2010-12-31 Bank Failure List (157)

12.31.2010

FDIC-round

157 Bank Failures in 2010

original article written by Net Advisor™

The FDIC has seized a total of 157 banks in 2010, 17 more than the 140 bank failures in 2009. The Wall Street Journal reported on 12-29-2010 that in terms of assets, failed banks in 2010 held $92.1 Billion compared to $169.7 Billion in 2009.

2010 ranked #3 as the largest number of bank failures in U.S. history.  The Great Depression was #1 where some 9,000 banks failed (Source: livinghistoryfarm.org). The Savings and Loan (S&L) Crisis was #2 where 1,043 banks with over $500 Billion in assets went under (Source: FDIC Report, page 33).

The following are the bank closures for December 2010. All of the banks were subsequently resold to other banks with FDIC loss guarantees. The guarantees essentially make it so the acquiring bank takes very little in loan losses in the event those loan assets are unpaid. The FDIC takes up the losses in what is called a loss sharing agreement.

Bank Name

City

State

CERT#

Closing Date

2010

Fail #
Community National Bank Lino Lakes MN 23306 December 17, 2010 #157
First Southern Bank Batesville AR 58052 December 17, 2010 #156
United Americas Bank, N.A. Atlanta GA 35065 December 17, 2010 #155
Appalachian Community Bank, FSB McCaysville GA 58495 December 17, 2010 #154
Chestatee State Bank Dawsonville GA 34578 December 17, 2010 #153
The Bank of Miami, N.A. Coral Gables FL 19040 December 17, 2010 #152
Earthstar Bank Southampton PA 35561 December 10, 2010 #151
Paramount Bank Farmington Hills MI 34673 December 10, 2010 #150

See the other bank failures and history on our Bank Failure Tracker

(Chart Data Source: FDIC)

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