10.18.2013
UPDATE for Full Year 2013
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: 24 U.S. Bank Failures [Officially: 494 Bank Failures Total Since 2007]
- 2012: 51 U.S. Bank Failures
- 2011: 92 U.S. Bank Failures
- 2010: 157 Bank Failure List
- 2009: 139 U.S. Bank Failures
- 2008: 28: U.S. Bank Failures
- 2007: 3 U.S. Bank Failures
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.
Credits: Monopoly political cartoon, William Warren. Bank data source: FDIC
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