Back in August I wrote bank failures by the numbers at that time there had been a total of 69 banks fail in the US during 2009. Unfortunately it is time to update those stats a little and provide a little more details on what the FDIC has been up to.
To date the FDIC has taken over 123 failed banking instutions representing approximately $115 billion in deposits. The takeovers typically happen on a Friday evening and the banks are hopefully reopened on Monday as part of whatever bank agreed to purchase the assets of the failed bank. Out of the 123 banks that have failed this year the FDIC board has on had to approve payout of insured deposits for 6 of the failed banks. What this means is the FDIC was able to find other banks willing to take on the deposits from the other 117 failed banks.
There has now been a bank failure in 31 states with some states like Georgia (21), Illinois (19), and California (15) experiencing multiple failures. The following table lists each state and the number failed banks within that state.
The total dollar value of deposits, however, doesn’t coorelate 1 to 1 with the number of failed banks. When looking at the total amount of deposits at the failed instiutions California takes the top spot with $26,350,300,000.00 followed by Alabama with $20,546,000,000.00. You can see from the table above that Alabama has only had two total banks fail. Colonial bank, which was taken over on August 14, 2009 had total deposits of approximately $20 billion which were luckily assumed by BB&T. This single failure was almost twice as large as the next biggest bank, in terms of deposits, Guaranty Bank in Austin, TX which had $12 billion in deposits. The following chart shows the states witht the highest dollar value of deposits. Notice Georgia with the most closed banks is only 6th in terms of total deposit dollars.
Last Friday November 13, 2009 saw the closing of three more banks, what this Friday holds we can’t be sure but I am willing to bet the unfortunate tide of bank closures isn’t going to end anytime soon. Has your bank been shutdown by the FDIC? I would love to hear about it.
You can find the complete list of failed banks including the official FDIC press releases and other details at the FDIC website.