The 25 Failed Banks Of 2008
You can click through CNBC's stupid click-inflating slideshow of the 25 failed banks of 2008, or just skim the handy rundown inside. It was a bad year for banks you've never heard of.
1. Sanderson State Bank
Sanderson, Texas
Closed: Dec. 12, 2008
Assets: $37 million
Cost to FDIC: $12.5 million
2. Haven Trust Bank
Duluth, Ga.
Closed: Dec. 12, 2008
Assets: $572 million
Cost to FDIC: $200 million
3. First Georgia Community Bank
Jackson, GA.
Closed: Dec. 5, 2008
Assets: $237.5 million
Cost to FDIC: $72.2 million
4. PFF Bank & Trust
Pomona, Calif.
Closed: Nov. 21, 2008
Assets: $3.7 billion
Cost to FDIC: $700 million
5. Downey Savings & Loan
Newport Beach, Calif.
Closed: Nov. 21, 2008
Assets: $12.8 billion
Cost to FDIC: $1.4 billion
6. The Community Bank
Loganville, Ga.
Closed: Nov. 7, 2008
Assets: $681.0 million
Cost to FDIC: $200 - $240 million
7. Security Pacific Bank
Los Angeles, Calif.
Closed: Nov. 7, 2008
Assets: $561.1 million
Cost to FDIC: $210 million
8. Franklin Bank
Houston, Texas
Closed: Nov. 7, 2008
Assets: $5.1 billion
Cost to FDIC: $1.4 - $1.6 billion
9. Freedom Bank
Bradenton, Fla.
Closed: Oct. 31, 2008
Assets: $287 million
Cost to FDIC: $80 - $104 million
10. Alpha Bank & Trust
Alpharetta, Ga.
Closed: Oct. 24, 2008
Assets: $354.1 million
Cost to FDIC: $158.1 million
11. Meridian Bank
Eldred, Ill.
Closed: Oct. 10, 2008
Assets: $39.18 million
Cost: $13 - $14.5 million
12. Main Street Bank
Northville, Mich.
Closed: Oct. 10, 2008
Assets: $98 million
Cost to FDIC: $33 - $39 million
13. Washington Mutual
Henderson, Nev.
Closed: Sept. 25, 2008
Assets: $307 billion
Bought by JPMorgan Chase for $1.9 billion
14. Ameribank
Northfork, W. Va.
Closed: Aug. 29, 2008
Assets: $112.62 million
Cost: $42 million
15. Silver State Bank
Henderson, Nev.
Closed: Sept. 5, 2008
Assets: $2.0 billion
Cost: $450 - $550 million
16. Integrity Bank
Alpharetta, Ga.
Closed: Aug. 29, 2008
Assets: $1.1 billion
Cost: $250 - $350 million
17. The Columbian Bank and Trust
Topeka, Kan.
Closed: Aug. 22, 2008
Assets: $752 million
Cost: $60 million
18. First Priority Bank
Bradenton, Fla.
Closed: Aug. 1, 2008
Assets: $259 million
Cost: $72 million
19. First Heritage Bank & First National Bank of Nevada
Closed: July 25, 2008
Costs: $862 million
First Heritage Bank
Newport Beach, Calif.
Assets: $254 million
Costs were combined because they were owned by the same company
20. First National Bank of Nevada
Reno, Nev.
Assets: $3.4 billion
21. IndyMac Bank
Pasadena, Calif.
Closed: July 11, 2008
Assets: $32.01 billion
Cost: $4 to $8 billion
Seized by Feds when its stock was at 31 cents per share.
22. First Integrity Bank
Staples, Minn.
Closed: May 30, 2008
Assets: $54.7 million
Cost: $2.3 million
23. ANB Financial
Bentonville, Ark.
Closed: May 9, 2008
Assets: $2.1 billion
Cost: $214 million
24. Hume Bank
Hume, Mo.
Closed: March 7, 2008
Assets: $18.7 million
Cost: Not Available
25. Douglass National Bank
Kansas City, Mo.
Closed: Jan. 25, 2008
Assets: $58.5 million
Cost: $5.6 million
Ah, memories.
Failed Banks [CNBC]
(Thanks to harajukboy!) (Photo: knightraven)
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Comments:
Any word how many of these have been bought by existing banks using the 'bail out' money?
Wachovia? Or does a forced sellout not count as a failure?
I've gotta say that my favorite names on the list are Integrity Bank and First Integrity Bank. First Priority Bank is a runner-up though.
@ThickSkinned: None of them. Unless JP Morgan Chase used bailout money to buy WaMu, but I'm pretty sure that happened before the bailout started.
It's interesting to see that Nevada has two failed banks. I guess there is a reason our state has one of the worse economies in the country.
This list will at least double by 2010, and that's a conservative estimate.
@Stanwell: A few. [www.ncua.gov]
But look at the failed credit unions- most have assets of less than a million dollars. Anyway, your deposits are insured by the NCUA, and therefore backed by the full faith and credit of the united states government.
@mcjake: You don't find it more interesting that Georgia and California both have 5 failed banks? 40% of failed banks this year originate out of those 2 states... That's a pretty good percentage.
I'll give you 20 bucks for the pretty blonde community bank over there...
Yeah those slide-show things SUCK. A list should be a list, dammit. Very annoying.
Gesh! Of all the branches of my bank, they had to include a picture of the very branch I go to!
Talk about adding insult to injury...
Hume Bank...Hume is a small town of 300 - 400 people in the middle of nowhere. The bank did not close because of the mortgage crisis.
@rwakelan: California at least has a large population, and thus probably a larger total number of banks. I don't know what Georgia's excuse is.
SPC seems to be a bad luck name for banks. A different bank with a very similar name Security Pacific National Bank - same logo though, failed in 1992.
@johnva: Georgia's banks suffered from low liquidity due to all the rappers 'making it rain' when they're reppin' the ATL.
@Mantid: Your bank branch consists of a dazed dude in a green shirt drinking a beer? No wonder they went down.
@johnva: A lot of money moves through Georgia. Its the distribution hub of the South. Oil, lead painted Chinese toys, you name it and it comes through Georgia. I suppose that might have something to do with it.
"stupid click inflating slideshow" - ummm, how is this different from Gawker condensing all blogs to one or two sentences on the main page?
here is an article of failed credit unions from september.
I live in Alpharetta, GA and I'm pretty shocked that not 1, but 2 of these banks are Alpharetta-based (Duluth, GA is a sister city so it might as well be 3 area banks). Alpharetta is the typical upper-middle class white suburbs. Pretty affluent area. I guess this just kinda proves that most of that affluence was just the paper tiger they built out of credit card bills and bounced checks.
As for Integrity Bank, they had I think the 2nd worst debt-to-asset ratio IN THE COUNTRY.
You complain about click-inflating after essentially aggregating/reblogging a CNBC article and adding no additional content whatsoever?
@sonneillon: I've got all my money with some amazing jewish guy who all my friends use. It's a no brainer!
the year ain't over yet... this list might get longer.
Were there any credit unions that failed? I haven't heard of any.
i was trying to find Wachovia in this list
I want to know why five of the banks are from Georgia.
@VeraKapish: Actually you cant be sure. Many small banks invested heavily in mortgage backed securities. So even if they weren't writing the mortgages it is very likely they had a lot of their money on them.
As i'm thinking smugly that i've got most of my funds safely in a credit union, it occurs to me to wonder...have there been any credit union failures along with all these banks?