2012 Failed Banks List

List of FDIC Bank Failures for 2012

Bank Name Links to Details	Closing Date
Heartland Bank	July 20, 2012
Second Federal Savings and Loan Association of Chicago	July 20, 2012
The Royal Palm Bank of Florida	July 20, 2012
First Cherokee State Bank	July 20, 2012
Georgia Trust Bank	July 20, 2012
Glasgow Savings Bank	July 13, 2012
Montgomery Bank & Trust	July 6, 2012
Putnam State Bank	June 15, 2012
Security Exchange Bank	June 15, 2012
The Farmers Bank of Lynchburg	June 15, 2012
Farmers' and Traders' State Bank	June 8, 2012
Waccamaw Bank	June 8, 2012
First Capital Bank	June 8, 2012
Carolina Federal Savings Bank	June 8, 2012
Alabama Trust Bank, National Association	May 18, 2012
Security Bank, National Association	May 4, 2012
HarVest Bank of Maryland	April 27, 2012
Palm Desert National Bank	April 27, 2012
Bank of the Eastern Shore	April 27, 2012
Inter Savings Bank, fsb D/B/A InterBank, fsb	April 27, 2012
Plantation Federal Bank	April 27, 2012
Fort Lee Federal Savings Bank, FSB	April 20, 2012
Fidelity Bank	March 30, 2012
Covenant Bank & Trust	March 23, 2012
Premier Bank	March 23, 2012
New City Bank	March 9, 2012
Global Commerce Bank	March 2, 2012
Home Savings of America	February 24, 2012
Central Bank of Georgia	February 24, 2012
SCB Bank	February 10, 2012
Charter National Bank and Trust	February 10, 2012
BankEast	January 27, 2012
Tennessee Commerce Bank	January 27, 2012
Patriot Bank Minnesota	January 27, 2012
First Guaranty Bank and Trust Company of Jacksonville	January 27, 2012
The First State Bank	January 20, 2012
Central Florida State Bank	January 20, 2012
American Eagle Savings Bank	January 20, 2012

For a more complete list with links to the announcement for each bank, see

• FDIC Failed Banks List for 2012. 
• FDIC Failed Banks List for 2011. 
• FDIC Failed Banks List for 2010. 
• FDIC Failed Banks List for 2009.

Regulators Close Five More Banks

AP reported today regulators closed five more banks to bring the total to 38 closures in 2012.

"The failure of Georgia Trust Bank is expected to cost the deposit insurance fund $20.9 million; the failure of First Cherokee State Bank is expected to cost $36.9 million; that of Royal Palm Bank of Florida, $13.5 million; Heartland Bank, $3.1 million; and Second Federal, $76.9 million."

List of banks closed by the Federal Deposit Insurance Corp. (FDIC) on Friday July 20, 2012:

1. Georgia Trust Bank, based in Buford, Ga.
   $119.8 million in assets and $117.4 million in deposits
2. First Cherokee State Bank, based in Woodstock, Ga.
   $222.7 million in assets and $193.3 million in deposits
3. Royal Palm Bank of Florida, based in Naples, Fla.
   $87 million in assets and $85.1 million in deposits.
4. Heartland Bank in Leawood, Kan.
   $110 million in assets and $102.6 million in deposits
5. Second Federal Savings and Loan Association of Chicago
   $199.1 million in assets and $175.9 million in deposits.

See 2012 FDIC List of Failed Banks with press release.

"Atlanta-based Community & Southern Bank agreed to assume the deposits of the Georgia banks and to buy all the assets of First Cherokee State Bank. Community & Southern also is buying about $111.5 million of Georgia Trust Bank's assets.

First National Bank of the Gulf Coast, also based in Naples, agreed to assume all the deposits and essentially all the assets of Royal Palm Bank of Florida.

Metcalf Bank, based in Lees Summit, Mo., agreed to buy the assets and deposits of Heartland Bank.

Hinsdale Bank & Trust Co., based in Hinsdale, Ill., agreed to assume the deposits of Second Federal Savings and Loan Association of Chicago. Hinsdale Bank also is buying about $14.2 million of the bank's assets, comprised mainly of cash. All of Second Federal's loans, including consumer loans and mortgages, will be retained by the FDIC for later sale.

