Tales of the Recovery: 2011 Failed Banks

[c1ue]

Another year, another pair of failed banks:

Legacy Bank	Scottsdale	AZ	57820	Enterprise Bank & Trust	January 7, 2011	January 7, 2011
First Commercial Bank of Florida	Orlando	FL	34965	First Southern Bank	January 7, 2011	January 7, 2011

2 for 2011 vs. 1 for equivalent week in 2010

What's really amusing?

One of the last failures of 2010:

First Southern Bank

Batesville

AR

58052

Southern Bank

December 17, 2010

January 3, 2011

The last failed bank of 2010 bought the first failed bank of 2011?

Of course I'm sure Southern Bank just assumed First Southern's name.

But First Southern itself before failure actually bought another bank in 2010:

Haven Trust Bank Florida

Ponte Vedra Beach

FL

58308

First Southern Bank

September 24, 2010

October 28, 2010

Curiouser and curiouser...

[mmr]

Re: Tales of the Recovery: 2011 Failed Banks

I was curious to see if this was the first failed bank buyer to fail, but it looks like the First Southern (buyer) in Florida is a different bank from the First Southern (failed bank) in Arkansas. Clearly bankers are much more creative in coming up with new fees than unique names.

There are a few former failed bank buyers that are looking a little shaky themselves, although from a PR perspective a failure squared would be a bad outcome that the FDIC would probably like to avoid.

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

One failed bank this week:

Oglethorpe Bank

Brunswick

GA

57440

Bank of the Ozarks

January 14, 2011

January 14, 2011

Total of 3 for 2011 vs. a total of 4 in the same week in 2010

And the Bank of the Ozarks takes down its 4th failed bank acquisition in 1 year

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

Four more for this week:

United Western Bank Denver CO 31293 First-Citizens Bank & Trust Co. January 21, 2011 January 21, 2011

The Bank of Asheville Asheville NC 34516 First Bank January 21, 2011 January 21, 2011

CommunitySouth Bank & Trust Easley SC 57868 Certus Bank, N.A. January 21, 2011 January 21, 2011

Enterprise Banking Company McDonough GA 19758 No Acquirer January 21, 2011 January 21, 2011

7 for 2011 vs. 9 for 2010

And the first 'No Acquirer' failed bank

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

4 for this week vs. 6 for the same week in 2010:

First Community Bank	Taos	NM	12261	U.S. Bank, National Association	January 28, 2011	January 28, 2011
FirsTier Bank	Louisville	CO	57646	No Acquirer	January 28, 2011	January 28, 2011
Evergreen State Bank	Stoughton	WI	5328	McFarland State Bank	January 28, 2011	January 28, 2011
The First State Bank	Camargo	OK	2303	Bank 7	January 28, 2011	January 28, 2011

11 for 2011 vs. 15 for 2010

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

A bit of a catchup this week:

Community First Bank Chicago	Chicago	IL	57948	Northbrook Bank & Trust	February 4, 2011	February 4, 2011
North Georgia Bank	Watkinsville	GA	35242	BankSouth	February 4, 2011	February 4, 2011
American Trust Bank	Roswell	GA	57432	Renasant Bank	February 4, 2011	February 4, 2011

14 for 2011 vs. 16 for 2010

Renasant gets its 2nd failed bank...

[mmr]

Re: Tales of the Recovery: 2011 Failed Banks

"Mission accomplished":

FDIC Announces End of Three-Year Authorization for West Coast Temporary Satellite Office

The Federal Deposit Insurance Corporation (FDIC) today announced that its West Coast Temporary Satellite Office, located in Irvine CA, will conclude operations after its initial three-year authorization expires. The office was approved by the FDIC Board of Directors in November 2008 to manage receiverships and to liquidate assets from failed financial institutions primarily located in western states.

The Board authorized the temporary office for an initial three-year term, with the option of extending it if workload supported such a move. Based on ongoing analysis and in recognition of the signs of the improving health of the banking industry in the western United States, the FDIC has determined that the current projected workload does not support continuing the temporary office beyond its initial three-year term. The official sunset date for the office will be January 13, 2012.

Acting Director of the FDIC's Division of Resolutions and Receiverships Bret Edwards said, "The West Coast Temporary Satellite Office provided substantial support to the workload needs of the FDIC at a critical time. I thank all of the employees for their hard work and accomplishments, including the seamless management of 94 resolutions. The temporary office in Irvine exemplifies the FDIC's strategic approach to managing resources during the financial crisis. The FDIC quickly mobilized to efficiently and effectively manage the workload of the crisis and we are equally looking ahead to draw down as necessary."

