Almost 99 red balloons (banks bust) [UPDATE]

Just noticed that the Federal Deposit Insurance Corporation (FDIC) closed down their 93rd and 94th banks in the USA this weekend.  The latest two to succumb are Irwin Union Bank and Irwin Union Bank and Trust Company after the parent firm, Irwin Financial, could not meet the FDIC's requirements to increase their capital.

Who will be the 99th we wonder?  According to the unofficial bank problem list and comments covered in Calculated Risk (thanks to surferdude0606), there's quite  a few more to come:

There were large changes to Unofficial Problem Bank List as the OCC released some of its newly issued actions for late July and early August.

The list increased by a net of 12 institutions to 436 from 424 last week. Assets increased by $7.4 billion to $294 billion. There were five removals with assets of $8.5 including three failures -- Corus Bank, N.A. ($7 billion), Venture Bank ($991 million), and Brickwell Community Bank ($72.5 million); and two action terminations (First National Bank of Colorado City and Cumberland Valley National Bank).

Interestingly, last week Hometown National Bank, Longview, WA was removed as the OCC terminated a Formal Agreement only for them to be added back to this week’s list as the OCC subsequently placed Hometown under a Cease & Desist Order.

Of the 17 additions this week are several subsidiary banks of the privately controlled bank holding company FBOB Corporation based in Chicago, IL. These include the Park National Bank, Chicago, IL ($4.8 billion), San Diego National Bank, San Diego, CA ($3.4 billion), and Pacific National Bank, San Francisco, CA ($2.1 billion). The Federal Reserve issued a Written Agreement against FBOB Corporation on Sept 14, 2009. FBOB Corporation has assets of $18.3 billion and controls nine institutions supervised by either the OCC or FDIC with five subject to a formal enforcement action.

Other sizable additions to the list this week include the $1.2 billion asset Metrobank, National Association, Houston, TX, and the $1.1 billion asset Atlantic Southern Bank, Macon, GA.

Can the FDIC afford many more?

The two latest bank failures are likely to cost the FDIC a further $850 million and their bank failure fund has already dropped from $45 billion at the start of this year to only $10.4 billion today.

Rumours are rife that the FDIC will need to get further loans from the government, although the regulator claims it has $42 billion in reserves to cover any further failures.

What happens if we get to 99 red balloons?   Does the 100th burst the fund and reserves start flowing too?  And what happens if you get to 200 balloons?

UPDATE 22nd December 2009

140 First Federal Bank of California, F.S.B., December 18, 2009
139 Imperial Capital Bank, December 18, 2009
138 Independent Bankers' Bank, December 18, 2009
137 New South Federal Savings Bank, December 18, 2009
136 Citizens State Bank, December 18, 2009
135 Peoples First Community Bank, December 18, 2009
134 RockBridge Commercial Bank, December 18, 2009

UPDATE, 16th December 2009

133 SolutionsBank , December 11, 2009
132 Valley Capital Bank, N.A. , December 11, 2009
131 Republic Federal Bank, N.A. , December 11, 2009
130 Greater Atlantic Bank , December 4, 2009
129 Benchmark Bank , December 4, 2009
128 AmTrust Bank , December 4, 2009
127 The Tattnall Bank , December 4, 2009
126 First Security National Bank , December 4, 2009
125 The Buckhead Community Bank , December 4, 2009
124 Commerce Bank of Southwest Florida , November 20, 2009
123 Pacific Coast National Bank , November 13, 2009
122 Orion Bank , November 13, 2009
121 Century Bank, F.S.B. , November 13, 2009
120 United Commercial Bank , November 6, 2009
119 Gateway Bank of St. Louis , November 6, 2009
118 Prosperan Bank , November 6, 2009
117 Home Federal Savings Bank , November 6, 2009
116 United Security Bank , November 6, 2009
115 North Houston Bank , October 30, 2009
114 Madisonville State Bank , October 30, 2009
113 Citizens National Bank , October 30, 2009
112 Park National Bank , October 30, 2009
111 Pacific National Bank , October 30, 2009
110 California National Bank , October 30, 2009
109 San Diego National Bank , October 30, 2009
108 Community Bank of Lemont , October 30, 2009
107 Bank USA, N.A. , October 30, 2009
106 First DuPage Bank , October 23, 2009
105 Riverview Community Bank , October 23, 2009
104 Bank of Elmwood , October 23, 2009
103 Flagship National Bank , October 23, 2009
102 Hillcrest Bank Florida , October 23, 2009
101 American United Bank , October 23, 2009
100 Partners Bank , October 23, 2009

UPDATE #3

99th Bank: San Joaquin Bank, 16th October 2009

UPDATE #2

96/97/98

Three regional banks were closed by regulators on 2nd October, bringing the 2009 tally to 98. 
Warren Bank,Michigan
Jennings State Bank, Minnesota
Southern Colorado National Bank, Colorado