In addition, the FDIC and Community & Southern Bank agreed to share losses on $65.9 million of Georgia Trust Bank's loans and other assets, and on $141.8 million of First Cherokee State Bank's assets.

The agency and Metcalf Bank agreed to share losses on $54.3 million of Heartland Bank's assets."

For more information, see the full FDIC List of Failed Banks.

2011 Failed Banks List

List of FDIC Bank Failures for 2011

Bank Name with Link to Details	Closing Date
Western National Bank	December 16, 2011
Premier Community Bank of the Emerald Coast	December 16, 2011
Polk County Bank	November 18, 2011
Central Progressive Bank	November 18, 2011
Community Bank of Rockmart	November 10, 2011
Mid City Bank, Inc.	November 4, 2011
SunFirst Bank	November 4, 2011
All American Bank	October 28, 2011
Community Capital Bank	October 21, 2011
Decatur First Bank	October 21, 2011
Community Banks of Colorado	October 21, 2011
Old Harbor Bank	October 21, 2011
Piedmont Community Bank	October 14, 2011
First State Bank	October 14, 2011
Country Bank	October 14, 2011
Blue Ridge Savings Bank, Inc.	October 14, 2011
Sun Security Bank	October 7, 2011
The RiverBank	October 7, 2011
First International Bank	September 30, 2011
Bank of the Commonwealth	September 23, 2011
Citizens Bank of Northern California	September 23, 2011
First National Bank of Florida	September 9, 2011
CreekSide Bank	September 2, 2011
Patriot Bank of Georgia	September 2, 2011
Lydian Private Bank	August 19, 2011
First Choice Bank	August 19, 2011
First Southern National Bank	August 19, 2011
Public Savings Bank	August 18, 2011
The First National Bank of Olathe	August 12, 2011
Bank of Shorewood	August 5, 2011
Bank of Whitman	August 5, 2011
Virginia Business Bank	July 29, 2011
BankMeridian, N.A.	July 29, 2011
Integra Bank National Association	July 29, 2011
Bank of Choice	July 22, 2011
LandMark Bank of Florida	July 22, 2011
Southshore Community Bank	July 22, 2011
Summit Bank	July 15, 2011
First Peoples Bank	July 15, 2011
High Trust Bank	July 15, 2011
One Georgia Bank	July 15, 2011
Signature Bank	July 8, 2011
First Chicago Bank & Trust	July 8, 2011
Colorado Capital Bank	July 8, 2011
Mountain Heritage Bank	June 24, 2011
First Commercial Bank of Tampa Bay	June 17, 2011
McIntosh State Bank	June 17, 2011
Atlantic Bank and Trust	June 3, 2011
First Heritage Bank	May 27, 2011
Summit Bank	May 20, 2011
First Georgia Banking Company	May 20, 2011
Atlantic Southern Bank	May 20, 2011
Coastal Bank	May 6, 2011
Community Central Bank	April 29, 2011
Cortez Community Bank	April 29, 2011
First National Bank of Central Florida	April 29, 2011
The Park Avenue Bank	April 29, 2011
First Choice Community Bank	April 29, 2011
Heritage Banking Group	April 15, 2011
Superior Bank	April 15, 2011
Bartow County Bank	April 15, 2011
New Horizons Bank	April 15, 2011
Rosemount National Bank	April 15, 2011
Nexity Bank	April 15, 2011
Western Springs National Bank and Trust	April 8, 2011
Nevada Commerce Bank	April 8, 2011
The Bank of Commerce	March 25, 2011
First National Bank of Davis	March 11, 2011
Legacy Bank	March 11, 2011
Valley Community Bank	February 25, 2011
Habersham Bank	February 18, 2011
Citizens Bank of Effingham	February 18, 2011
San Luis Trust Bank, FSB	February 18, 2011
Charter Oak Bank	February 18, 2011
Badger State Bank	February 11, 2011
Sunshine State Community Bank	February 11, 2011
Canyon National Bank	February 11, 2011
Peoples State Bank	February 11, 2011
American Trust Bank	February 4, 2011
Community First Bank Chicago	February 4, 2011
North Georgia Bank	February 4, 2011
First Community Bank	January 28, 2011
FirsTier Bank	January 28, 2011
Evergreen State Bank	January 28, 2011
The First State Bank	January 28, 2011
Enterprise Banking Company	January 21, 2011
United Western Bank	January 21, 2011
The Bank of Asheville	January 21, 2011
CommunitySouth Bank & Trust	January 21, 2011
Oglethorpe Bank	January 14, 2011
First Commercial Bank of Florida	January 7, 2011
Legacy Bank	January 7, 2011

