Tonight’s bank failures: $14.5 billion combined assets

Bank Failures, rolfe winkler Comments (0)

Wow….huge night….$14.5 billion in combined assets from tonight’s failures. The biggest fish is First Fed, with $6.1 billion of assets. First Fed was the last of the big option ARM lenders. Seems like FDIC wants to get a lot off its plate before the holidays…

#134

• Failed bank: Rockbridge Commercial Bank, Atlanta GA
• Acquiring bank: None
• Vitals: at 9/30 assets of $294m, deposits of $291.7m
• DIF damage estimate: $124m

A rare payout transaction. Actually the sixth so far this year. I spoke to FDIC’s Greg Hernandez who gave me some interesting particulars on this bank regarding why it couldn’t find a buyer.

First, it had no retail locations at all, just office space. Moreover, 80% of its deposit accounts were CDs, most of which were brokered from outside the bank’s immediate area. Not the most attractive deposit accounts that stronger banks are looking to acquire.

#135

• Failed bank: People’s First Community, Panama City  FL
• Acquiring bank: Hancock Bank, Gulfport MS
• Vitals: as of 9/30, assets of $1.8 billion, deposits of $1.7 billion
• DIF damage estimate: $557 million

#136

• Failed bank: Citizens State Bank, New Baltimore MI
• Acquiring bank: FDIC creates a “Deposit Insurance National Bank”
• Vitals: at 9/30, assets of $169m, deposits of $157m
• DIF damage estimate: $77m

#137

• Failed bank: New South Federal Savings Bank, Irondale AL
• Acquiring bank: Beal Bank, Plano TX
• Vitals: as of 9/30 assets of  $1.5 billion, deposits of $1.2 billion
• DIF damage estimate: $212 million

#138

• Failed bank: Independent Bankers’ Bank, Springfield IL
• Acquiring bank: FDIC creates bridge bank
• Vitals: as of 9/30 assets of $586m, deposits of $512m
• DIF damage estimate: $68.4 million

Independent Bankers’ Bank did not take deposits directly from the general public nor did it make loans to consumers. It was a commercial bank that provided correspondent banking services to its client banks.

Independent Bankers’ Bank had approximately 450 client banks in four states, and operated one regional office.

#139

• Failed bank: Imperial Capital Bank, La Jolla CA
• Acquiring bank: City National Bank, LA CA
• Vitals: as of 9/30 assets of $4.0 billion, deposits of $2.8 billion
• DIF damage estimate: $619 million

#140

• Failed bank: First Federal Bank, Santa Monica CA
• Acquiring bank: One West Bank FSB, Pasadena CA
• Vitals: as of 9/30 assets of $6.1 billion, deposits of $4.5 billion
• DIF damage estimate: $146 million

December 18, 2009