8 Banks With $4.4 Billion In Assets Fail – August 20, 2010

August 22, 2010 – The latest week’s 8 banking failures brought the total for 2010 to 118 banks across 26 States.  The eight banks closed by regulators on August 20, 2010 were located in California, Illinois, Virginia and Florida.  The 8 banks closed by regulators along with their total assets and estimated loss to the FDIC Deposit Insurance Fund are listed below.

FAILED BANK TOTAL ASSETS COST OF FAILURE
$ MILLIONS $ MILLIONS
SONOMA VALLEY BANK, CA $ 337.1 $ 10.1
LOS PADRES BANK, CA $ 870.4 $ 8.7
BUTTE COMMUNITY BANK, CA $ 498.8 $ 17.4
PACIFIC STATE BANK, CA $ 312.1 $ 32.6
SHORE BANK, IL $ 2,160.0 $ 367.7
IMPERIAL S&L ASSOCIATION, VA $ 9.4 $ 3.5
INDEPENDENT NATIONAL BANK, FL $ 156.2 $ 23.2
COMMUNITY NTL BANK AT BARTOW, FL $ 67.9 $ 10.3
$4,411.90 $ 473.5

The estimated total loss to the FDIC insurance fund for the 118 banking failures during 2010 now totals $19.5 billion. Total assets of the failed institutions amounted to $84.2 billion.

The number of bank failures for 2010 is certain to exceed last year’s total based on the present failure rate.  During 2009 there were 140 banking failures, the most since 1992. The number of banks on the FDIC’s confidential Problem Bank List has grown dramatically, indicating a large number of  potential future banking failures.  The Problem Bank List at March 31, 2010, as reported by the FDIC, has increased to 775 banks from 702 at the end of 2009.  In the third quarter of 2006, the number of Problem Banks was only 47.

Banking Failures By Year As Of August 20, 2010

BANK FAILURES BY YEAR

BANK FAILURES BY YEAR

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