For a more complete list with links to the announcement for each bank, see

• FDIC Failed Banks List for 2012. 
• FDIC Failed Banks List for 2011. 
• FDIC Failed Banks List for 2010. 
• FDIC Failed Banks List for 2009.

FDIC Closes Integra Bank, Virginia Business Bank & BankMeridian

On Friday July 29 the Federal Deposit Insurance Corp (FDIC) closed three more banks bringing its total number of bank failures to 61 this year.

The three banks seized were:

1. Integra Bank (IBNK.PK) which is based in Evansville, Indiana. Integra had 52 branches with $2.2 billion in assets and $1.9 billion in deposits. Integra Bank received $83.6 million in taxpayer funds in February 2009 under the government's TARP financial bailout program. These funds have not been repaid, according to the Treasury data.
2. Virginia Business Bank with a single branch in Richmond, Virgina. Reports says Virginia Business Bank had $95.8 million in assets and $85 million in deposits,BankMeridian with its three branches is based in Columbia, South Carolina.
3. BankMeridian had $239.8 million in assets and $215.5 million in deposits.

Old National Bank, based in Evansvill, Indiana will assume the assets and deposits of Integra Bank and "share" with the FDIC losses on $1.2B in loans and other assets.

Richmond Virginia based Xenith Bank agreed to assume the assets and deposits of Virginia Business Bank.

Orangeburg South Carolina based "South Carolina Bank and Trust" will acquire the assets and deposits of BankMeridian. Also, the FDIC and South Carolina Bank and Trust agreed to share losses on $179 million of BankMeridian's assets.

Banks on FDIC Problem List Up 36%

Today the FDIC reported the number of "insured institutions" (banks) that are on their "Problem List" as of the end of June 2009 grew 36% to 416. This is the highest number in 15 years. On March 31, 2009 there were only 305 insured institutions on the list.

• Total assets of "problem" institutions increased during the quarter from $220.0 billion to $299.8 billion, the highest level since December 31, 1993.

The FDIC also reported reserves totaling $42 billion with $32 billion already committed to future closures leaving "only" $10B for troubled banks that have yet to fail.

• Total reserves of the Deposit Insurance Fund (DIF) stood at $42 billion.
  
• The contingent loss reserve, which totaled $28.5 billion on March 31, rose to $32.0 billion as of June 30, reflecting higher actual and anticipated losses from failed institutions.
  
• Additions to the contingent loss reserve during the second quarter caused the fund balance to decline from $13.0 billion to $10.4 billion.
  
• Combined, the total reserves of the DIF equaled $42.4 billion at the end of the quarter.

FDIC hairman Sheila Bair had some words of optimism in the press release:

• "While challenges remain, evidence is building that the U.S. economy is starting to grow again."
  
  
• "The banking industry, too, can look forward to better times ahead."
  
  
• "But, for now, the difficult and necessary process of recognizing loan losses and cleaning up balance sheets continues to be reflected in the industry's bottom line."
  
  
• "The FDIC was created specifically for times such as these. No matter how challenging the environment, the FDIC has ample resources to continue protecting depositors as we have for the last 75 years. No insured depositor has ever lost a penny of insured deposits...and no one ever will."

Failed Bank List Update

List of Banks that have failed since October 1, 2000 according to the FDIC web site.

