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492 U.S. Bank Failures Since 2007

October 18th, 2013
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10.18.2013
UPDATE for Full Year 2013

Bailout

492 U.S. Bank Failures Since 2007

original article written by Net Advisor

WASHINGTON DC. Just when you thought the recession was “over” in 2009, there are still banks struggling like a Senate Majority Leader at a Tea Party.

Although the number of bank failures have dropped dramatically in recent years, there is still trouble in financial paradise. Including banks named in today’s report, we are looking at 492 failed banks since 2007. The FDIC did not count some banks as failures in the past if they were taken over by a bigger bank, or if they were bailed out by the government. What we have here are the “official government version” of bank failures.

Past Bank Failure Summary:

UPDATE: Late Editions

2013 Bank Failure List:

Two more bank failures since the below list was compiled. Bank of Jackson County (Cert#14794) in Florida (Fail #23), and Texas Community Bank, (Cert #57431) (Fail #24) were both seized by FDIC. Both banks were resold to other banks.

Bank Name City ST CERT Acquiring Institution Closing Date (2013) Fail #
First National Bank also operating as The National Bank of El Paso
En Espanol
Edinburg TX 14318 PlainsCapital Bank Sep 13 #22
The Community’s Bank Bridgeport CT 57041 No Acquirer (liquidated) Sep 13 #21
Sunrise Bank of Arizona Phoenix AZ 34707 First Fidelity Bank, National Association Aug 23 #20
Community South Bank Parsons TN 19849 CB&S Bank, Inc. Aug 23 #19
Bank of Wausau Wausau WI 35016 Nicolet National Bank Aug 9 #18
First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral) Fort Myers FL 34943 C1 Bank Aug 2 #17
Mountain National Bank Sevierville TN 34789 First Tennessee Bank, National Association June 7 #16
1st Commerce Bank North Las Vegas NV 58358 Plaza Bank June 6 #15
Banks of Wisconsin d/b/a Bank of Kenosha Kenosha WI 35386 North Shore Bank, FSB May 31 #14
Central Arizona Bank Scottsdale AZ 34527 Western State Bank May 14 #13
Sunrise Bank Valdosta GA 58185 Synovus Bank May 10 #12
Pisgah Community Bank Asheville NC 58701 Capital Bank, N.A. May 10 #11
Douglas County Bank Douglasville GA 21649 Hamilton State Bank April 26 #10
Parkway Bank Lenoir NC 57158 CertusBank, National Association April 26 #9
Chipola Community Bank Marianna FL 58034 First Federal Bank of Florida April 19 #8
Heritage Bank of North Florida Orange Park FL 26680 FirstAtlantic Bank April 19 #7
First Federal Bank Lexington KY 29594 Your Community Bank April 19 #6
Gold Canyon Bank Gold Canyon AZ 58066 First Scottsdale Bank, National Association April 5 #5
Frontier Bank LaGrange GA 16431 HeritageBank of the South March 8 #4
Covenant Bank Chicago IL 22476 Liberty Bank and Trust Company Feb 15 #3
1st Regents Bank Andover MN 57157 First Minnesota Bank Jan 18 #2
Westside Community Bank University Place WA 33997 Sunwest Bank Jan 11 #1

The above banks were all acquired by other institutions except one, The Community’s Bank in Bridgeport, CT will be liquidated, and depositors returned FDIC insured funds up to the depositor limits.

The whole notion of “too big too fail” gets bigger as government has been allowing bigger banks to acquire smaller and failing banks.

See our bank failure tracker for more history.

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Credits: Monopoly political cartoon, William Warren. Bank data source: FDIC
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