05.28.2010
updated to 05.29.2010
78 bank failures in 2010
original article written by Net Advisor™
Bank Name |
City |
State |
CERT # |
Closing Date |
2010 Failure # |
|---|---|---|---|---|---|
| Sun West Bank | Las Vegas | NV | 34785 | May 28, 2010 | #78 |
| Granite Community Bank, NA | Granite Bay | CA | 57315 | May 28, 2010 | #77 |
| Bank of Florida – Tampa | Tampa | FL | 57814 | May 28, 2010 | #76 |
| Bank of Florida – Southwest | Naples | FL | 35106 | May 28, 2010 | #75 |
| Bank of Florida – Southeast | Fort Lauderdale | FL | 57360 | May 28, 2010 | #74 |
| Pinehurst Bank | Saint Paul | MN | 57735 | May 21, 2010 | #73 |
The FDIC seized five more banks Friday night on May 28, 2010 including four banks in Florida, one in Nevada and one in California. These three states have been the hardest hit when the real estate market began coming apart starting in Spring 2006.
The previous week of 05-21-2010, the FDIC seized just one institution, Pinehurst Bank in St Paul, MN.
It is surprising that the FDIC waited this long to seize the Bank of Florida (BOFL). The bank had accelerated losses of $13.22 million in 2008, and $147.6 million in 2009. (Source: Yahoo Finance)
When you translate the bank earnings losses to loss per share, the bank was losing over $11 per share on a stock trading under $1.00 (Source: Yahoo Finance)
BOFL last traded on NASDAQ and closed at .64 cents on Friday 05-28-2010. The stock was down 60.94% to .25 cents in after hours trading. Expect the stock to be D-listed off NASDAQ within 1-2 business days. The stock should become worthless at some point.
The failure of the 5 banks on 05-28-2010 is expected to cost the FDIC insurance fund (tax payers) about $317 million (Source: Marketwatch).
See the other bank failures and history on our Bank Failure Tracker
(Chart Data Source: FDIC)
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