Bank Name	Closing Date	Updated Date
County Bank, Merced, CA	Feb. 6, 2009	Feb. 6, 2009
Alliance Bank, Culver City, CA	Feb. 6, 2009	Feb. 6, 2009
FirstBank Financial Services, McDonough, GA	Feb. 6, 2009	Feb. 6, 2009
Ocala National Bank, Ocala, FL	Jan 30, 2009	Jan 30, 2009
Suburban Federal Savings Bank, Crofton, MD	Jan 30, 2009	Jan 30, 2009
MagnetBank, Salt Lake City, UT	Jan 30, 2009	Jan 30, 2009
1st Centennial Bank, Redlands, CA	Jan 23, 2009	Jan 23, 2009
Bank of Clark County, Vancouver, WA	Jan 16, 2009	Feb. 5, 2009
National Bank of Commerce, Berkeley, IL	Jan 16, 2009	Feb. 5, 2009
Sanderson State Bank, Sanderson, TX En Español	Dec 12, 2008	Feb. 5, 2009
Haven Trust Bank, Duluth, GA	Dec 12, 2008	Feb. 5, 2009
First Georgia Community Bank, Jackson, GA	Dec 5, 2008	Feb. 2, 2009
PFF Bank and Trust, Pomona, CA	Nov 21, 2008	Feb. 2, 2009
Downey Savings and Loan, Newport Beach, CA	Nov 21, 2008	Feb. 2, 2009
The Community Bank, Loganville, GA	Nov 21, 2008	Feb. 5, 2009
Security Pacific Bank, Los Angeles, CA	Nov 7, 2008	Feb. 2, 2009
Franklin Bank, SSB, Houston, TX	Nov 7, 2008	Feb. 2, 2009
Freedom Bank, Bradenton, FL	Oct 31, 2008	Feb. 2, 2009
Alpha Bank & Trust, Alpharetta, GA	Oct 24, 2008	Feb. 2, 2009
Meridian Bank, Eldred, IL	Oct 10, 2008	Feb. 10, 2009
Main Street Bank, Northville, MI	Oct 10, 2008	Feb. 10, 2009
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT	Sept 25, 2008	Feb. 2, 2009
Ameribank, Northfork, WV	Sept 19, 2008	Feb. 5, 2009
Silver State Bank, Henderson, NV En Español	Sept 5, 2008	Feb. 5, 2009
Integrity Bank, Alpharetta, GA	Aug 29, 2008	Feb. 5, 2009
The Columbian Bank and Trust, Topeka, KS	Aug 22, 2008	Feb. 2, 2009
First Priority Bank, Bradenton, FL	Aug 1, 2008	Feb. 5, 2009
First Heritage Bank, NA, Newport Beach, CA	July 25, 2008	Feb. 5, 2009
First National Bank of Nevada, Reno, NV	July 25, 2008	Feb. 5, 2009
IndyMac Bank, Pasadena, CA	July 11, 2008	Feb. 5, 2009
First Integrity Bank, NA, Staples, MN	May 30, 2008	Feb. 2, 2009
ANB Financial, NA, Bentonville, AR	May 9, 2008	Feb. 5, 2009
Hume Bank, Hume, MO	Mar 7, 2008	Feb. 5, 2009
Douglass National Bank, Kansas City, MO	Jan 25, 2008	Feb. 5, 2009
Miami Valley Bank, Lakeview, OH	Oct 4, 2007	Feb. 2, 2009
NetBank, Alpharetta, GA	Sept 28, 2007	Feb. 2, 2009
Metropolitan Savings Bank, Pittsburgh, PA	Feb. 2, 2007	Feb. 2, 2009
Bank of Ephraim, Ephraim, UT	June 25, 2004	April 9, 2008
Reliance Bank, White Plains, NY	Mar 19, 2004	April 9, 2008
Guaranty National Bank of Tallahassee, Tallahassee, FL	Mar 12, 2004	Feb. 2, 2009
Dollar Savings Bank, Newark, NJ	Feb. 14, 2004	April 9, 2008
Pulaski Savings Bank, Philadelphia, PA	Nov 14, 2003	July 22, 2005
The First National Bank of Blanchardville, Blanchardville, WI	May 9, 2003	Feb. 2, 2009
Southern Pacific Bank, Torrance, CA	Feb. 7, 2003	Oct 20, 2008
The Farmers Bank of Cheneyville, Cheneyville, LA	Dec 17, 2002	Oct 20, 2004
The Bank of Alamo, Alamo, TN	Nov 8, 2002	Mar 18, 2005
AmTrade International Bank of Georgia, Atlanta, GA En Español	Sept 30, 2002	Sept 11, 2006
Universal Federal Savings Bank, Chicago, IL	June 27, 2002	April 9, 2008
Connecticut Bank of Commerce, Stamford, CT	June 26, 2002	Feb. 2, 2009
New Century Bank, Shelby Township, MI	Mar 28, 2002	Mar 18, 2005
Net 1st National Bank, Boca Raton, FL	Mar 1, 2002	April 9, 2008
NextBank, N.A., Phoenix, AZ	Feb. 7, 2002	Feb. 2, 2009
Oakwood Deposit Bank Company, Oakwood, OH	Feb. 1, 2002	Feb. 2, 2009
Bank of Sierra Blanca, Sierra Blanca, TX	Jan 18, 2002	Nov 6, 2003
Hamilton Bank, N.A., Miami, FL En Español	Jan 11, 2002	Feb. 2, 2009
Sinclair National Bank, Gravette, AR	Sept 7, 2001	Feb. 10, 2004
Superior Bank, FSB, Hinsdale, IL	July 27, 2001	Feb. 2, 2009
The Malta National Bank, Malta, OH	May 3, 2001	Nov 18, 2002
First Alliance Bank & Trust Company, Manchester, NH	Feb. 2, 2001	Feb. 18, 2003
National State Bank of Metropolis, Metropolis, IL	Decr 14, 2000	Mar 17, 2005
Bank of Honolulu, Honolulu, HI	Oct 13, 2000	Mar 17, 2005

