Failed Bank List Continues To Grow – And Grow

The Federal Deposit Insurance Corporation is often appointed as receiver for failed banks. In fact, it is being appointed as receiver more and more often that before. One has to wonder what the number of banks that have failed this year means about the state of the economy and the effectiveness of the Stimulus Package and government regulation over the financial system. 

 
 
Just this month – so far – the following banks have failed:
·                     San Joaquin Bank, Bakersfield, CA, with approximately $775 million in assets and approximately $631 million in deposits was closed. Citizens Business Bank, Ontario, CA has agreed to assume all deposits, excluding certain brokered deposits.  
·                     Southern Colorado National Bank, Pueblo, CO, with approximately $39.5 million in assets and approximately $31.9 million in deposits was closed. Legacy Bank, Wiley, CO has agreed to assume all deposits.  
·                     Jennings State Bank, Spring Grove, MN, with approximately $56.3 million in assets and approximately $52.4 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits.  
·                     Warren Bank, Warren, MI, with approximately $538 million in assets and approximately $501 million in deposits was closed. The Huntington National Bank, Columbus, OH has agreed to assume all deposits, excluding certain brokered deposits.  
 
There’s an interesting Web page with a lot of information on failed banks. The site lists banks that have failed since October 1, 2000. Take a look at http://www.fdic.gov/bank/individual/failed/banklist.html.