UPDATE #1
95th Bank: Georgian Bank, 25th September 2009

1. September 18 2009, Irwin Union Bank, F.S.B., Louisville, KY
2. September 18 2009, Irwin Union Bank and Trust Company, Columbus IN
3. September 11 2009, Venture Bank, Lacey WA
4. September 11 2009, Brickwell Community Bank, Woodbury MN
5. September 11 2009, Corus Bank, N.A., Chicago IL
6. September 4 2009, First State Bank, Flagstaff AZ
7. September 4 2009, Platinum Community Bank, Rolling Meadows IL
8. September 4 2009, Vantus Bank, Sioux City IA
9. September 4 2009, InBank, Oak Forest IL
10. September 4 2009, First Bank of Kansas City, Kansas City MO
11. August 28 2009, Affinity Bank, Ventura CA
12. August 28 2009, Mainstreet Bank, Forest Lake MN
13. August 28 2009, Bradford Bank, Baltimore MD
14. August 21 2009 , Guaranty Bank, Austin TRANSACTION
15. August 21 2009, CapitalSouth Bank, Birmingham AL
16. August 21 2009, First Coweta Bank, Newnan GA
17. August 21 2009, ebank, Atlanta GA
18. August 14 2009, Community Bank of Nevada, Las Vegas NV
19. August 14 2009, Community Bank of Arizona, Phoenix AZ
20. August 14 2009, Union Bank, National Association, Gilbert AZ
21. August 14 2009, Colonial Bank, Montgomery AL
22. August 14 2009, Dwelling House Savings and Loan Association, Pittsburgh PA
23. August 7 2009, Community First Bank, Prineville OR
24. August 7 2009, Community National Bank of Sarasota County, Venice FL
25. August 7 2009, First State Bank, Sarasota FL
26. July 31 2009, Mutual Bank, Harvey IL
27. July 31 2009, First BankAmericano, Elizabeth NJ
28. July 31 2009, Peoples Community Bank West Chester OH
29. July 31 2009, Integrity Bank Jupiter FL
30. July 31 2009, First State Bank of Altus Altus OK
31. July 24 2009, Security Bank of Jones County Gray GA
32. July 24 2009, Security Bank of Houston County Perry GA
33. July 24 2009, Security Bank of Bibb County Macon GA
34. July 24 2009, Security Bank of North Metro Woodstock GA
35. July 24 2009, Security Bank of North Fulton Alpharetta GA
36. July 24 2009, Security Bank of Gwinnett County Suwanee GA
37. July 24 2009, Waterford Village Bank Williamsville NY
38. July 17 2009, Temecula Valley Bank Temecula CA
39. July 17 2009, Vineyard Bank Rancho Cucamonga CA
40. July 17 2009, BankFirst Sioux Falls SD
41. July 17 2009, First Piedmont Bank Winder GA
42. July 10 2009, Bank of Wyoming Thermopolis WY
43. July 2 2009, Founders Bank Worth IL
44. July 2 2009, Millennium State Bank of Texas Dallas
45. July 2 2009, First National Bank of Danville Danville IL
46. July 2 2009, Elizabeth State Bank Elizabeth IL
47. July 2 2009, Rock River Bank Oregon IL
48. July 2 2009, First State Bank of Winchester Winchester IL
49. July 2 2009, John Warner Bank Clinton IL
50. June 26 2009, Mirae Bank Los Angeles CA
51. June 26 2009, MetroPacific Bank Irvine CA
52. June 26 2009, Horizon Bank Pine City MN
53. June 26 2009, Neighborhood Community Bank Newnan GA
54. June 26 2009, Community Bank of West Georgia Villa Rica GA
55. June 19 2009, First National Bank of Anthony Anthony KS 
56. June 19 2009, Cooperative Bank Wilmington NC 
57. June 19 2009, Southern Community Bank Fayetteville GA
58. June 5 2009, Bank of Lincolnwood Lincolnwood IL
59. May 22 2009, Citizens National Bank Macomb IL
60. May 22 2009, Strategic Capital Bank Champaign IL
61. May 21 2009, BankUnited, FSB Coral Gables FL
62. May 8 2009, Westsound Bank Bremerton WA
63. May 1 2009, America West Bank Layton UT
64. May 1 2009, Citizens Community Bank Ridgewood NJ
65. May 2 2009, Silverton Bank, NA Atlanta GA
66. April 24 2009, First Bank of Idaho Ketchum ID 
67. April 24 2009, First Bank of Beverly Hills Calabasas CA
68. April 24 2009, Michigan Heritage Bank Farmington Hills MI
69. April 24 2009, American Southern Bank Kennesaw GA
70. April 17 2009, Great Basin Bank of Nevada Elko NV 
71. April 17 2009, American Sterling Bank Sugar Creek MO
72. April 10 2009, New Frontier Bank Greeley CO 
73. April 10 2009, Cape Fear Bank Wilmington NC
74. March 27 2009, Omni National Bank Atlanta GA 
75. March 27 2009, TeamBank, NA Paola KS
76. March 20 2009, Colorado National Bank Colorado Springs CO 
77. March 20 2009, FirstCity Bank Stockbridge GA
78. March 6 2009, Freedom Bank of Georgia Commerce GA
79. February 27 2009, Security Savings Bank Henderson NV
80. February 27 2009, Heritage Community Bank Glenwood IL
81. February 20 2009, Silver Falls Bank Silverton OR
82. February 13 2009, Pinnacle Bank of Oregon Beaverton OR
83. February 13 2009, Corn Belt Bank & Trust Co. Pittsfield IL
84. February 13 2009, Riverside Bank of the Gulf Coast Cape Coral FL 
85. February 13 2009, Sherman County Bank Loup City NE
86. February 6 2009, County Bank Merced CA 
87. February 6 2009, Alliance Bank Culver City CA
88. February 6 2009, FirstBank Financial Services McDonough GA
89. January 30 2009, Ocala National Bank Ocala FL 
90. January 30 2009, Suburban FSB Crofton MD
91. January 30 2009, MagnetBank Salt Lake City UT
92. January 23 2009, 1st Centennial Bank Redlands CA
93. January 16 2009, Bank of Clark County Vancouver WA 
94. January 16 2009, National Bank of Commerce Berkeley IL

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