Failed Bank List

Washington Mutual Seized and Sold to JP Morgan Chase

Yesterday the government seized the assets of Seattle's Washington Mutual (WM,) affectionately known as WaMu. At the same time, the government brokered an emergency sale of most of the assets to JP Morgan Chase (JPM.) The deal saves taxpayers and FDIC from another loss as JPM assumes the risk in exchange for the assets at a bargain basement price. WaMu customers should not be affected while shareholders and some bondholders will get nothing.

The failure of Seattle's Washington Mutual is the largest bank failure in History.

We knew Washington Mutual was in trouble because it has appeared high on the survey of "Best CD Rates" where it had the highest 5-year CD rate, currently at 5.0%, for some time. Troubled banks are paying high CD rates to attract capital at far better rates then they can get on Wall Street. For example, AIG is paying LIBOR plus 8% and 80% share dilution to the Government. The current LIBOR rate is 3.46% so AIG is paying more than double the rate WaMu pays for CDs. I suspect WaMu will continue to offer high rates to keep customers during the transition to JP Morgan Chase.

See "Washington Mutual Bank Best CD Rates with FDIC" for current rates as of 9/23/08

WaMu was also #14 on "Dick Bove's List of Banks In Danger of Failing" under the category of "non performing assets as a percentage of equity" so we had plenty of warning in advance. Someone close to me cashed in their WaMu CDs last week, paid the penalty, reinvested $99,000 at WaMu for total FDIC protection of principal and interst until the dust settled then invested the remainder of the money in a new bank for to get full FDIC protection. The government acted before more people pulled their money out and created another run on a bank.

Jamie Dimon, Chairman and CEO of JP Morgan Chase said, "We think this builds a great franchise for us....We are building this franchise for the long term, not next year or the next five years but the next one hundred years."

Merrill Lynch: "The strategic fit is good and exactly what the company has long articulated it wanted, at a knock-down price which manages the risks. "

Deutsch Bank: "Earnings accretion (to JPM ) is mostly offset by P/E dilution and a higher risk profile. Maintain Hold."

Disclaimer. I own and trade XLF, the financial sector ETF, around a core position that is well in the money for both my personal portfolio and "Kirk's Investment Newsletter Explore portfolio," even after the recent decimation of the financial sector.