List Of 2011 Bank Failures Reveals Interesting Facts

January 23, 2012 By 2 Comments

A total of 92 banks failed during 2011, signaling a continuation of the crisis in the banking industry.  Although total banking failures during 2011 declined from the previous year, the number remains historically high.  The last time more than 50 banks failed in one year was 1992 or 20 years ago.

The complete list of 2011 banking failures is listed below followed by some interesting facts on last year’s banking failures.

Failure # Bank State Date Assets
$MIL
1 First Commercial Bank of Florida Florida January 7, 2011 599
2 Legacy Bank Arizona January 7, 2011 151
3 Oglethorpe Bank Georgia January 14, 2011 231
4 Enterprise Banking Company Georgia January 21, 2011 96
5 CommunitySouth Bank and Trust South Carolina January 21, 2011 402
6 Bank of Asheville North Carolina January 21, 2011 188
7 United Western Bank Colorado January 21, 2011 1,650
8 FirsTier Bank Colorado January 28, 2011 782
9 First Community Bank New Mexico January 28, 2011 2,300
10 First State Bank Oklahoma January 28, 2011 44
11 Evergreen State Bank Wisconsin January 28, 2011 247
12 American Trust Bank Georgia February 4, 2011 238
13 North Georgia Bank Georgia February 4, 2011 153
14 Community First Bank Illinois February 4, 2011 51
15 Peoples State Bank Michigan February 11, 2011 391
16 Canyon National Bank California February 11, 2011 211
17 Sunshine State Community Bank Florida February 11, 2011 126
18 Badger State Bank Wisconsin February 11, 2011 84
19 Habersham Bank Georgia February 18, 2011 387
20 Citizens Bank of Effingham Georgia February 18, 2011 214
21 Charter Oak Bank California February 18, 2011 121
22 San Luis Trust Bank, FSB California February 18, 2011 333
23 Valley Community Bank Illinois February 25, 2011 123
24 First National Bank of Davis Oklahoma March 11, 2011 90
25 Legacy Bank Wisconsin March 11, 2011 190
26 Bank of Commerce Illinois March 25, 2011 163
27 Western Springs National Bank and Trust Illinois April 11, 2011 186
28 Nevada Commerce Bank Nevada April 11, 2011 144
29 Bartow County Bank Georgia April 15, 2011 330
30 New Horizons Bank Georgia April 15, 2011 110
31 Nexity Bank Alabama April 15, 2011 793
32 Superior Bank Alabama April 15, 2011 3,000
33 Rosemount National Bank Minnesota April 15, 2011 37
34 Heritage Banking Group Mississippi April 15, 2011 224
35 Community Central Bank Michigan April 29, 2011 476
36 Park Avenue Bank Georgia April 29, 2011 953
37 First Choice Community Bank Georgia April 29, 2011 309
38 Cortez Community Bank Florida April 29, 2011 71
39 First National Bank of Central Florida Florida April 29, 2011 352
40 Coastal Bank Florida May 6, 2011 129
41 Atlantic Southern Bank Georgia May 20, 2011 742
42 First Georgia Banking Company Georgia May 20, 2011 731
43 Summit Bank Washington May 20, 2011 143
44 First Heritage Bank Washington May 27, 2011 174
45 Atlantic Bank and Trust South Carolina June 3, 2011 208
46 McIntosh State Bank Georgia June 17, 2011 339.9
47 First Commercial Bank of Tampa Bay Florida June 17, 2011 98.6
48 Mountain Heritage Bank Georgia June 24, 2011 103.7
49 First Chicago Bank & Trust Illinois July 8, 2011 959.3
50 Colorado Capital Bank Colorado July 8, 2011 717.5
51 Signature Bank Colorado July 8, 2011 66.7
52 One Georgia Bank Georgia July 15, 2011 186.3
53 High Trust Bank Georgia July 15, 2011 192.5
54 First Peoples Bank Florida July 15, 2011 228.3
55 Summit Bank Arizona July 15, 2011 72.0
56 Southshore Community Bank Florida July 22, 2011 46.3
57 LandMark Bank of Florida Florida July 22, 2011 275.0
58 Bank of Choice Colorado July 22, 2011 1,070
59 Virginia Business Bank Virginia July 29, 2011 95.8
60 BankMeridian, N.A. South Carolina July 29, 2011 239.8
61 Integra Bank National Association Indiana July 29, 2011 2,200
62 Bank of Shorewood Illinois August 5, 2011 110.7
63 Bank of Whitman Washington August 5, 2011 548.6
64 The First National Bank of Olathe Kansas August 12, 2011 538.1
65 Public Savings Bank Pennsylvania August 18, 2011 46.8
66 Lydian Private Bank Florida August 19, 2011 1,700
67 First Southern National Bank Georgia August 19, 2011 164.6
68 First Choice Bank Illinois August 19, 2011 141
69 Patriot Bank of Georgia Georgia September 2, 2011 150.8
70 CreekSide Bank Georgia September 2, 2011 102.3
71 First National Bank of Florida Florida September 9, 2011 296.8
72 Bank of the Commonwealth Virginia September 23, 2011 985.1
73 Citizens Bank of Northern California California September 23, 2011 288.8
74 First International Bank Texas September 30, 2011 239.9
75 The RiverBank Minnesota October 7, 2011 417.4
76 Sun Security Bank Missouri October 7, 2011 355.9
77 Piedmont Community Bank Georgia October 14, 2011 201.7
78 Blue Ridge Savings Bank North Carolina October 14, 2011 161
79 First State Bank New Jersey October 14, 2011 204.4
80 Country Bank Illinois October 14, 2011 190.6
81 Old Harbor Bank Florida October 21, 2011 215.9
82 Decatur First Bank Georgia October 21, 2011 191.5
83 Community Capital Bank Georgia October 21, 2011 181.2
84 Community Banks of Colorado Colorado October 21, 2011 1,380
85 All American Bank Illinois October 28, 2011 37.8
86 Mid City Bank, Inc. Nebraska November 4, 2011 106.1
87 SunFirst Bank Utah November 4, 2011 376.2
88 Community Bank of Rockmart Georgia November 10, 2011 62.4
89 Polk County Bank Iowa November 18, 2011 91.6
90 Central Progressive Bank Louisiana November 18, 2011 383.1
91 Premier Community Bank of the Emerald Coast Florida December 16, 2011 126.0
92 Western National Bank Arizona December 16, 2011 162.9

