With three more bank failures on Friday, there have now been 98 bank failures in 2009. The three banks that were shut down by the feds were in the states of Michigan, Minnesota and Colorado.
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 …read more

Georgian Bank, a bank based in the city of Atlanta, has been shut down by federal regulators. The closure marks the failed bank number 95 in 2009.
The FDIC took over the bank and is expected to lose about $900 million in doing so. Georgian Bank had about $2 billion in assets as of the final week of July.
The five branches of Georgian Bank will be taken over by First Citizens Bank and Trust Co. — a bank based in the state of South Carolina. All five branches will open on Monday under the new name.
Not only will the number of …read more

Five banks were shut down by federal regulators on Friday. Those five failed banks were located in four states — Illinois, Arizona, Iowa and Missouri. So far in 2009, the number of failed banks stands at 89.
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 …read more

So far in 2009, 77 banks have failed, testaments to the withering strength of the recession and the severe impact of the financial crisis. However, the Federal Deposit Insurance Corporation has also found itself struggling to make ends meet, finding it difficult to accomplish its goal of reimbursing those depositors with money in failed banks.
On average, the FDIC has had to pay 34 percent of each failed bank’s assets in order to make reparations to depositors of the banks. The Community Bank of Nevada required the highest percentage of payment, with $1.52 billion in assets and a cost of $781.5 …read more

Another week, another set a failed banks. However, this time there was a big fish in the net. Colonial BancGroup, which had assets of approximately $25 billion, was shut down by federal regulators on Friday — the biggest bank failure in the United States in 2009.
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 …read more

The United States federal regulators shut down four more banks on Friday — upping the total in 2009 from 53 to 57. All four banks were appointed to the FDIC.
Two of the four banks were located in the state of California. South Dakota and Georgia were the locations of the other two banks.
The two banks in California were Vineyard Bank and Temecula Valley Bank. Of the four banks that were shut down by regulators on Friday, these two were also the two biggest.
In Georgia, the failed bank was First Piedmont Bank. BankFirst was the failed bank located in South Dakota.
First-Citizens …read more

The banking industry is still seeing failures right and left. On Friday, three more banks were closed down by regulators from the United States federal government, which means that now 40 banks have failed so far in 2009.
While there have been some big banks that have failed this year, the good news (relatively speaking) is that these three banks are small in size.
Here is the inforamtion on the three failed banks:

In Wilmington, North Carolina, Cooperative Bank failed. Its two dozen branches will be taken over by First Bank.
In Fayetteville, Georgia, Southern Community Bank failed. Its five branches will be …read more

The pace at which banks are failing in the United States continues to be quite scary. On Friday, the 35th and 36th banks of 2009 were seized by federal regulators. Both of the banks were in the state of Illinois. Yesterday’s bank failure was BankUnited in Florida.
The good news is that these two banks were relatively small. The FDIC will be out approximately $275 million following the failure of Citizen National Bank and Strategic Capital Bank. To compare, BankUnited reportedly will cost the FDIC nearly $5 billion.
According to multiple reports, Citizens National Bank branches will become Morton Community Bank branches, …read more