For the first time since 1992, federal regulators have closed over 100 banks across the United States, a sign that the financial crisis is not yet over for financial institutions that have suffered heavy losses from the weakness of the real estate market. Seven banks were closed just yesterday, which brings this year’s total to 106.
While the situation is far from reaching 1992’s levels of bank closures, which topped 179 as the result of a savings-and-loan crisis, the fact that 106 banks have been closed spells a lot of trouble for the employees of the banks and the communities which …read more

Two more banks failed in the United States on Friday — pushing the yearly total of bank failures to 94. Friday’s failed banks were located in the states of Kentucky and Indiana.
Kentucky’s failed bank was the Louisville-based Irwin Bank FSB, while Indiana’s failed bank was the Columbus-based Irwin Union Bank and Trust Co.
Both of the failed banks will be assumed by Ohio’s First Financial Bank after reaching an agreement with the Federal Deposit Insurance Corp.
Irwin Bank FSB and Irwin Union Bank and Trust Co. had more than two dozen branches. Each of the branches will be reopened …read more

Three more banks failed on Friday, which means that there have now been 84 bank failures in 2009. Federal regulators shut down banks in the states of Minnesota, Maryland and California.
Mainstreet Bank was the bank in Minnesota that was shut down. Bradford Bank failed in Maryland, while Affinity Bank was the Californian bank that went belly up. Of the three banks, Affinity Bank was easily the largest.
Affinity Bank was assumed by Pacific Western Bank. While two of the Affinity Bank branches will reopen on Saturday under the new bank’s name, the vast majority of the changed branches will open their …read more

Guaranty Financial Group, the parent company of Guaranty Bank, continues to struggle to survive. Last month, Guaranty Financial said that it was unlikely that they could stay in business. Now the company is even less confident.
Considering that 77 banks have already failed, it wouldn’t be too shocking if Guaranty Financial became another victim of the global economic downturn combined with unsafe business decisions based on greed rather than sound judgment. Just last week, federal regulators shut down Colonial BancGroup — a bank with $25 billion in assets.
Guaranty Financial has more than 150 branches in California and Texas. While it is …read more

Another week, another set a failed banks. However, this time there was a big fish in the net. Colonial BancGroup, which had assets of approximately $25 billion, was shut down by federal regulators on Friday — the biggest bank failure in the United States in 2009.
Colonial BancGroup was sold to BB&T, a bank based in North Carolina. All of Colonial BancGroup’s 346 branches will open as BB&T branches on Saturday. Colonial BancGroup had branches in a number of states including Texas, Nevada, Georgia and Florida.
Four other banks were shut down by federal regulators on Friday: Community Bank of Arizona, Community …read more

Heading into Friday, 69 banks had been shut down by United States federal regulators in 2009. On Friday, three more banks were added to the tally — raising the annual total to 72 failed banks.
Two of the banks that were shut down were located in the state of Florida, while Oregon was the home to the other bank. As usual, the receiver of the banks is the FDIC.
The two Florida banks were Community National Bank of Sarasoty County (based in Venice, Florida) and First State Bank (based in Sarasota, Florida). Both of these Florida banks saw their deposits get acquired …read more

Another week, another set of bank failures in the United States. Today, five more banks failed, which lifts the number of bank failures in 2009 to 69. Each of the five banks were in different states.
The five states that saw banks fail on Friday were Illinois, Oklahoma, Ohio, New Jersey and Florida.
In Illinois, Mutual Bank failed. The FDIC decided that United Central Bank will receive the deposits. United Central Bank, which is located in Texas, will reopen the 12 Mutual Bank branches.
First State Bank was the Oklahoma bank that bit the dust. Located in the city of Altus, their branches …read more

Another week, another set of bank failures. On Friday, seven more banks bit the dust. For 2009, the number of bank failures now stands at 64.
Six of the banks that were shut down by United States federal regulators were located in the state of Georgia. The seventh was located in the state of New York.
The six failed banks in Georgia were Security Bank of North Metro (Woodstock, Georgia), Security Bank of Gwinnett County (Suwanee, Georgia), Security Bank of Jones County (Gray, Georgia), Security Bank of Houston County (Perry, Georgia), Security Bank of Jones County (Gray, Georgia) and Security Bank of …read more

Heading into Thursday, a total of 45 banks had been shut down in 2009 by federal regulators. On Thursday, seven more banks failed — pushing the total on the year up to 52.
Six of the seven banks that failed were in the state of Illinois. The other bank was in Texas.
The failed bank in Texas was Millennium State Bank out of Dallas. The lone branch will be turned into a State Bank of Texas branch.
The five banks out of Illinois were John Warner Bank, First State Bank of Winchester, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, …read more

For 2009, the number of failed banks jumped from 40 to 45 in one day on Friday. And according to many banking experts, many more banks will be shut down by the federal government before 2009 is in the books.
The five banks that were shut down are in the states of Georgia, California and Minnesota. Georgia and California both had two banks shut down.
The two in Georgia were Neighborhood Community Bank in the city of Newnan and Bank of West Georgia in the city of Villa Rica. The two in California were Irvine’s MetroPacific Bank and Los Angeles’ Mirae Bank. …read more