12.31.2010
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 |
2010Fail # |
|---|---|---|---|---|---|
| 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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