Day
Six Credit Unions Liquidated by the NCUA in One Day

A small hometown credit union can have advantages over a big impersonal bank, but sometimes small can be too small. Very small credit unions have been the institutions experiencing the most failures. The latest case occurred last week when the NCUA shut down six tiny credit unions on the same day in the Philadelphia area.

According to the NCUA’s press release "all six credit unions received management and recordkeeping services from Service Center for Credit Unions, Inc., in Bensalem." This Credit Union Journal article has a few more details about...

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