100th Bank Fails in 2009

October 23, 2009 No Comments »


Unsurprisingly, the 100th bank failure of the year took place today; oh yeah, and also the 101st, 102nd, and 103rd.

Partners Bank of Naples, Florida can proudly say it’s the “100th bank failure of 2009,” though it could easily have been any of four institutions.

The bank, which was closed today by the Office of Thrift Supervision, had total assets of $65.5 million, total deposits of approximately $64.9 million, and just two branches; it will only cost the FDIC’s Deposit Insurance Fund $28.6 million.

Two other Florida-based banks were shut today, including Flagship National Bank of Bradenton, and Hillcrest Bank Florida of Naples.

A fourth Georgia-based institution, American United Bank, was also shut down Friday afternoon.

Of course, none of these closures were nearly as high profile as earlier bank failures seen in 2008, including WaMu, Downey Savings and Indymac Bank.

Still, the numbers add up, and all these seemingly no-name failures have sunk the FDIC’s Deposit Insurance Fund.

In 2008, there were 26 bank failures and in 2007, just three; this year’s total is the highest since 1992.

Back in late August, John Kanas, the new head of post-failure BankUnited, said there would be 1,000 bank failures over the next two years, so it seems we’ve still got a long way to go…

Update: Three more banks failed Friday, including First DuPage Bank, Riverview Community Bank, and Bank of Elmwood.

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