Interesting Facts On The Banking Failures of 2011

1.  The total losses to the FDIC Deposit Insurance Fund for 2011 bank failures was approximately $7.2 billion.  Losses on bank failures since 2008 have totaled $86.3 billion, virtually wiping out the deposit insurance fund which currently insures $6.8 trillion.

2.  The FDIC was unable to find buyers for two failed banks, Enterprise Banking Company, Georgia, and Firs Tier Bank, Colorado.  The two failed banks had total assets of $878 million which the FDIC was forced to retain for later disposal.  The FDIC currently has almost $30 billion in failed bank assets that they are trying to dispose of.

3.  Georgia and Florida accounted for almost 40% of last years banking failures.  Georgia had 23 bank failures followed by Florida with 13.

4.  The 92 banks that failed had total assets of approximately $36 billion.  Total assets of banks that failed during the period 2008 to 2010 totaled a staggering $634 billion.

5.  The increase in bank failures required the FDIC to almost double its number of employees to 8,129 from only 4,532 in 2007.

6.  There were 92 banking failures during 2011 compared to 157 in 2010,  140 in 2009 and 25 in 2008.

Bank Failures - courtesy The Wall Street Journal

7.  Seven failed banks had total assets of over $1 billion at the time of closing.  The largest bank failure of 2011 was Superior Bank of Alabama which had $3.0 billion in total assets.

8.  Losses as a percentage of total failed bank assets was 20%.  Prior to failing, many banks carried these assets on the books far above their fair market value.

9.  Bank failures occurred in 28 different states.  Nevada, which has seen one of the greatest drops in real estate values of any state since 2008, had only one bank failure in 2011.

10.  Plunging real estate values and foreclosures have fueled the banking crisis.  During 2011, there was a staggering 2.7 million foreclosure filings.

Filed Under: Bank Failure, Banking Failures By State, Banking News, Biggest Banking Failures, Failed Banks, FDIC, featured, Problem Bank List, problem banks Tagged With: , , , ,

Comments

  1. Kit Menkin says
    February 4, 2012 at 11:59 am

    Great article. I quote from your stories often, giving you the credit on the quote.

    This was the best wrap-up I have seen of the 50 or more newspaper and other
    sources I routinely view for material.

  2. Problem Bank List Staff says
    February 5, 2012 at 3:43 am

    Thanks Kit.

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