By far the biggest bank shut down on Friday was Michigan’s Warren Bank. Based in the city of Warren, the bank had nearly $540 million in assets. Warren Bank will be assumed by the Huntington National Bank and all six branches will be reopened on Saturday.

In Spring Grove, Minnesota, Jennings State Bank was shut down. Central Bank, based in Stillwater, Minnesota, will assume Jennings State Bank.

Colorado’s failed bank was Southern Colorado National Bank. Based in the city of Pueblo, the bank had about $40 million in assets. Legacy Bank, based in Wiley, Colorado, will assume Southern Colorado National Bank.

All in all, the three failed banks are estimated to cost the FDIC a total of almost $295 million.

FDIC (Image: Flickr)

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Three More Bank Failures, 98 in 2009

Kentucky’s failed bank was the Louisville-based Irwin Bank FSB, while Indiana’s failed bank was the Columbus-based Irwin Union Bank and Trust Co.

Both of the failed banks will be assumed by Ohio’s First Financial Bank after reaching an agreement with the Federal Deposit Insurance Corp.

Irwin Bank FSB and Irwin Union Bank and Trust Co. had more than two dozen branches. Each of the branches will be reopened as Frist Financial Bank branches on Saturday.

Irwin Bank FSB had nearly $500 million in assets, while Irwin Union Bank and Trust had more than $2.5 billion in assets.

Currently, the FDIC is thought to have less than $10 billion. That is the lowest amount in that insurance fund in more than 15 years. And the bad news is just beginning. Between now and the start of 2014, at least 200 more banks are expected to fail.

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U.S. Now Has 94 Bank Failures in 2009

Illinois was home to two of the failed banks — InBank, based in Oak Forest and Platinum Community Bank, based in Rolling Meadows. Arizona’s failed bank was First State Bank, based in Flagstaff. Vantus Bank, based in Sioux City, was the Iowa failed bank, while First Bank of Kansas City was Missouri’s failed bank.

Those with accounts in InBank will see their accounts assumed by MB Financial Bank, which is based in Chicago. Platinum Community Bank, on the other hand, won’t be assumed by another financial institution. Instead, the FDIC will pay out the insurance on the deposits.

California’s Sunwest Bank has acquired First State Bank’s accounts. Great American Bank, based in the state of Kansas, will take over for First Bank of Kansas City, while Great Southern Bank of Missouri will assume the deposits in Vantus Bank.

Of Friday’s failed banks, Vantus bank was the largest and First Bank of Kansas City was the smallest.

Failed Banks (Image: Flickr)

Post from: EveryJoe

Friday Finds Five Failed Banks

Colonial BancGroup was sold to BB&T, a bank based in North Carolina. All of Colonial BancGroup’s 346 branches will open as BB&T branches on Saturday. Colonial BancGroup had branches in a number of states including Texas, Nevada, Georgia and Florida.

Four other banks were shut down by federal regulators on Friday: Community Bank of Arizona, Community Bank of Nevada, Union Bank and Dwelling House Savings and Loan Association.

Community Bank of Arizona and Union Bank, both of which were based in Arizona, have been taken over by MidFirst Bank — a bank based in Oklahoma City.

PNC Financial Services Group, which is based in Pennsylvania, will take over Dwelling House Savings and Loan Association. Dwelling House was also based in Pennsylvania.

As for the Community Bank of Nevada, the FDIC will open a temporary bank owned by the government and will give depositors about a month to find another bank.

FDIC Seal (Image: Flickr)

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Colonial BancGroup Among Five Failed Banks

Six of the seven banks that failed were in the state of Illinois. The other bank was in Texas.

The failed bank in Texas was Millennium State Bank out of Dallas. The lone branch will be turned into a State Bank of Texas branch.

The five banks out of Illinois were John Warner Bank, First State Bank of Winchester, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, Founders Bank.

Combined, the FDIC estimates that these failed banks will cost slightly more than $314 million. On the year, the FDIC has had to pay out more than $12 billion due to bank failures.

In upcoming months, it is safe to expect at least a few failed banks each month from each corner of the country.

Banks are running out of money (Image: Flickr)

Post from: EveryJoe

Seven Banks Shut Down by Regulators

The five banks that were shut down are in the states of Georgia, California and Minnesota. Georgia and California both had two banks shut down.

The two in Georgia were Neighborhood Community Bank in the city of Newnan and Bank of West Georgia in the city of Villa Rica. The two in California were Irvine’s MetroPacific Bank and Los Angeles’ Mirae Bank. Minnesota’s failed bank was Horizon Bank in the town of Pine City.

Neighborhood Community Bank branches will be taken over by CharterBank. Community Bank of West Georgia branches will become Unity Community Bank branches. MetroPacific Bank branches will become Sunwest branches. Wilshire State Bank will take over Mirae Bank accounts. Horizon Bank branches will become Stearns Bank branches.

All told, the Federal Deposit Insurance Corporation estimates that the five banks failures will cost the federal fund about $265 million.

Banks going out of business (Image: Flickr)

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Five More Banks Shut Down by the Feds

Two Additional Banks Fail (Image: Flickr)

The banks that were closed by the feds on Friday were American Sterling Bank and Great Basin Bank. American Sterling Bank was located in Sugar Creek, Missouri, while Great Basin Bank was located in Elko, Nevada.

At both banks, FDIC protection will kick in. Customers are encouraged to use checks and debit and ATM cards as usual. American Sterling Bank customers will see their accounts taken over by Metcalf Bank, while Great Basin Bank customers will become Nevada State Bank customers.

Coming into 2009, the FDIC had identified more than 250 banks as troubled institutions that could possibly fail. Experts in the industry believe that many more banks will end up being shut down between now and 2013.

Post from: EveryJoe

Feds Shut Down Two Additional Banks