Subsequent to the West Coast Office, the FDIC also established East Coast Temporary Satellite Office in Jacksonville, FL and a Midwest Temporary Satellite Offices in Schaumberg, IL. The FDIC is continuing to monitor and analyze the workload for both of these offices and tentatively anticipates concluding their work at the end of the respective initial authorization periods. These temporary offices have been primarily staffed by non-permanent employees and contractors.

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

That's funny, because 2011's failed banks just surpassed 2010's (to date).

Canyon National Bank	Palm Springs	CA	34692	Pacific Premier Bank	February 11, 2011	February 11, 2011
Badger State Bank	Cassville	WI	13272	Royal Bank	February 11, 2011	February 11, 2011
Peoples State Bank	Hamtramck	MI	14939	First Michigan Bank	February 11, 2011	February 11, 2011
Sunshine State Community Bank	Port Orange	FL	35478	Premier American Bank, N.A.	February 11, 2011	February 11, 2011

18 in 2011 vs. 16 in 2010 (Valentine's Day was a bank failure holiday last year, apparently)

What's even more interesting?

Premier American Bank, N.A. - apparently did a 'good bank, bad bank' all by itself:

Premier American Bank

Miami

FL

57147

Premier American Bank, N.A.

January 22, 2010

August 26, 2

Besides the 2 above, Premier American Bank, N.A. apparently absorbed another pair of Florida banks:

Peninsula Bank

Englewood

FL

26563

Premier American Bank, N.A.

June 25, 2010

September 22, 2010

Florida Community Bank

Immokalee

FL

5672

Premier American Bank, N.A.

January 29, 2010

August 26, 201

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

Another week, another batch of failed banks:

San Luis Trust Bank, FSB	San Luis Obispo	CA	34783	First California Bank	February 18, 2011	February 18, 2011
Charter Oak Bank	Napa	CA	57855	Bank of Marin	February 18, 2011	February 18, 2011
Citizens Bank of Effingham	Springfield	GA	34601	Heritage Bank of the South	February 18, 2011	February 18, 2011
Habersham Bank	Clarkesville	GA	151	SCBT National Association	February 18, 2011	February 18, 2011

22 in 2011 vs. 17 in 2010

Heritage Bank of the South continues its 'bad bank' spree

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

Another week, another bank failure

Valley Community Bank

St. Charles

IL

34187

First State Bank

February 25, 2011

February 25, 2011

23 for 2011 vs. 19 for 2010

[WildspitzE]

Re: Tales of the Recovery: 2011 Failed Banks

thanks for keeping this tally c1ue...

[c1ue]

Re: Tales of the Recovery: 2011 Failed Banks

After a brief hiatus, more failed banks for 2011

Legacy Bank	Milwaukee	WI	34818	Seaway Bank and Trust Company	March 11, 2011	March 11, 2011
First National Bank of Davis	Davis	OK	4077	The Pauls Valley National Bank	March 11, 2011	March 11, 2011

25 for 2011 vs. 27 for 2010 - 2010 is back in the lead.

[BK]

Re: Tales of the Recovery: 2011 Failed Banks

Shielia Bair is stepping down as Chairman - she spoke at Princeton University a couple of months ago - perhaps she was there interviewing for a Professor job?

http://www.businessinsider.com/fdic-...ng-down-2011-5

[mmr]

Re: Tales of the Recovery: 2011 Failed Banks

Latest step in the return to business as usual...

Bankers Seek Rebate as FDIC Rebounds

WASHINGTON — It sounds strange to say, but the Federal Deposit Insurance Corp. is solvent again.

That the FDIC was technically in the red for seven quarters — the result of heavy failures and very strict accounting — was a lesser-known fact of the 2008 crisis, and so news last month that the Deposit Insurance Fund turned positive in the second quarter also drew scant attention.

But the return to black — a much bigger deal in the 1990s when the FDIC similarly went bust and rebounded after the thrift crisis — is still a milestone as banks try to retain some normalcy in still-uncertain times.

"It is a little flash of light and hope in a world of economic and financial darkness," said Kenneth Guenther, the former chief executive of the Independent Community Bankers of America.

The revelation — aired during Acting FDIC Chairman Martin Gruenberg's July 26 testimony on his nomination for the full-time job — validated the agency's 2009 plan to improve finances, which involved borrowing three years of premiums in advance.

But amid continued signs of lower failure projections going forward, the fund's recovery has also led to immediate calls for banks to get some of that prepayment back. (The FDIC will report the exact level of the fund later this month.)

"We would say they need to look at the level of premiums and look to reduce that burden given the current pace of recapitalization," said James Chessen, the chief economist of the American Bankers Association.