07.16.2010
updated to 07.19.2010
96 Bank Failures in 2010
original article written by Net Advisor™
Bank Name |
City |
State |
CERT # |
Closing Date |
2010 Failure # |
|---|---|---|---|---|---|
| Mainstreet Savings Bank, FSB | Hastings | MI | 28136 | July 16, 2010 | #96 |
| Olde Cypress Community Bank | Clewiston | FL | 28864 | July 16, 2010 | #95 |
| Turnberry Bank | Aventura | FL | 32280 | July 16, 2010 | #94 |
| Metro Bank of Dade County | Miami | FL | 25172 | July 16, 2010 | #93 |
| First National Bank of the South | Spartanburg | SC | 35383 | July 16, 2010 | #92 |
| Woodlands Bank | Bluffton | SC | 32571 | July 16, 2010 | #91 |
The South gets especially hit with five more FDIC seizures, plus one more in Michigan. NAFH National Bank, Miami, FL took over First National Bank of the South, Turnberry Bank and Metro Bank of Dade County with FDIC guarantees.
“The FDIC and NAFH National Bank entered into loss-share transactions on $299.3 million of Metro Bank of Dade County’s assets; $194.6 million of Turnberry Bank’s assets; and $512.4 million of First National Bank of the South’s assets.”
–Source: FDIC
This means if NAFH National Bank, Miami, FL loses money as a result for helping the FDIC take over these three particular failed banks, tax payers may absorb up to about $1 Billion in losses. Most of these funds are absorbed by the FDIC Insurance Fund. However in 2009 the FDIC requested congress for up to a $500 Billion (or half-trillion dollar) credit line from tax payers to manage the continued bailout of failed banks. (Source: Wall Street Journal) Additional information on FDIC Loss Sharing programs.
See the other bank failures and history on our Bank Failure Tracker
(Chart Data Source: FDIC)
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